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LIC PMVVY Brochure

The Government of India has introduced Pradhan Mantri Vaya Vandana Yojana (Modified-2020), with a modified rate of pension under this plan, and extended the period of sale of this plan for a further period of three years from Financial Year 2020-21 till 31st March 2023.

As per the terms and conditions under this plan, guaranteed rates of pension for policies sold during a year will be reviewed and decided at the beginning of each year by the Ministry of Finance, Government of India. For the first financial year i.e. up to 31st March 2021, the Scheme will provide an assured pension of 7.40% p.a. payable monthly.

Eligibility Conditions and Other Restrictions for LIC PMVVY

  • Minimum Entry Age: 60 years (completed)
  • Maximum Entry Age: No limit
  • Policy Term: 10 years
  • Minimum Pension: ` 1,000/- per month
    • 3,000/- per quarter
    • 6,000/-per half-year
    • 12,000/- per year
  • Maximum Pension: ` 9,250/-per month
    • 27,750/-per quarter
    • 55,500/-per half-year
    • 1,11,000/-per year

The total amount of purchase price under all the policies under this plan and all the policies have taken under Pradhan Mantri Vaya Vandana Yojana (with UIN 512G311V01 and UIN: 512G311V02) allowed to a senior citizen shall not exceed `15 lakhs.

Mode of pension payment:

The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System. The purchase of the policy under this Government-subsidised scheme requires unique Aadhaar number validation. The first installment of pension shall be paid after 1 year, 6 months, 3 months, or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly, or monthly respectively.

For more details, PMVVY Scheme downloads the LIC PMVVY Brochure in PDF format using the link given below.

LIC PMVVY Brochure PDF Download Free

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