{"id":9054,"date":"2024-05-16T07:43:37","date_gmt":"2024-05-16T07:43:37","guid":{"rendered":"https:\/\/www.tankhapay.com\/blog\/?p=9054"},"modified":"2024-05-16T08:03:21","modified_gmt":"2024-05-16T08:03:21","slug":"pmvvy","status":"publish","type":"post","link":"https:\/\/www.tankhapay.com\/blog\/pmvvy\/","title":{"rendered":"Pradhan Mantri Vaya Vandana Yojana (PMVVY) &#8211; Benefits &#038; Guide"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_78 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#What_Is_Pradhan_Mantri_Vaya_Vandana_Yojana\" >What Is Pradhan Mantri Vaya Vandana Yojana?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Features_of_PMVVY\" >Features of PMVVY<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Assured_Returns\" >Assured Returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Periodic_Payout_Options\" >Periodic Payout Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Maturity_Benefit\" >Maturity Benefit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Death_Benefit\" >Death Benefit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Surrender_Value\" >Surrender Value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Free_Lock-in_Period\" >Free Lock-in Period<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Loan_Facility\" >Loan Facility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Exclusion_Clause\" >Exclusion Clause<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Eligibility_for_the_PMVVY_Scheme\" >Eligibility for the PMVVY Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Example_of_PMVVY\" >Example of PMVVY<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Benefits_of_Pension_with_Assurance\" >Benefits of Pension with Assurance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#How_to_Apply_for_Pradhan_Mantri_Vaya_Vandana_Yojana_Scheme_PMVVY\" >How to Apply for Pradhan Mantri Vaya Vandana Yojana Scheme (PMVVY)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Offline_Application\" >Offline Application<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Online_Application\" >Online Application<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Documents_Required_to_Apply_for_the_PMVVY_Scheme\" >Documents Required to Apply for the PMVVY Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#FAQs_about_PMVVY\" >FAQs about PMVVY<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#What_is_the_PMVVY_scheme\" >What is the PMVVY scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#What_is_the_maximum_limit_for_PMVVY_in_2023\" >What is the maximum limit for PMVVY in 2023?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#What_is_the_15_lakh_pension_scheme\" >What is the 15 lakh pension scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#What_is_the_disadvantage_of_PMVVY\" >What is the disadvantage of PMVVY?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Who_is_eligible_for_PMVVY\" >Who is eligible for PMVVY?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Which_is_better_Senior_Citizen_Saving_Scheme_or_Pradhan_Mantri\" >Which is better, Senior Citizen Saving Scheme or Pradhan Mantri?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#What_is_the_current_rate_of_interest_on_PMVVY\" >What is the current rate of interest on PMVVY?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#How_can_one_invest_in_PMVVY\" >How can one invest in PMVVY?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#What_benefits_does_PMVVY_offer_in_emergencies_or_after_the_investors_demise\" >What benefits does PMVVY offer in emergencies or after the investor's demise?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Is_PMVVY_eligible_for_deduction_under_section_80C\" >Is PMVVY eligible for deduction under section 80C?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.tankhapay.com\/blog\/pmvvy\/#Can_one_invest_in_both_PMVVY_and_SCSS_simultaneously\" >Can one invest in both PMVVY and SCSS simultaneously?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a thoughtful insurance-cum-pension initiative that extends financial security to our esteemed senior citizens. Administered by the Life Insurance Corporation (LIC) and backed by the Indian government, this pension plan is a valuable avenue for post-retirement financial planning.<\/p>\n<p>PMVVY operates on the promise of a guaranteed pension payout at a fixed rate for a decade, providing a secure avenue for retirees. With an attractive assured return of 7.4% per annum, payable monthly over the entire 10-year term, this scheme stands out for its reliability and commitment to the financial well-being of our senior citizens.<\/p>\n<p>To comprehensively understand PMVVY and its benefits, read our detailed article on this invaluable pension scheme.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Pradhan_Mantri_Vaya_Vandana_Yojana\"><\/span>What Is Pradhan Mantri Vaya Vandana Yojana?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Pradhan Mantri Vaya Vandana Yojana is a government-backed insurance-cum-pension scheme designed to offer a reliable source of income to senior citizens in India during their post-retirement phase. Administered by the Life Insurance Corporation (LIC), this pension plan aims to address the financial needs of individuals aged 60 and above.