Pradhan Mantri Vaya Vandana Yojana (Plan No: 842) from LIC

Pradhan Mantri Vaya Vandana Yojana is Pension plan for Senior citizen announced by Government of India. This plan is government subsidized pension scheme which will avail guaranteed 8% return in monthly mode and 8.3% return in yearly mode. This plan plan can be purchased from LIC up to 03-05-2018.

Related Link: Pension Calculator

Plan Parameters

Age at Entry60 Years (Completed)
Calculate your Age
Maximum Age at Entry No Limit
Policy Term 10 Years (Fixed)
Pension Receiving Mode Monthly, Quarterly, Half Yearly or Yearly
Proposal Form Download

Pension benefit

  • Pensioner will receive pension amount as per selected mode. Pension will be available on completion of selected mode, for example, in case of monthly mode, pension will be paid on completion of month.

This plan can be purchsed on payment of single one time amount, the minimum and maximum limit of one time lumpsum amount is given in the following table

Mode Minimum Maximum
Amount Pension Amount Pension
Yearly 1,44,578 12,000 7,22,892 60,000
Half Yearly 1,47,601 6,000 7,38,007 30,000
Quarterly 1,49,068 3,000 7,45,342 15,000
Monthly 1,50,000 1,000 7,50,000 5,000

Please use following calculator to calulate pension as per your choice of amount and pension mode.

PMVVY Pension Calculator

Death benefit

  • Deposited amount will be returned to nominee or legal heirs.

Maturity Benefit

  • On compltion of 10 years, the deposited amount along with last due pension will be returned to policy holder.

Policy Surrender

  • In extra-ordinary cases like critical medical emergency of policy holder or spouse, the policy can be surrendered before completion of 10 year term. The surrender value will be 98% of purchase price.

Example of Pradhan Mantri Vaya Vandana Yojana (LIC Table 842)

Let's take example of PMVVY with following details.

Age (Years)60 (Completed)
One Time Deposit7,50,000
Policy Term(Years)10
Purchase Year2017
Pension ModeMonthly

As per above example, pension scheme holder requires to deposit on time lumpsum amount of 7,50,000 and monthly pension will credit in to his/her account on completion of each month from date of purchase for next 10 years.

On completion of 10 years, 7,50,000 will be returned to policy holder. Following table provides year-wise pension details.

Pension Details

Year Age Deposit Amount Monthly Pension Total Pension in a Year Return of Purchase Price
2017 60 750000 5000 60000 0
2018 61 0 5000 60000 0
2019 62 0 5000 60000 0
2020 63 0 5000 60000 0
2021 64 0 5000 60000 0
2022 65 0 5000 60000 0
2023 66 0 5000 60000 0
2024 67 0 5000 60000 0
2025 68 0 5000 60000 0
2026 69 0 5000 60000 0
2027 70 750000

Death Claim Details

In case death before completion of 10 years (Before Year 2027 in this case), purchase price (Rs. 7,50,000) will be returned to policy holder's nominee or legal heirs

Comments & Reviews

Wrote : 17-04-2018 19:04:04

प्रधानमंत्री वया वंदना पेंशन योजना में अधिकतम सीमा 750000 ही है। बढाई नहीं गई है। आप दूसरी पालिसी नहीं ले सकते हैं। आपकी सूचना हेतु । एम. एच. अंसारी, विकास अधिकारी LIC, Kota

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Wrote : 16-04-2018 18:18:46

Please let me know whether it can be opened in joint name of spouse and whether TDS is deducted

Replied : 20-04-2018 21:54:13
It is opened in the name of single individual above 60 years.

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Wrote : 07-04-2018 03:06:55

Hi. I investd 7.5 lacs in Pradhan Mantri yojaana on 29 Feb 2018, but till now I have not recd pension . why ??

Replied : 07-04-2018 14:33:51
You shold get pension in April, if not received please visit your branch.

