PMVVY 2023 is a pension scheme for senior citizens of India which has been introduced by the Government of India. The scheme was launched officially by the finance minister of India, Arun Jaitley with proper planning with honorable Prime Minister Narendra Modi.
Pradhan Mantri Vaya Vandana Yojana is specially designed for the senior citizens of India so that they can live their retirement life safe and sound. The scheme is launched by the Government of India for the senior citizen of 60 years started on 4th May 2017.
PMVVY Scheme will last till 30th April 2023. To know more about this wonderful scheme read the full article below.
What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?
Pradhan Mantri Vaya Vandana Yojana is an initiative taken by the government of India for senior citizens. The Scheme acts as a backbone to support the life of senior citizens and giving them a secure future after their retirement. The aim of this scheme is to offer regular pension to the senior citizens of India. The scheme can be purchased online or offline through the Life Insurance Corporation of India. Till now LIC has sold 58, 152PMVVY schemes creating INR 2,705 crore since it was launched.
With the help of this PMVVY scheme 2023, people will able to get systematic regular pension through organized and well investment schemes without any regrets. The scheme has several benefits and one can apply through the official website of life Insurance Corporation of India or licindia.in. The scheme also offers the facility of withdrawing and availing loan facilities in 3 years.
Pension Plans Of The PMVVY Scheme/ 6000 Monthly Pension for Senior Citizen
Minimum Pension (INR)
Half – Yearly
How Payment Can Be Done In PMVVY Scheme 2023?
PMVVY Scheme has different pension payment plans which are on a monthly, quarterly, half-yearly, and yearly. The first installment of pension will be paid after 1 year, 6 months, 3 months, or 1 month from the date of purchase of Pradhan Mantri Vaya Vandana Yojana. The pension mode depends on payment i.e yearly, half-yearly, quarterly, or monthly respectively.
Special Features Of PMVVY Scheme
- There is no maximum age of entry for this scheme.
- It offers fix rate of return i.e 8% to 8.30 % per annum.
- The maturity benefit of the purchase price comes under this scheme.
- A person can exit this scheme in between and 98% of the purchase price is paid back.
- The scheme can be purchased by paying minimum INR 1.5 lakh and a maximum INR 7.5 lakh monthly pension.
- People can buy their Scheme and can pay through NEFT or Aadhar card linked payment.
How To Apply In PMVVY Online Scheme
As mentioned the scheme can be paid online as well as offline through the LIC policy of India through which the scheme has been released. One can apply online through www.licindia.in.
Investment Period – 10 years
Applicants Age – 60+ years
Amount of Investment – up to 15 lakh per family
Note: Good for senior citizens seeking regular income.
Pradhan Mantri Vaya Vandana Yojana Tax Benefit
Pradhan Mantri Vaya Vandana Yojana Tax Benefits are attracting many people for their secure future. It has benefits like:
- Pension is payable at the end of each period during the tenure of 10 years as a policy of monthly/quarterly/Half-yearly/yearly as chosen by the pensioner during purchase.
- Loan up to 75% of the purchase price shall be allowed after 3 years to meet the liquidity needs.
- Loan interest will be recovered from the pension installments and loan to recover from the pension installments and will be recovered from claim proceedings.
- PMVVY Scheme on the survival of a pensioner till 10 years, the purchase price of the policy along with final pension will be paid.
- On the death of a pensioner during the ongoing policy, the purchase price of a policy will be paid to the beneficiary.
- The pension is for a family as a whole, a family of the pensioner, his/her spouse or dependants.
- The shortcomings of having a difference between the interest guaranteed and the actual interest earned and expenses related to administration shall be recovered by the government of India and reimbursed to the corporation,
Minimum Entry Age – 60 years
Maximum Applicable Age – No Limit
Policy Term – 10 years
Purchase Price Of Pradhan Mantri Vaya Vandana Scheme 2023
One can buy a scheme on payment of a lump-sum purchase price. The pensioner has an option to choose the amount of pension or the purchase price of a pension. Below is the table where the minimum and the maximum purchase price of different modes are mentioned in the table below :
Mode of Payments
Minimum Purchase Price
Maximum Purchase Price
INR 1,47, 601
Loan Under Value of PMVVY 2023
After an individual has done with the completion of three years a loan of 75% is available on the purchase price. The interest of the loan will be through the pension installments and the loan amount will recover from the claim proceedings. The loan that is sanctioned until 30th April 2019, the interest rate applicable is 10% P/A paid out half-yearly for the whole pension term.
>>What are the Maturity Benefits of the PMVVY 2023 Scheme?
If a policyholder survives the scheme benefits he/she will be given purchase price along with the last installment of the pension.
>>Is Any Exclusion of Pradhan Mantri Vaya Vandana Scheme?
There is no exclusion under Pradhan Mantri Vaya Vandana Scheme. Even in a suicide case, the scheme will pay the full purchase price.
>>Pradhan Mantri Yojana 2023 Death Benefits
In case the policy owner dies then the purchase price will be refunded towards the nominee.
What is Free Look Period Under Vaya Vandana Yojana 2023-21?
Under PMVVY Scheme 2023-21 the policy offer 15 days free look upon period if the policy is bought offline. And 30 days in case of online. If the policyholder is unsatisfied with the terms and condition then he/she can withdraw the policy and can get the buying price.
>>Surrender Value of PMVVY 2023
A person has a right to withdraw the scheme for the policy under special circumstances such as money required in an emergency for treatment of critical or terminal illness of self or spouse. The surrender value for PMVVY payable is 98 percent of the purchase price.