<\/p>\n<p>Originally introduced on May 4, 2017, the scheme was initially set to conclude on March 31, 2020. However, in a government press release dated May 20, 2020, it was announced that PMVVY would be extended for an additional three financial years, allowing eligible individuals to avail of its benefits until March 31, 2023.<\/p>\n<p>Under PMVVY, participants are guaranteed a fixed pension payout at a specified rate for a duration of 10 years. The scheme offers an assured return of 7.4% per annum, disbursed on a monthly basis throughout the entire 10-year period.<\/p>\n<p>This extension of the Pradhan Mantri Vaya Vandana Yojana reflects the government&#8217;s commitment to providing long-term financial security and stability for senior citizens, emphasising the significance of post-retirement financial planning.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Features_of_PMVVY\"><\/span>Features of PMVVY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a robust avenue for ensuring retirement financial security through structured pension payments. This pension plan empowers individuals to receive a predetermined sum at the end of a user-selected period, extending up to a maximum term of 10 years.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Assured_Returns\"><\/span><b>Assured Returns<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The scheme offers an initial guaranteed rate of return at 7.40% per annum for the year 2023-24, subject to annual resets thereafter. The reassessment aligns with the revised Senior Citizens Saving Scheme (SCSS) returns, capped at 7.75%. Any breach of this threshold prompts a fresh evaluation of the scheme.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Periodic_Payout_Options\"><\/span><b>Periodic Payout Options<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>PMVVY accommodates flexibility by allowing individuals to choose from monthly, quarterly, half-yearly, or annual payout intervals, tailoring the plan to their financial needs and convenience. The first payout, contingent on the chosen mode, is executed promptly post-plan purchase.<\/p>\n<p>For instance, a pensioner opting for a quarterly payout receives the initial payment within 3 months from the policy acquisition date.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Maturity_Benefit\"><\/span><b>Maturity Benefit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Upon reaching the policy tenure&#8217;s conclusion, PMVVY grants a maturity benefit, entitling the pensioner to a lump sum purchase price along with the final installment payout.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Death_Benefit\"><\/span><b>Death Benefit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In the unfortunate event of a pensioner&#8217;s demise during the policy term, the designated beneficiary receives the entire purchase amount upon submission of requisite documents.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Surrender_Value\"><\/span><b>Surrender Value<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Recognising the need for financial flexibility, the scheme permits policy surrender, providing policyholders with 98% of the purchase value upon premature exit from the policy term, and facilitating access to funds for critical illness treatments.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Free_Lock-in_Period\"><\/span><b>Free Lock-in Period<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A distinctive feature of PMVVY is the provision for policy return within 30 days of receipt for online purchases and 15 days for offline purchases, allowing policyholders to reassess terms and conditions. The entire purchase amount, minus stamp duty or released pension payment, is refunded during this free lock-in period.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Loan_Facility\"><\/span><b>Loan Facility<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After three successful policy years, individuals can avail themselves of a loan against their PMVVY investment, with a maximum limit of 75% of the purchase amount. Loan interest is deducted from pension payments based on the chosen repayment frequency, and outstanding amounts are reconciled during maturity or surrender.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Exclusion_Clause\"><\/span><b>Exclusion Clause<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A unique exclusion exists in the policy concerning suicide, where the entire purchase price is payable in the unfortunate event of a policyholder&#8217;s suicide.<\/p>\n<p>In sum, Pradhan Mantri Vaya Vandana Yojana is a comprehensive financial tool that guarantees returns and provides strategic options and safeguards for policyholders and their beneficiaries.