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
|Age at Entry||60 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|
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
Please use following calculator to calulate pension as per your choice of amount and pension mode.
PMVVY Pension Calculator
Let's take example of PMVVY with following details.
|Age (Years)||60 (Completed)|
|One Time Deposit||7,50,000|
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.
|Year||Age||Deposit Amount||Monthly Pension||Total Pension in a Year||Return of Purchase Price|
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
Wrote : 24-07-2017 13:27:18
As per my opinion this scheme is restricted for only senior citizen who may get benefit after their retirement. But in some cases below the 60 and above 40 age group who are unemployed or agriculturist or self employed. Kindly give chances to such people to get this benefit also.
Wrote : 24-07-2017 10:08:02
Interest rate of 8% is too low for seniors, to get a moderate pension amount one has to deposit huge sums beyond their capacity. Surrendering the policy should be without any precondition as Seniors do not have any other income and depend on their savings to be invested in such schemes. Instead of single policy for max amount it should be of multiple policies each of rupees fifty thousand so that for any urgent expenses seniors can close one of the policies instead of single policy with max amount.
Wrote : 24-07-2017 09:24:53
We both me & my wife are more than 60 yes old means eligible for this scheme as I understood Can we avail this scheme individually say Rs 722892/per person as yearly mode of pension? Anticipating an early reply Thanks
Replied : 24-07-2017 09:48:50
In case of yearly mode, it will be 722892 per family.
Wrote : 22-07-2017 18:23:46
I got a SMS ON 6/6/2017 FROM lic STATING THAT MY pmvvy pOLICY HAS BEEN REGISTERED and the Policy no.13750xxxx. But , I have not yet received the Policy Certificate. Also I want to know when I will get my half-yearly pension of Rs.30000/= ? Will the six month period be calculated from June-November2017 , and I will get the pension in December,2017 ?
Replied : 23-07-2017 00:05:27
Pension will be due on 6/12/2017.
Wrote : 22-07-2017 12:38:37
As per calculation given in to Table format the last limit of deposit is 7,22892 Rs. For any pension receiving mode and after 10 years the amount given back is the same or 750000/
Replied : 22-07-2017 12:46:33
Above example is a case of monthly mode and maximum deposit amount in case of monthly mode is 750000, this why it is so. After completion of 10 years purchase price will be returned.
Wrote : 22-07-2017 11:54:38
I wish to deposit Rs. 150000 ( or more ) now and avail the monthly pension after 60 years. I am now 52 years of age. Pls. forward this scenario also.
Replied : 22-07-2017 12:50:02
This plan is available ONLY for those who have completed 60 years of age.
Wrote : 22-07-2017 11:51:25
If within the stipulated period of 10 year, due to sudden death before completion of the policy period will the policy continue ..? also in such case will the nominee get the entire sum invested ...?
Replied : 22-07-2017 12:51:52
In that case purchase price will be returned to policy holder's nominee and policy will be terminated.
Wrote : 22-07-2017 11:37:50
Sir, how is it called a Pension Scheme, when it is nothing but a Fixed Deposit scheme. So also with a stricture of 10 year blockibg term. It is a liberal FD scheme for Senior Citizens in par with Post Office FD Scheme. If the Banks are allowed to deal it with same interest rate , there is not much strain for the Senior Citizens to avail it. Anyhow LIC will get a boost in Business and we Senior Citizens who got some money to deposit will get an additional interest than present bank FD.
Wrote : 21-07-2017 19:37:42
Any periodical Bonus provision is there to be declared by LIC under PMVVY scheme as like on other LIC policies which are released at maturity of the policy.
Replied : 21-07-2017 20:40:09
This is not a bonus based plan. It will avail pension as per deposited amount and on completion of 10 years, purchase price will be returned.
Wrote : 21-07-2017 16:04:26
When government say it is pention plan for senior citizens. If both parents are senior citizens in a family, then why one cann not invest 7.5 Lac per senior citizen in this plan? can you please explain what are your reservations on this, because in one of the questions above, you have replied that one can invest only 7.5 Lac per family, in that case for two senior citizens (viz. husband and wife) in a family, how will you apply this rule? please explain
Replied : 21-07-2017 21:20:27
Please download form and read more details about this plan.
Wrote : 21-07-2017 13:58:41
In post office ,senior citizen fixed deposit scheme for 5 year deposit interest rate is 8.3%P.A. and deduction under sec 80C is allowed. In what way this scheme is better than post office senior citizen FD.
Replied : 21-07-2017 14:58:19
One apparent difference is interest or pension payment, which will start on completion selected mode, for example if monthly mode is selected, then pension will be available from completion of one month and so on.
Wrote : 21-07-2017 10:40:41
Can a family of 2 senior citizens can survive only in 5000 per month by investing maximum of 750000 in this age of growing rates? When a policy is given to senior citizens it should be provided completely by considering all pros and cons. What is the use of such a policy where only 5000 is provided to a family consisting of at least 2 senior citizens when more than 5000 is required.
Wrote : 16-07-2017 11:26:54
I'm 78 years old , surviving on FD Interest which I accumulated during service period. The way banks are decreasing fd rates it's heart sheering - let me know the uper limit of this scheme ( is there any maximum cap of depositing ? ) Do you deduct any charge at the time of investing ? Ideally we should get the credit of the whole amount which I will deposit - pls clarrify.
Replied : 16-07-2017 11:37:28
Sir, the Uper limit is 7.5 Lakhs and there is no other charges (e.g. GST) at the time of deposit.
Wrote : 13-06-2017 15:05:24
whether the 8% pension policy can directly be taken from LIC office or in case taken from Agent any commission we have to pay or is inclusive. if inclusive then to what percentage.
Replied : 13-06-2017 15:17:14
Pension will be credited into policy holders account directly. Purchase price will include everything.