Pradhan Mantri Vaya Vandana Yojana is a government backed plan for citizen age 60 years and above. LIC of India has been given the sole privilege to operate this scheme.
Eligibility and Restrictions
Minimum Entry Age for the scheme is 60 years (completed). There is no maximum entry age. Limit of policy term is 10 years.
Minimum Pension is Rs 1,000/- per month
Rs 3,000/- per quarter
Rs 6,000/- per half-year
Rs12,000/- per year
Maximum Pension: Rs. 5,000/- per month
Rs 15,000/- per quarter
Rs 30,000/- per half-year
Rs 60,000/- per year
The ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all the policies allowed to a family under this plan shall not exceed the maximum pension limit.
How to purchase PMVVY?
PMVVY scheme can be purchased offline as well as online. To Purchase this scheme online please log on to the LIC official website http://www.licindia.in.
How to apply for PMVVY?
Senior citizens who want to apply for PMVVY can fill the online application form on the LIC India website. You have to follow this steps:
Open the LIC India website by clicking this link: http://www.licindia.in. Click on the "Pradhan Mantri Vaya Vandana Yojana" option under the buy policies online header. Pradhan Mantri Vaya Vandana Yojana Launched: All You Need To Know
On the next page, please click on "Buy Online" button, on the next page, an application form will open.
Fill all the required details in the PMVVY application form and click "Get Access ID". An access ID is a 9 digit number which will be received to you by email/SMS.
Enter the access ID in the access ID box on the right side of the form and click "Proceed".
Choose the PMVVY pension plan of your choice and complete the further steps of application. Your application is now complete. You will be provided with the acknowledge number and a policy number at the end of the application form. Pradhan Mantri Vaya Vandana Yojana: Scheme Details