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Eligibility_for_the_PMVVY_Scheme\"><\/span>Eligibility for the PMVVY Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The eligibility along with other details has been discussed in great detail in the table below:<\/p>\n<table class=\"table-class\">\n<tbody>\n<tr>\n<th><b>Criteria<\/b><\/th>\n<th><b>Minimum<\/b><\/th>\n<th><b>Maximum<\/b><\/th>\n<\/tr>\n<tr>\n<td>Entry Age (completed)<\/td>\n<td>60 years<\/td>\n<td>No limit<\/td>\n<\/tr>\n<tr>\n<td>Policy Term<\/td>\n<td>10 years (fixed)<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Mode of Purchase Price Payment<\/td>\n<td>One-time lump sum payment<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Purchase Price<\/td>\n<td>Monthly: Rs.1,62,162<\/p>\n<p>Quarterly: Rs.1,61,074<\/p>\n<p>Half-yearly: Rs.1,59,574<\/p>\n<p>Yearly: Rs. 63,960<\/td>\n<td>Monthly: Rs.15,00,000<\/p>\n<p>Quarterly: Rs.14,89,933<\/p>\n<p>Half-yearly: Rs.14,76,064<\/p>\n<p>Yearly: Rs.14,49,086<\/td>\n<\/tr>\n<tr>\n<td>Mode of Pension Payment<\/td>\n<td>Monthly, quarterly, half-yearly, or yearly<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Pension Amount<\/td>\n<td>Monthly: Rs. 1,000<\/p>\n<p>Quarterly: Rs. 3,000<\/p>\n<p>Half-yearly: Rs. 6,000<\/p>\n<p>Yearly: Rs. 12,000<\/td>\n<td>Monthly: Rs.9,250<\/p>\n<p>Quarterly: Rs.27,750<\/p>\n<p>Half-yearly: Rs.55,500<\/p>\n<p>Yearly: Rs.1,11,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>When selecting the pension amount, individuals should take into account the family&#8217;s size, including a spouse and dependents such as unmarried daughters and unemployed sons, with a maximum age limit of up to 25 years.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Example_of_PMVVY\"><\/span>Example of PMVVY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Let&#8217;s break down the workings of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) using Rajan&#8217;s example:<\/p>\n<p><b>Details of Rajan<\/b><\/p>\n<ul>\n<li>Age when bought: 62<\/li>\n<li>Opted purchase price: 8 lakh<\/li>\n<li>Policy term: 10 years<\/li>\n<li>Chosen pension payment mode: Monthly<\/li>\n<li>Date of receipt: 1st February 2020<\/li>\n<li>Beneficiary: Spouse<\/li>\n<li>Annual income: 6 lakh<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Benefits_of_Pension_with_Assurance\"><\/span><b>Benefits of Pension with Assurance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Regular Pension Amount<\/b><\/p>\n<ul>\n<li>The pension amount is calculated on the purchase price of Rs. 9 Lakh.<\/li>\n<li>Fixed rate of 8% per year for the next 10 years.<\/li>\n<li>The monthly payment mode is chosen by Rajan.<\/li>\n<li>Calculation: (Rs. 9,00,000 * 8%) = Rs. 72,000\/12 = Rs. 6,000.<\/li>\n<\/ul>\n<p>Regardless of market conditions, Rajan will receive a Rs. 6,000 monthly pension for the next 10 years or until he survives within this tenure.<\/p>\n<p><b>Maturity Benefit<\/b><\/p>\n<p>After the completion of the 10-year policy term, Rajan will receive the full purchase amount of Rs. 9 Lakh.<\/p>\n<p><b>Death Benefit<\/b><\/p>\n<p>In the event of Rajan&#8217;s demise during the policy tenure (up to his 66th year), his spouse will receive the entire purchase amount of Rs. 9 Lakh as a beneficiary.<\/p>\n<p><b>Surrender Value<\/b><\/p>\n<ul>\n<li>In case of emergencies, Rajan can surrender the policy and receive 98% of the purchase price.<\/li>\n<li>Example: Rs. 9 Lakh purchase price, surrender value equals Rs. 8,82,000 (98%).<\/li>\n<\/ul>\n<p><b>Loan Facility<\/b><\/p>\n<ul>\n<li>After successfully running the policy for over 3 years, Rajan can avail of a loan against his savings.<\/li>\n<li>Loan amount is 75% of the purchase price, i.e., Rs. 6,75,000 in this case.<\/li>\n<li>Example: Rajan applies for a loan in 2024 to renovate his house.<\/li>\n<\/ul>\n<p>These benefits ensure financial security, flexibility, and support for unexpected financial needs during the policy tenure. The scheme provides a stable income stream, protection for dependents, and options for surrender or loan based on the policyholder&#8217;s needs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Apply_for_Pradhan_Mantri_Vaya_Vandana_Yojana_Scheme_PMVVY\"><\/span>How to Apply for Pradhan Mantri Vaya Vandana Yojana Scheme (PMVVY)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You can apply for the PMVVY scheme both through online and offline methods. Here is how you can do that:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Offline_Application\"><\/span><b>Offline Application<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Visit the nearest or preferred branch of the Life Insurance Corporation of India (LIC).<\/li>\n<li>Decide on the preferred purchase price or pension payment.<\/li>\n<li>Fill up the application form available at the LIC branch.<\/li>\n<li>Submit the application form along with the required documents and the chosen amount.<\/li>\n<li>The LIC representative will assist in completing the application process.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Online_Application\"><\/span><b>Online Application<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Visit the official website of the Life Insurance Corporation of India.<\/li>\n<li>Under the &#8216;Buy Policy Online&#8217; header, select &#8220;Pradhan Mantri Vaya Vandana Yojana.&#8221;<\/li>\n<li>Click on the designated button no. 842 for the &#8216;Buy Online&#8217; option.