LIC Pradhan Mantri Vaya Vandana Yojana 2017-18 - Pension Scheme for Senior Citizens

LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY), is new pension scheme for senior citizens launched by Life Insurance Corporation (LIC) of India on 4th May 2017. Under LIC PMVVY pension scheme, an interest of over 8% for 10 years would be provided to senior citizens (Above 60 years of age).

The scheme would be available for one year from the date of launch and the central government would provide subsidy under Pradhan Mantri Vaya Vandana Yojana (PMVVY).

Pradhan Mantri Vaya Vandana Yojana (PMVVY):

If you are wishing to get PMVVY scheme benefits then you can purchase the policy online from LIG India official website at www.licindia.in and you can also buy PMVVY pension policy offline. The steps to apply for PMVVY policy online through LIC website www.licindia.in.

Step-1: Go to the LIC Official website at www.licindia.in.

Step-2: Click on the banner of "Pradhan Mantri Vaya Vandana Yojana” under the header "Buy Policy Online" or Click Here

Step-3: The next page will appear with full of information about the scheme such as Plan Features, Additional Features, Pension Options and Pension Rates etc. and after taking a review of information, click on “Buy Online” button and fill all the necessary details and click on “Get Access ID” button to receive a 9 Digit Access ID.

Step-4: Once you receive access ID on your email and mobile number, enter it in the Access ID box in the right side of form and click “Proceed”.

STEP 5: After proceeding, fill mode details and choose the scheme and then do the payment and further complete all the steps to buy PMVVY policy online.

Pension Option Under PM Vaya Vandana Yojana:

- Minimum and maximum purchase price under different modes of pension:

Mode of Pension	Minimum Purchase Price	Corresponding Pension Amount
Yearly	1,44,578	12,000 per annum
Half-Yearly	1,47,601	6,000 Half year
Quarterly	1,49,068	3,000 per Qtr.
Monthly	1,50,000	1,000 per month

- Minimum and maximum purchase price under different modes of pension:

Mode of Pension	Maximum Purchase Price (Rs.)	Corresponding Pension Amount
Yearly	7,22,892	60,000 per annum
Half-Yearly	7,38,007	30,000 per half year
Quarterly	7,45,342	15,000 per Qtr.
Monthly	7,50,000	5,000 per month

- Pension rates payable under different modes of payment (Yearly, Half Yearly, Quarterly, Monthly) given below:

Mode of Pension	Effective Pension Rate per annum for rs. 1000/- purchase price
Yearly	83.00 p.a
Half-Yearly	81.30 p.a
Quarterly	80.50 p.a
Monthly	80.00 p.a

Additional Features of PMVVY Pension Scheme:

- Medical :-  No medical examination is required.
- Surrender Value :- Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse . Surrender Value payable in such cases is 98% of the Purchase Price.
- Loan:- Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Overview

- Pensioner would receive the pension at the end of each time period (monthly/quarterly/half-yearly and yearly) chosen during policy purchase.
- Pension would be directly transferred to the pensioner’s bank account through NEFT or AEPS (Aadhar Enabled Payment System).
- If the pensioner dies during the policy term of 10 years, the purchase price would be refunded to the nominee of the beneficiary.
- Minimum age of entry in PMVVY is 60 years, there is no maximum age limit.

- Minimum pension is Rs. 1000 and maximum pension is Rs. 5000 per month.
- 98% of invested amount would be provided to the policy holder in case of premature exit. However, it is allowed only under exceptional circumstances like critical/terminal illness of self or spouse.
- Loan facility would be provided to the pensioner after the completion of 3 years of the policy under which loan amount would be maximum 75% of the invested amount.
- Lumpsum payment option is available to purchase the policy.
- No medical examination is required.

For more information visit  LIC website at www.licindia.in.