How to apply for Pradhan Mantri Vaya Vandana Yojana LIC policy


Looking for the online policy form no. 842 of LIC Pradhan Mantri Vaya Vandana Yojana for senior citizens? This article provides the link to the policy document. You will also get complete information about the PMVVY scheme, including the minimum age entry, pension given, benefits, interest, etc.

The Central Government of India launched the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme for senior citizens which will be operated by LIC of India (IRDAI Regn.No.512.) It will be open to senior citizens for one year only and the policy term is for 10 years.

Plan No.: 842

UIN: 512G311V01

Who can apply

A senior citizen who has completed 60 years of age. There is no maximum age for entry.

About PMVVY

Pension restrictions


  1. Minimum Pension:
    • Rs. 1,000/- per month

    • Rs. 3,000/- per quarter

    • Rs.6,000/- per half-year

    • Rs.12,000/- per year

  2. Maximum Pension:
    • Rs. 5,000/- per month

    • Rs. 15,000/- per quarter

    • Rs. 30,000/- per half-year

    • Rs. 60,000/- per year


The maximum pension ceiling will apply to the total amount of pension under all the policies allowed to a family, the term "family" referring to the pensioner, his/her spouse and his/her dependents.




Purchase price

You can purchase the policy either by paying a lump sum purchase price. You can opt for either the amount of pension or the Purchase Price.

The minimum and maximum purchase price under different modes of pension are:
  1. Monthly mode:
    • Minimum: Rs. 1,50,000/-

    • Maximum: Rs. 7,50,000/-

  2. Quarterly mode:
    • Minimum: Rs. 1,49,068/-

    • Maximum: Rs. 7,45,342/-

  3. Half-yearly mode:
    • Minimum: Rs. 1,47,601/-

    • Maximum: Rs. 7,38,007/-

  4. Yearly mode:
    • Minimum: Rs. 1,44,578/-

    • Maximum: Rs. 7,22,892/-

Payment mode

The pension payment will be done through NEFT or through an Aadhaar-enabled payment system. The first installment of pension will be paid as below -
  1. For yearly mode: after 1 year from the date of purchase

  2. For half-yearly mode: after 6 months from the date of purchase

  3. For quarterly mode: after 3 months from the date of purchase

  4. For monthly mode: after 1 month from the date of purchase.


Death and maturity Benefits

If the pensioner dies during the policy term of 10 years, then the purchase price will be refunded to the pensioner's beneficiary.

In case the pensioner survives to the end of the policy term of 10 years, the the purchase price along with final pension installment will be payable to the pensioner.

Premature exit

You can opt for a premature exit during the policy term under exceptional circumstances, such as if you need money for the treatment of any critical/terminal illness of yourself or of your spouse. In such a case, the Surrender Value payable will be 98% of the purchase price.

Loan facility

You can avail of a loan facility on completing three years of the policy. The maximum loan which can be granted will be 75% of the Purchase Price. The ROI (rate of interest) will be determined at periodic intervals. This interest will be recovered from your pension amount payable under the policy. The Loan interest will accumulate as per the frequency of the pension payment and will be due on the due date of pension. However, the loan outstanding will be recovered from the claim proceeds at the time of exit from the scheme.

Taxes

There may be statutory taxes imposed on this scheme either by the Government of India or any other constitutional tax Authority of India as per the Tax laws and the rate of tax as applicable from time to time. However, the amount of tax paid won't be taken into account to calculate the benefits payable under the scheme.



Free trial

In case you are dissatisfied with the policy's terms and conditions, you return the policy to the Corporation within 15 days (30 days if you purchase the policy online) from the date of receipt of the policy. You will need to provide the reason(s) / objections for not wanting to continue with the policy. The amount to be refunded within this period will be the purchase price you deposited after deducting the charges for Stamp duty and pension paid, if any.

How to apply for PMVVY policy

It is advisable to first go through:
(a) The policy document thoroughly, especially the exclusions to the policy.
(b) The provisions regarding the policy not being called into question at the LIC website.
Then you can purchase the policy online itself at or through offline mode from an authorized LIC agency or LIC Development Officer or LIC branch office. You can also SMS your city name to: 56767474

Contact information

Life Insurance Corporation of India
Registered office: Central Office, Yogakshema,
Jeevan Bima Marg,
Mumbai – 400021
Maharashtra
Website: www.licindia.in

Other Government Schemes:
  1. Pradhan Mantri Jeevan Jyoti Bima Yojana life insurance scheme

  2. Pradhan Mantri Suraksha Bima Yojana accident insurance cover

  3. Pradhan Mantri MUDRA Yojana (PMMY) business loan scheme

  4. Pradhan Mantri Awas Yojana (PMAY) scheme for budget home loans

  5. Government of India Sovereign Gold Bond scheme

  6. Pradhan Mantri Jan Aushadhi scheme


Article by Vandana
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