<\/li>\n<li>Create an Access ID by providing contact details such as name, email ID, mobile number, date of birth, address, and servicing unit. Receive the 9-digit Access ID via SMS or email.<\/li>\n<li>Submit the Access ID and click &#8216;Proceed&#8217; to continue the application process.<\/li>\n<li>Choose the preferred pension plan under Pradhan Mantri Vaya Vandana Yojana.<\/li>\n<li>Fill up the online application form and upload scanned copies of the required documents.<\/li>\n<li>Make the payment for the chosen purchase price or pension plan.<\/li>\n<li>After successful submission, receive an acknowledgement and policy number.<\/li>\n<\/ul>\n<p>By following these steps, individuals can apply for Pradhan Mantri Vaya Vandana Yojana either offline by visiting the LIC branch or online through the official LIC website, ensuring a convenient and hassle-free application process.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Documents_Required_to_Apply_for_the_PMVVY_Scheme\"><\/span>Documents Required to Apply for the PMVVY Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To apply for the Pradhan Mantri Vaya Vandana Yojana (PMVVY), individuals are required to submit essential documents. These documents are crucial for the application process and ensuring the applicant&#8217;s eligibility. Here is a list of documents needed:<\/p>\n<ul>\n<li>A duly filled and signed application form is required to initiate the process. This form can be obtained from the LIC office or downloaded from the official website.<\/li>\n<li>A document serving as proof of the applicant&#8217;s age must be submitted. This can include a birth certificate, passport, or any other government-issued age verification document.<\/li>\n<li>Valid government-issued photo identification such as an Aadhar card, passport, voter ID, or driver&#8217;s license should be provided.<\/li>\n<li>Documents like Aadhar cards, passports, utility bills, or any other government-issued document with the applicant&#8217;s current address can serve as address proof.<\/li>\n<li>Recent passport-sized photographs of the applicant need to be submitted along with the application form.<\/li>\n<li>Proof of payment of the purchase price needs to be provided, especially for offline applications. This can be a copy of the payment receipt or any other document verifying the transaction.<\/li>\n<li>In cases where the spouse is chosen as the beneficiary, age proof for the spouse may be required.<\/li>\n<li>Details such as the date of receipt, date of risk commencement, date of policy revival (if any), and the date of adding riders (if any) need to be accurately mentioned in the application form.<\/li>\n<\/ul>\n<p>Applicants should ensure that all documents are authentic, up-to-date, and submitted in accordance with the guidelines provided by the Life Insurance Corporation of India (LIC) to avoid any complications during the application process.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_about_PMVVY\"><\/span>FAQs about PMVVY<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<style>#sp-ea-9057 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 300ms;}#sp-ea-9057.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-9057.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-9057.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-9057.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-9057.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1715841457\"><div id=\"sp-ea-9057\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card ea-expand sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_PMVVY_scheme\"><\/span><a class=\"collapsed\" id=\"ea-header-90570\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90570\" aria-controls=\"collapse90570\" href=\"#\" aria-expanded=\"true\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-minus\"><\/i> What is the PMVVY scheme?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse collapsed show\" id=\"collapse90570\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90570\"> <div class=\"ea-body\"><p>Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government initiative aimed at providing social security during old age, safeguarding individuals aged 60 and above from potential declines in interest income due to market uncertainties.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_maximum_limit_for_PMVVY_in_2023\"><\/span><a class=\"collapsed\" id=\"ea-header-90571\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90571\" aria-controls=\"collapse90571\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the maximum limit for PMVVY in 2023?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90571\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90571\"> <div class=\"ea-body\"><p>As of 2023, senior citizens can invest a maximum of \u20b915 lakhs in the PMVVY scheme. However, this limit is applicable until March 31, 2023, after which the scheme will be phased out.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_15_lakh_pension_scheme\"><\/span><a class=\"collapsed\" id=\"ea-header-90572\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90572\" aria-controls=\"collapse90572\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the 15 lakh pension scheme?