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Wrote : 24-03-2018 16:39:49

1- Budget has been approved in d parliament. Has the limit been increased to 15 Lac wef 1 April 2018. 2- Should the cheque be made in favor of LIC of India for investing in this scheme.

Replied : 24-03-2018 23:06:29
We are not having any notification in this regard, please wait for new financial year to come. The implementing agency is LIC, so check should be drawn in favor of LIC only.

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Wrote : 24-03-2018 08:12:31

I enquired at local LIC office, enhanced limit of Rs15.00lacs is being accepted right now.

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Wrote : 20-03-2018 17:25:19

What is TDS deducted on the interest received on the policy ???

Replied : 21-03-2018 00:20:55
Generally, TDS is not deducted on pension amount.

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Wrote : 13-03-2018 09:37:40

is GST applicable to vaya vandana yojana ? is 15 H mandatory ? if so where to submit ?

Replied : 13-03-2018 13:36:42
GST is not applicable on PMVVVY plan. 15H is not mandatory.

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Wrote : 08-03-2018 12:00:49

Policy no - 965560xxx on 05/02/2018 Monthly mod But I didn't receive interest till now Why ?

Replied : 09-03-2018 19:59:20
Hi, You can expect pension on 05-04-2018.

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Wrote : 04-03-2018 20:26:26

I have invested 7.5 lacs in the Vaya Vandana policy. As per the recent Budget, can I now invest additional 7.5 lacs in this scheme. Can my wife also invest additional 15.00 lacs in this scheme in her name . Kindly clarify

Replied : 06-03-2018 00:36:37
It was announced for next financial year, so expected to available from April-2018.

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Wrote : 17-02-2018 12:45:35

We have invested Rs. 750000/- in LIC under PMVVY and getting Rs. 5000/- pension per month. Now government in recent budget has increased limit to Rs. 1500000/- per person. This limit Rs. 1500000/- is per person or per family ? Can we invest 2250000/- more under PMVVY scheme, if limit is 1500000/- per person ? or can invest 750000/- more ?

Replied : 18-02-2018 11:06:15
The limit of 7.5 Lakh is for a family and proposed limit (15 Lakh) extension is not available yet, since it is a budget annoucement, so it should be applicable from next financial year.

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Wrote : 10-02-2018 11:20:01

where to buy this

Replied : 12-02-2018 10:54:36
Visit your neared LIC branch.

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Wrote : 02-02-2018 13:11:09

The new central budget provides vaya vandan limit upto Rs.1500000. What is the date of effect? Is it with immediate effect?

Replied : 02-02-2018 23:18:17
It is under process, once the modified limit is effective it will be updated here.

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Wrote : 24-01-2018 20:24:52

Sir please clarify that the interest of 8% paid every month or year is constant or will change during the tenure period of 10 years. Is there any proposal of extending the scheme after 3.5.2018. Thank you

Replied : 26-01-2018 20:04:20
Interest is 8% yearly and it is fixed for entire policy year i.e. 10 years. You can take eqauted pension or interest montly, quarterly, halfyearly or yearly. Please note, it is not 8% monthly.

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Wrote : 18-01-2018 14:03:25

Thanks for your response :)

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Wrote : 17-01-2018 11:00:18

If we buy 1,50,000 pension plan for Monthly. The person age now 60. He get Rs.1000 pension upto his 70s. As per this plan, 10 years maturity means, after 70 years of his age, does he get the Rs.1,50,000 amount ? or more ? or he took pension for 10 years so he did not get anything ?

Replied : 18-01-2018 11:38:13
1. During policy term (10 years) policy holder will get pension.
2. In case of death before 10 years (in your case, before age of 70), deposited amount will be returned to policy holder's nominee.
3. After completion of 10 years (in your case, attaining age of 70), purchase price (paid amount) will be returned to policy holder.

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Wrote : 06-01-2018 19:55:57

I made investment after my retirement.7.5lac. Next year can I invest for my wife.7.5lac Plz clarify

Replied : 06-01-2018 21:07:41
No, under this scheme, maximum amount one family can deposit is 7.5 Lakh.

