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 : 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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Wrote : 23-09-2017 11:55:51

In an article it is mentioned that minimum age for entry is 60 yrs but if retired on 58 yrs (superannuation) and can provide proof then he may also be eligible to deposit in this scheme. For comments please. Thanks BS RAI

Replied : 23-09-2017 17:38:00
Not sure about your case, but this plan is for age 60 and above. Please visit nearest branch for more details.

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Wrote : 23-09-2017 11:02:36

Can a relative of mine drawing pension under Varishta Yojana of LIC, subscribe`Rs.750000/- under V V Yojana and draw monthly pension of Rs.5000/- in addition to Varishta Yojana?

Replied : 23-09-2017 17:46:01
Total amount including varishth pension should not exceed 7.5 lakh. So it No in your case.

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Wrote : 23-09-2017 08:28:58

I want to take this policy for Rs. 320000 in next month. After Dec 2017 I want to take this policy two lakh and two in two parts when money will be available. It will not cross limit of 750000.Can I take this policy in three parts when money will be available in bank. Thanks

Replied : 23-09-2017 17:50:54
Yes, it is possible.

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Wrote : 20-09-2017 17:42:25

It's this amount is in locking period for 10yr ?

Replied : 20-09-2017 18:06:29
Yes, but it can be withdrawn in case of critical illness condition.

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Wrote : 20-09-2017 13:02:35

My mother is on 65 yrs ,if she pay 3.5 I as lumpsum how much pension she got per annum. Message me d details

Replied : 20-09-2017 18:02:28
Yearly pension will be 29050.

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Wrote : 14-09-2017 15:30:36

Why the amount for diferent period is diferent ......plz,explain it...I.e.....144,000 for yearly nd 150000 for monthly....

Replied : 15-09-2017 12:18:17
It can be explained as follows.
Suppose there are two investments where one time single amount is deposited in both the cases, one provides 5000 per month for 12 months and the second scheme provides 60,000(in one installment) after 12 months. As 12 monthly 5000s, that is total 60,000 is more than 60,000 which is paid in single installment. This is why monthly mode deposit amount is more than yearly mode deposit.

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Wrote : 07-09-2017 08:46:07

Very unfair to not allow both husband and wife to separately deposit upto specified limit of Rs 7.5 Lakh

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Wrote : 06-09-2017 16:15:04

pls. tell me Service tax is applicable in this plan. if yes so tell me how much percentage.

Replied : 06-09-2017 16:58:12
Service tax is not applicable to this plan.

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Wrote : 30-08-2017 12:50:55


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Wrote : 29-08-2017 10:19:54


Replied : 29-08-2017 11:04:51
As per our understanding, investment amount is not exempted from taxation as we don't find mention of it and the pension plan is already a subsidized scheme.

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Wrote : 19-08-2017 17:40:26

In whose name cheque should be drawn ?

Replied : 20-08-2017 10:20:20
In favour of "LIC of India".

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Wrote : 13-08-2017 17:56:54

A person whose age is 53yrs Can take benfit of this scheme

Replied : 13-08-2017 19:24:21
This plan is for aged 60 or above. Jeevan akshay 6 is available for age 53.

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Wrote : 13-08-2017 10:26:25

Like other LICI plans, this scheme also should have been tax free. It would then be like Tax Free Bonds and would be fair for Senior Citizens.

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