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90572\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90572\"> <div class=\"ea-body\"><p>The Pradhan Mantri Vaya Vandana Yojana scheme offers a guaranteed return of 7.4% per annum, payable monthly for a duration of 10 years. Individuals can invest up to \u20b915 lakhs in this scheme, providing a reliable pension avenue.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_disadvantage_of_PMVVY\"><\/span><a class=\"collapsed\" id=\"ea-header-90573\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90573\" aria-controls=\"collapse90573\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the disadvantage of PMVVY?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90573\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90573\"> <div class=\"ea-body\"><p>A significant disadvantage of PMVVY is the deduction of a 2% amount on premature exit from the scheme, impacting the returns for senior citizens.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Who_is_eligible_for_PMVVY\"><\/span><a class=\"collapsed\" id=\"ea-header-90574\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90574\" aria-controls=\"collapse90574\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who is eligible for PMVVY?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90574\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90574\"> <div class=\"ea-body\"><p>Eligibility for PMVVY requires individuals to be at least 60 years old, with no upper age limit for entry.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Which_is_better_Senior_Citizen_Saving_Scheme_or_Pradhan_Mantri\"><\/span><a class=\"collapsed\" id=\"ea-header-90575\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90575\" aria-controls=\"collapse90575\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Which is better, Senior Citizen Saving Scheme or Pradhan Mantri?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90575\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90575\"> <div class=\"ea-body\"><p>While Senior Citizen Savings Scheme offers an 8% per annum interest rate with quarterly payouts, PM Vaya Vandana Yojana provides a 7.4% per annum interest with monthly payouts. Additionally, the Senior Citizen Saving Scheme has a shorter tenure of five years compared to the ten-year term of PMVVY.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_current_rate_of_interest_on_PMVVY\"><\/span><a class=\"collapsed\" id=\"ea-header-90576\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90576\" aria-controls=\"collapse90576\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the current rate of interest on PMVVY?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90576\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90576\"> <div class=\"ea-body\"><p>The current assured rate of return is 7.40% per annum for the year 2023-24. This fixed interest rate is set by the government to provide financial stability to senior citizens, irrespective of market fluctuations.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"How_can_one_invest_in_PMVVY\"><\/span><a class=\"collapsed\" id=\"ea-header-90577\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90577\" aria-controls=\"collapse90577\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How can one invest in PMVVY?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90577\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90577\"> <div class=\"ea-body\"><p>Investors can choose to invest in PMVVY either offline or through the online portal of the Life Insurance Corporation of India (LIC). For offline applications, a visit to the LIC branch is required.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_benefits_does_PMVVY_offer_in_emergencies_or_after_the_investors_demise\"><\/span><a class=\"collapsed\" id=\"ea-header-90578\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90578\" aria-controls=\"collapse90578\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What benefits does PMVVY offer in emergencies or after the investor's demise?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90578\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90578\"> <div class=\"ea-body\"><p>In the unfortunate event of the pensioner's demise during the policy term, the scheme provides death benefits in the form of a refund of the entire purchase price to the beneficiary. Additionally, premature exit is allowed with a withdrawal of 98% of the deposit amount if the policyholder requires funds for critical disease treatment for themselves or their spouse.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Is_PMVVY_eligible_for_deduction_under_section_80C\"><\/span><a class=\"collapsed\" id=\"ea-header-90579\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90579\" aria-controls=\"collapse90579\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Is PMVVY eligible for deduction under section 80C?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90579\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-90579\"> <div class=\"ea-body\"><p>No, investors cannot claim deductions under section 80C of the Income-tax Act by investing in PMVVY. Returns earned from the scheme will be taxed at the time of receipt according to the prevailing tax laws and the applicable tax rate.