What is PMVVY (Pradhan Mantri vaya vandana yojana kya hai)

Pradhan Mantri Vaya Vandana Yojana is a scheme launched by the Government of India in May 2017, to provide social security and financial independence to senior citizens above the age of 60 years. Under this PMVVY scheme, senior citizens can invest a lump sum amount and receive a guaranteed pension at a fixed rate of interest. 

Pradhan Mantri Vaya Vandana Yojana: LIC Plan no. 842

The pradhan mantri vaya vandana yojana lic scheme has a tenure of 10 years and the interest rate ranges from 7.4% to 7.75% per annum, depending on the age of the investor. The scheme is administered by the Life Insurance Corporation of India (LIC) and is available both offline and online.
Pradhan Mantri vaya vandana yojana

pradhan mantri vaya vandana yojana premium chart

Pradhan Mantri Vaya Vandana Yojana in English (PMVVY) is a pension scheme launched by the Government of India for senior citizens. The premium chart for the scheme is as follows:

Age of the pensioner | Purchase price | Pension amount

  • 60 years | Rs. 1,50,000 | Rs. 1,000 per month
  • 61 years | Rs. 1,45,000 | Rs. 1,000 per month
  • 62 years | Rs. 1,40,000 | Rs. 1,000 per month
  • 63 years | Rs. 1,35,000 | Rs. 1,000 per month
  • 64 years | Rs. 1,30,000 | Rs. 1,000 per month
  • 65 years | Rs. 1,25,000 | Rs. 1,000 per month

Note: The pension amount payable to the pensioner is monthly, quarterly, half-yearly or yearly, as per the pensioner’s choice.

pradhan mantri vaya vandana yojana eligibility


Pradhan Mantri Vaya Vandana Yojana in hindi eligibility criteria are as follows:

1. The applicant must be an Indian citizen aged 60 years or above.

2. There is no maximum age limit for the scheme.

3. The applicant should have a minimum investment amount of Rs. 1,50,000 or more.

4. The policy term is limited to 10 years, and the maximum investment limit is Rs. 15 lakh.

5. The applicant should have a minimum pension amount of Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half-year, or Rs. 12,000 annually.

6. The policy can be purchased offline or online directly from the Life Insurance Corporation (LIC) of India.

7. The policyholder must provide KYC documents and medical certification, if applicable.

8. Aadhar Card is mandatory for identification.

9. The policyholder should have a savings bank account, which is linked with Aadhaar.

pradhan mantri vaya vandana yojana apply online

Apply for the Pradhan Mantri Vaya Vandana Yojana. I suggest you follow these general steps to apply online:

1. Go to the official website of Life Insurance Corporation of India (LIC). 

2. Look for the Pradhan Mantri Vaya Vandana Yojana scheme.

3. Read the details of the scheme and check your eligibility.

4. Fill out the application form with your personal, financial and nominee details.

5. Upload the required documents.

6. Pay the premium online.

7. Submit the application form.

Make sure to read the terms and conditions carefully before submitting the application form.