What is the Pradhan Mantri Vaya Vandana Scheme (PMVVY)? Check its Features, Eligibility Criteria, Benefits, and Required Documents

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension-multiple policy scheme that provides reliable funding for seniors in India. The pension plan is supported by the Indian Government of Life Insurance (LIC).

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– Rekha Gupta (@gupta_rekha) April 28, 2025

In today’s article, we will explore the Pradhan Mantri Vaya Vandana Yojana program, its features, eligibility criteria, benefits and required documents.

What is the Pradhan Mantri Vaya Vandana Yojana (PMVVY) plan?

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme provides insurance policies and pension schemes that complement their income for senior citizens of India.

Citizens over 60 years of age can take advantage of this program. PMVVY was launched on May 4, 2017, but has been expanded.

PMVVY provides guarantees for the pension for a specified period of 10 years for seniors in India.

What is the function of the PMVVY solution?

The PMVVY solution has various functions. All its functions are detailed:

1. The fixed security amount of the PMVVY program is up to 1 million and up to 10 years.
2. Under the plan, a certain amount of interest can be guaranteed to be abandoned, i.e. 7.40% per year.
3. From this program, you can choose monthly, quarterly, semi-annual or annual payment roles.
4. The program also provides loan facilities after completing the 3-year policy.
5. Assume you have this policy, but for some indirect reasons you don’t want to continue, so you have the option to exit this program at any point in time.

What are the qualification criteria for the PMVVY program?

Individuals can utilize the program according to the following qualification criteria:

Minimum admission age	Maximum age	Policy Terms	Minimum pension	Maximum pension
60	Unlimited	10 years	Rs 1,000 per month	Rs 10,000 per month
			Rs 3,000 per quarter	Rs 30,000 per quarter
			Rs 6,000 per six months	Rs 60,000 per six months
			Rs 12,000 per year	Rs 1,20,000 per year

What are the highest and lowest prices for PMVVY plans that older people can buy?

Maximum purchase price under different modes of the PMVVY plan:

Pension model	Maximum purchase price	See more : Top 10 List Of The Tallest Men In The World The corresponding pension amount
each year	14,49,086	1,11,000 per year
Half a year	14,76,064	55,500 per six months
quarterly	14,89,933	27,750 per quarter.
per month	15,00,000	9,250 per month

Minimum purchase price under different modes of the PMVVY plan:

Pension model	Minimum purchase price	See more : Top 10 List Of The Tallest Men In The World The corresponding pension amount
each year	1,56,658	12,000 per year
Half a year	1,59,574	6,000 half year
quarterly	1,61,074	3,000 per QTR.
per month	1,62,162	See more : Optical Illusion: Find The Orange Among These Pumpkins In Less Than 10 Seconds 1,000 per month

What are the benefits of PMVVY plans?

Under the PMVVY program, there are a variety of benefits that can be used by the elderly. All its benefits are described in detail below:

feature	detail
Guaranteed rate of return	The guaranteed pension rate for the fiscal year 2021-2022 is 7.40% per year and should be paid monthly. In 2023-2024, it was 7.40% per year and has since been reset every year.
Pension payment	After purchasing the policy, you can choose to receive a pension payment every month, every three months, every six months, or annually. You will be paid at the end of the entire 10 years of your policy.
GST exemption	The program is exempt from Goods and Services Tax (GST).
Maturity benefits	If the purchase price and final pension installment will be paid to the pensioner until the 10-year policy period is completed.
Loan Facilities	Policyholders can utilize up to 75% of the purchase price after the three-year policy starts to meet liquidity requirements. The interest on the loan will be deducted from the pension installments and the principal will be recovered from the claim proceeds.
Exit prematurely	If the policyholder chooses to evacuate early due to serious or terminal illness of himself or his spouse, he can get a 98% purchase price.
Benefits of death	If the pensioner dies within the 10-year policy period, the beneficiary will receive the purchase price.
Maximum pension ceiling	The maximum pension amount applies to the entire family, including pensioners, their spouses and any dependents.
Government subsidies	The company will be repaid and subsidized by the Government of India to obtain any deficit caused by the difference between the actual and guaranteed rights and administrative costs obtained.

What are the required files to leverage the PMVVY plan?

Requires the following file to get the Pradhan Mantri Vaya Vandana Yojana (PMVVY) plan:

1. Aadhaar Card
2. PAN card
3. Details of the bank you want to make money

Make sure you will have these documents before applying online

What is the current status of the PMVVY plan?

Recently, on April 28, 2025, Delhi CM Rekha Gupta announced that all elderly people aged 70 or older.

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– Rekha Gupta (@gupta_rekha) April 28, 2025

According to Delhi CM, Rekha Gupta tweeted: “Serving the elderly is our top priority. Now, the central government and the Delhi government have provided health insurance up to Rs 1 million for older people over 70 years. Ensure the health of loved ones; obtain the Ayushman Vaya Vaya Vaya Vandana card.”

in conclusion

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a vital government-backed pension scheme managed by LIC for seniors in India. It provides a guaranteed pension of 10 years that ensures individual retirement for individuals aged 60 and older. Key features include fixed security amounts, up to Rs 1 million, guaranteed interest rates (currently 7.40% per year), flexible monthly, quarterly, half-year or annual expenditures, and loan facilities after 3 years. The program also allows premature withdrawal in the case of critical illness and provides mortality benefits. Qualifications require over 60 years old and there is no maximum age limit. PMVVY requires basic files such as Aadhaar card, PAN card and bank account details. The program remains an important tool for providing financial stability to the elderly population.

Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion