Pradhan Mantri Vaya Vandana Yojana- Eligibility, Purchase Price, Documents and How to Apply?

PMVVY stands for Pradhan Mantri Vaya Vandana Yojana (PMVVY) The Pradhan Mantri Vaya Vandana Yojana was launched in 2019 to provide senior citizens with a steady source of income. PMVVY scheme applications will be accepted until the 31st of March, 2023. For ten years, the Pradhan Mantri Vaya Vandana Yojana scheme guarantees a monthly return of 7.4% percent per year (equivalent to 7.66% per year). The PMVVY scheme has a ten-year policy term with a maximum investment limit of Rs. fifteen lakh. In addition, the subscriber can receive the pension monthly, quarterly, semi-annually, or annually.Let's learn more about the PMVVY scheme.

Eligibility-

• Anyone over the age of 60 is eligible to participate in the scheme.
• The policy is valid for ten years from the date of issue.
• A senior citizen's total amount for all policies held under the PMVVY scheme cannot exceed Rs.15 lakh.

Purchase Price-

Individuals interested in purchasing the PMVVY scheme can do so in monthly, quarterly, half-yearly, or yearly payout modes by making a lump sum deposit. A buyer can select between the purchase price and the pension amount when purchasing this plan. The policy can be purchased with an annual pension option for a minimum of Rs.1,56,658 (for a Rs.12,000 annual pension) and a maximum of Rs.14,49,086 (for Rs.1,11,000 annual pension). The monthly cost ranges between Rs.1,62,162 and Rs.15 lakh (Rs.1,11,000 annual pension).

Documents-

• Aadhaar card
• PAN card
• Details of the preferred bank to which the pensioner wishes to have his or her pension credited each month.

How to apply for the PMVVY Scheme?

Individuals can purchase Pradhan Mantri Vaya Vandana Yojana from the Life Insurance Corporation of India both offline and online.

Offline
To purchase this scheme offline, individuals must go to their nearest or preferred LIC branch. Individuals must complete and submit the application form, along with the required documents and preferred purchase price or pension payment.

Online
Individuals can apply for Pradhan Mantri Vaya Vandana Yojana online using the steps below for a hassle-free application process.
Step 1: Go to the LIC's official website.
Step 2: Next, click on the "Pradhan Mantri Vaya Vandana Yojana" option under the "Buy Policy Online" header.
Step 3: A new tab with four options will open. Now, select the 'Buy Online' option by clicking on the designated button no. 842. A new page will appear on the screen, and you must select the 'Click to Buy Online' option in the upper left corner.
Step 4: To proceed, create an Access ID in the following step. To generate the ID, enter contact information such as your name, email address, mobile phone number, date of birth, address, and servicing unit. This 9-digit Access ID will be sent to you via SMS or email at the registered mobile number.
Step 5: To proceed with the application, enter the Access ID and click the 'Proceed' button.
Step 6: Finally, after deciding on a pension plan under the Pradhan Mantri Vaya Vandana Yojana, fill out the application form, upload scanned copies of the required documents, and pay. After submitting the application form successfully, you will receive an acknowledgement and policy number.