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Wrote : 04-01-2018 12:17:40

Sapose , I am getting Rs5000 pm. my sbi account , but my account is transfer to another sbi.Then how I can getting this amount. Please clarify me.

Replied : 04-01-2018 13:36:50
You can visit your lic branch and intimate the branch change in case your amount is not getting credited after change of banks's branch.

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Wrote : 21-12-2017 11:20:36

Can I buy multiple policies? For example, can I buy one policy now for 1,50,000/- and another in March 2018 for 1,50,000/-? Total amount to be invested is 7,50,000/-, but are multiple purchases allowed?

Replied : 22-12-2017 01:26:16
You can buy more than plan subject to maximum amount 750000.

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Wrote : 12-12-2017 15:54:35

For any investment related matters on any LIC product, kindly feel free to reach out to me (Soumyadip) @ 9830597138 .. People from Kolkata contact only..

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Wrote : 07-12-2017 10:37:43

Sir, your answers to each doubt is very much appreciated and these will be helpful in clearing many doubts of laymen.. With high regards

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Wrote : 05-12-2017 16:12:47

This scheme being organized through LIC, and this being more attractive and high yielding scheme as compared to schemes of LIC, I am finding it difficult to get the form. I contacted Amravati LIC office in Maharashtra but being told that the forms are not available any where, I am doubtful that there is some wrong intention for not making the forms available. Kindly advise me as to how I should get the form at the earliest.

Replied : 07-12-2017 10:11:28
You may download it from this link.

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Wrote : 04-12-2017 04:03:41

IT exemptions on withdrawal from a life insurance policy are allowed if there is a life insured / sum assured. Here there is no life insurance, hence there is no tax exemption. In any case Pension in any form is like any other income say even interest. Earned and is subject to tax accordingly.

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Wrote : 30-11-2017 22:58:36

This scheme is transferable or not .

Replied : 01-12-2017 20:04:35
Generally, Policies are not transferable.

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Wrote : 15-11-2017 07:52:38

The maximum deposit of Rs.7.5 lakhs is for a single person or for a family. Can myself and my wife can invest under this scheme individually and what is the limit.

Replied : 15-11-2017 10:04:57
7.5 Lakh limit is for a family, meaning thereby, sum of investment made by wife husband should not exceed 7.5 Lakh.

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Wrote : 20-10-2017 12:50:18

sir i am receiving rs 5000pm under varishtha pension yojna it possible for me to opt for pmvvy plan??

Replied : 21-10-2017 22:20:11
Max deposit including varishtha pension yojna is 7.5 lakh.

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Wrote : 10-10-2017 22:44:33

my father already have( varisth pension yojna) whichwas launched in 2015 but now he also want to buy pmvvy scheme for 750000 . is he eligeble for this.if not than why?

Replied : 11-10-2017 00:10:13
The max deposit limit inclusive of amount deposited in varishtha pension yojna.

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Wrote : 08-10-2017 22:02:22

The pension will be credit to the bank or hand ?? Expiry date to the invest money on LIC

Replied : 10-10-2017 00:23:25
Pension in this plan will be credited to policyholder's account directly. This plan will be available for sale till 03-05-2018.

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Wrote : 06-10-2017 13:50:08

Will there be any TDS. If yes then can it be waived like in a Bank after submission of 15H

Replied : 06-10-2017 17:24:04
Yes, income/pension is taxable, but it can be avoided by 15H. In most of the cases TDS is not being deducted by lic as max yearly pension is 60000 only.

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Wrote : 29-09-2017 08:49:22

With soaring medical treatment expenses, for senior citizens, the interest rate on this policy should be minimum 10% (allowing for even 4 % inflation) so that there is some relief to the senior citizens who have to live simply on interest income in their evening of life.

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Wrote : 23-09-2017 14:14:49

Whether Pension payment amount of PM Vaya Vandan Yojana of LIC is taxable,?

Replied : 23-09-2017 17:26:30
Yes, pension will be taxable.

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