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_one_invest_in_both_PMVVY_and_SCSS_simultaneously\"><\/span><a class=\"collapsed\" id=\"ea-header-905710\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse905710\" aria-controls=\"collapse905710\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can one invest in both PMVVY and SCSS simultaneously?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse905710\" data-parent=\"#sp-ea-9057\" role=\"region\" aria-labelledby=\"ea-header-905710\"> <div class=\"ea-body\"><p>Yes, individuals have the flexibility to invest in both PMVVY and Senior Citizens Savings Scheme (SCSS) simultaneously. A maximum investment of Rs. 15 Lakh in each scheme is allowed, totalling Rs. 30 Lakh for both. Both investment avenues are government-backed and offer substantial returns.<\/p><\/div><\/div><\/div><script type=\"application\/ld+json\">{ \"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"@id\": \"sp-ea-schema-9057-6a008cd27919f\", \"mainEntity\": [{ \"@type\": \"Question\", \"name\": \"What is the PMVVY scheme?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government initiative aimed at providing social security during old age, safeguarding individuals aged 60 and above from potential declines in interest income due to market uncertainties.\" } },{ \"@type\": \"Question\", \"name\": \"What is the maximum limit for PMVVY in 2023?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"As of 2023, senior citizens can invest a maximum of \u20b915 lakhs in the PMVVY scheme. 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Individuals can invest up to \u20b915 lakhs in this scheme, providing a reliable pension avenue.\" } },{ \"@type\": \"Question\", \"name\": \"What is the disadvantage of PMVVY?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"A significant disadvantage of PMVVY is the deduction of a 2% amount on premature exit from the scheme, impacting the returns for senior citizens.\" } },{ \"@type\": \"Question\", \"name\": \"Who is eligible for PMVVY?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Eligibility for PMVVY requires individuals to be at least 60 years old, with no upper age limit for entry.\" } },{ \"@type\": \"Question\", \"name\": \"Which is better, Senior Citizen Saving Scheme or Pradhan Mantri?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"While Senior Citizen Savings Scheme offers an 8% per annum interest rate with quarterly payouts, PM Vaya Vandana Yojana provides a 7.4% per annum interest with monthly payouts. Additionally, the Senior Citizen Saving Scheme has a shorter tenure of five years compared to the ten-year term of PMVVY.\" } },{ \"@type\": \"Question\", \"name\": \"What is the current rate of interest on PMVVY?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"The current assured rate of return is 7.40% per annum for the year 2023-24. This fixed interest rate is set by the government to provide financial stability to senior citizens, irrespective of market fluctuations.\" } },{ \"@type\": \"Question\", \"name\": \"How can one invest in PMVVY?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Investors can choose to invest in PMVVY either offline or through the online portal of the Life Insurance Corporation of India (LIC). For offline applications, a visit to the LIC branch is required.\" } },{ \"@type\": \"Question\", \"name\": \"What benefits does PMVVY offer in emergencies or after the investor&#039;s demise?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"In the unfortunate event of the pensioner's demise during the policy term, the scheme provides death benefits in the form of a refund of the entire purchase price to the beneficiary. Additionally, premature exit is allowed with a withdrawal of 98% of the deposit amount if the policyholder requires funds for critical disease treatment for themselves or their spouse.\" } },{ \"@type\": \"Question\", \"name\": \"Is PMVVY eligible for deduction under section 80C?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"No, investors cannot claim deductions under section 80C of the Income-tax Act by investing in PMVVY. 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Both investment avenues are government-backed and offer substantial returns.\" } }] }<\/script><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"tmnf_excerpt\">Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a thoughtful insurance-cum-pension initiative that ex\u2026<\/div>","protected":false},"author":1,"featured_media":9066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-9054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-security"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.2 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pradhan Mantri Vaya Vandana Yojana (PMVVY) - Benefits &amp; Guide<\/title>\n<meta name=\"description\" content=\"Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an insurance and pension scheme run by the government for senior citizens. 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