LIC PMVVY Pension Scheme Online Application Form / Interest Rates & Details PDF (2024)

Pradhan Mantri Vaya Vandana Yojana 2024 is a pension scheme being run by the Ministry of Finance to provide immediate pension for senior citizens of 60 years and above. PMVVY pension scheme is being implemented with LIC and interested and eligible candidates can buy LIC PM Vaya Vandana Yojana plan online at www.licindia.in. The revised PMVVY LIC Plan 856 can be purchased by paying a lumpsum amount. For Financial Year 2022-23, the scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.

LIC PM Vaya Vandana Yojana 2024 plan provides pension payments of stated amount for the policy term of 10 years. PM Vaya Vandana Yojana envisages an assured rate of return of 7.4% per annum (for monthly pension) for the financial year 2024. In this LIC Pension Plan 856, there is a return of purchase price at the end of 10 years.

PMVVY Scheme last date was 31 March 2020, but central govt. has extended its deadline for 3 years i.e Now PMVVY last date is 31 March 2023. PM Vaya Vandana Yojana Pension would be paid at the end of each period as per payment mode chosen starts as early as next month if monthly mode is chosen. On the death of the pensioner at any time during the term of 10 years, the purchase price will be refunded to the legal heirs / nominees.

LIC PMVVY Pension Scheme Apply Online

Pradhan Mantri Vaya Vandana Yojana was recently modified in May 2020 by the central government. PMVVY is a non-linked, non-participating, pension scheme subsidized by the Government of India. According to the new changes, the new interest rate would be reviewed and decided at the beginning of new every financial year by the Ministry of Finance. The scheme was extended for 3 years up to 31st March 2023.

Pradhan Mantri Vaya Vandana Yojana Application Form 2024

The application form for PMVVY LIC pension scheme can be downloaded from the official website of LIC India or obtained from the nearby office of LIC. However, candidates can also purchase the PM Vaya Vandana Yojana pension plan at the official website of LIC India at licindia.in using the below given procedure.

STEP 1: Visit the Online Policy Page at the official website of LIC India at https://licindia.in/

STEP 2: Now scroll over the “Products” link in the header and click at “Pension Plan” option or directly click https://licindia.in/Products/Pension-Plans to open page containing pension plans of LIC India.

STEP 3: Select Plan No. 856 with Product Name as “Pradhan Mantri Vaya Vandana Yojana” and UIN No. 512G336V01. Then the PMVVY Pension Plan (LIC Plan Number 856) apply online page will open.

STEP 4: Click at the “Apply Now” link to open the LIC India PMVVY Online Application Form 2024 as shown below:-

STEP 5: Enter name, mobile number, email address, date of birth, products, annual income, number of dependents, country, state, city name, Pin code and click at “Submit” button to fillup PM Vaya Vandana Yojana online registration form.

Pension payment modes available for Pradhan Mantri Vaya Vandana Yojana are monthly, quarterly, half-yearly and yearly. The minimum investment amount is Rs. 1.50 lakh.

PM Vaya Vandana Yojana (PMVVY) Interest Rates

For the first financial year under the extended PMVVY scheme, the interest rate has been fixed at 7.4% for monthly pension which is equivalent to 7.66% per annum. Pension interest rates for 2024 payable under different modes of Payment (Yearly, Half Yearly, Quarterly, Monthly) are as under

LIC PMVVY Scheme PDF

The revised guidelines and brochure PDF of the Pradhan Mantri Vaya Vandana Yojana can be downloaded using the below links.

Policy Document | Policy Sales Brocure (Basic Guidelines) | LIC PMVVY Sales Brochure – English | LIC PMVVY Sales Brochure – Hindi

PMVVY Investment / Pension Amount

Below are the complete details of investment and pension amount for different modes of pension

Minimum and maximum Purchase price under different modes of Pension:

Minimum and maximum Pension under different modes of Pension:

PMVVY Loan Facility

This is one of the biggest advantages of the Pradhan Mantri Vaya Vandana Yojana. Under the scheme, applicants can apply for loan after completion of 3 policy years. Policy holders can get up to 75% of the purchase price as loan. The rate of interest for the loan is determined by the LIC of India at periodic intervals.

Loan interest will be recovered from the pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension.

Eligibility Criteria for Pradhan Mantri Vaya Vandana Yojana

Below is the basic eligibility criteria for the PM Vaya Vandana Yojana pension scheme.

• Minimum Entry Age: 60 years (completed)
• Maximum Entry Age: No limit
• Policy Term: 10 years
• Minimum Pension: 1,000/- per month, 3,000/- per quarter, 6,000/- per 6 months, Rs. 12,000/- per year
• Maximum Pension: 9,250/- per month, 27,750/- per quarter, 55,500/- per half-year, 1,11,000/- per year

Total amount of purchase price under all the policies taken under Pradhan Mantri Vaya Vandana Yojana shall not exceed Rs. 15 lakhs.

LIC PMVVY Scheme Features

The important features and highlights of LIC Plan Number 842 are as follows:-

Aadhaar Card Mandatory for PMVVY Benefits

An individual eligible for receiving the benefit under PM Vaya Vandana Yojana (PMVVY scheme) shall hereby be required to furnish proof of possession of Aadhaar number. As per the Finance Ministry notification, applicant must possess the unique 12-digit biometric identity number or undergo Aadhaar authentication. In case aadhar card is not available, applicant must enroll for Aadhaar number first before making PM Vaya Vandana Yojana registration.

Tax Benefits of PM Vaya Vandana Yojana

PM Vaya Vandana Yojana pension scheme for senior citizens is not a tax saving scheme but an investment plan to fund their retirement. All the elderly people above 60 years were allowed to invest a max. amount of Rs. 15 lakh on or before 31 March 2023. For the policy term of 10 years, senior citizens can get a minimum pension of Rs. 1,000 per month and a maximum pension of Rs. 9,250 per month depending on the amount invested.

Will you get tax savings benefit under section 80C?
Returns from this scheme will be taxed as per existing tax laws and the rate of tax as applicable from time to time. The scheme is exempted from Goods and Services Tax (GST). All general insurance scheme includes 18 percent GST such as term insurance. However, to give a relief to senior citizens, there are a few LIC schemes including Pradhan Mantri Vaya Vandana Yojana scheme, which continues to be exempted under GST as they were exempted from service tax before July 1, 2017.

This PMVVY scheme will not allow investor to claim a deduction for investments up to Rs. 1.5 lakh under section 80C of the Income Tax Act. This scheme is not an eligible investment under this section of the Income Tax Act. However, a representation can be filed before IT dept. to include the sum paid under PMVVY scheme as an eligible deduction under section 80C of Income Tax Act to bring this scheme on par with Senior Citizens Saving Scheme. The inclusion however, will require legislative amendment which can be made in the subsequent budgets.

PMVVY Frequently Asked Questions (FAQ’s)

Read more FAQ’s through the link – https://licindia.in/getattachment/Products/Pension-Plans/PMVVY_FAQ_Final.pdf.aspx

LIC PMVVY Helpline

Visit the official website of LIC India at licindia.in for more details or reach at the below helpline contact details

PHONE: +91-022 6827 6827 (24*7)