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

Pradhan Mantri Vaya Vandana Yojana is Pension plan for Senior citizens announced by Government of India. This policy is government's subsidized pension scheme which will avail guaranteed 8% return in monthly mode and 8.3% return in yearly mode.

Modifications with effect from 03-05-2018.

  • Maximum deposit limit has been increased to 15 Lakh.
  • Maximum Pension of 10,000/month can be availed.
  • This 15 Lakh Limit has now been modified to per senior citizen (Earlier it was for per family).
  • The last date to purchase this scheme is 31-03-2020.
  • This 15 Lakh limit is inclusive of earlier 7.5 Lakh, which means if some had ealier deposited 7.5 Lakh, he would be able to deposite another 7.5 Lakh only.

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

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

PMVVY Pension Calculator

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 14,45,784 1,20,000
Half Yearly 1,47,601 6,000 14,76,014 60,000
Quarterly 1,49,068 3,000 14,90,684 30,000
Monthly 1,50,000 1,000 7,50,000 10,000

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 (134)

Wrote : 13-07-2018 15:22:15

father invested 500000 what benifit for income tax in current year on this investment

Replied : 14-07-2018 12:44:13
No income tax exemptions like 80c and 10(10D) is available with plan.

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Wrote : 11-07-2018 23:04:36

Should the amount of investment be multiple of 1.50 lak s or any amount like 4 laks/5 laks can also be invested?

Replied : 17-07-2018 14:10:26
No there is nothing like multiple of 1.5Lakh.

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Wrote : 07-07-2018 23:07:48

I am now 66 yrs.old,my wife running 64.My question is that can we deposite 15 lac in individual name.Please reply me at earliest time.

Replied : 09-07-2018 02:37:42
Yes, both of you can take this plan for 15 lakh each.

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Wrote : 06-07-2018 13:05:05

For any LIC related queries and new policy investment, feel free to reach out to me (Soumyadip) @ 9830597138. For Kolkata and Howrah circle only.

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Wrote : 02-07-2018 21:40:33

i have deposited 7.5 lacs in june. how can i deposit another 7.5lachs orders are there

Replied : 03-07-2018 00:20:59
Yes, Another policy with 7.5 Lakh deposit amount can be purchased again.

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Wrote : 02-07-2018 16:51:59

my age is 65y,I retired lecture, receive 40000/pension/month can I apply for this vaya vandana pension policy and the limits of some assure amount.

Replied : 03-07-2018 00:22:31
Sir, You may deposit 15 Lakh (maximum) for getting 10,000 per month pension from this plan.

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Wrote : 29-06-2018 22:44:39

It is a good investment scheme for sr. Citizens.

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Wrote : 29-06-2018 20:21:41

I am attaining 60 yrs on 31.08.2020. Can I opt for Pmvvy , if yes, on what date I should join.

Replied : 29-06-2018 23:10:10
As per current notification, this plan is available up to 31-March-2020, so it won't be possible for you to purchase.

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Wrote : 26-06-2018 22:50:30

Can I invest 30 lacs in both Scheme I.e.(PMVVY and SCSS)?

Replied : 27-06-2018 23:10:14
Both plans are independent to each other, so one buy 15lakh each.

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Wrote : 14-06-2018 11:49:38

I have invested Rs 7.5 lakhs in Feb. 2018 in Pradhan Mantri Vaya Vandna yojana table 842 . Iwish to know whether the monthly amount of Rs 5000/- i am receiving is taxable ? Whether i can avail tax benifit under 80 C in above scheme. Your prompt response shall be appriciated Jeevan Deshmukh Pune

Replied : 14-06-2018 13:51:25
Pension received as 5000 per month is taxable and deposited anount cannot be claimed under u/s 80c.

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Wrote : 10-06-2018 01:10:07

As per my understanding, At the age 61 if I purchase PMVVY(Plan 842) with one time deposit of Rs. 750000/- in monthly pension mode, than I will get 5000/- Rs as monthly pension + 750000/- Rs at the end of the 10th year. So, total 6,00,000 + 7,50,000 = 13,50,000/- is the receivable amount. Am I right???

Replied : 10-06-2018 07:34:28
Yes, it is rightly understood but that will happen if policy holder survives 10 years. In case of less than 10 years of survival, pension will be available for less than 10 years.

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Wrote : 08-06-2018 22:06:30

In the form no 842 it is not clear that full amount which is deposited at the time of taking this policy will be given after 10 year period. only in case of death nominee will get the full amount that is what it is written in the form no 842 please clarify

Replied : 10-06-2018 07:39:54
It is to be returned either on completion of 10 years or in case of death before 10 years.

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Wrote : 06-06-2018 12:46:59

Sir क्या एक financial year में इस योजना में पार्ट पेमेंट में इनवेस्ट किया जा सकता है जेसे 600000,600000,300000....

Replied : 07-06-2018 18:29:10
Yes.

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Wrote : 29-05-2018 09:46:02

Is PMVVY(842 is available to persons above 58 years age but retired from services?

Replied : 29-05-2018 10:19:08
It is for 60 years and above age.

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Wrote : 17-05-2018 12:17:05

My mother has an existing policy for 7,50,000 rs. and with the increase in the limit she wishes to add another 7,50,000 rs. Can she add to the existing policy? or she has to go for a new policy? Thanks and Regards

Replied : 19-05-2018 22:58:52
You need to buy a new policy with additional amount.

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Wrote : 17-05-2018 09:00:01

If I invest Rs. 15.00 lacs in PMVVY. I also invest in Senior Citizen Savings Scheme Rs. 15.00. Whether it is admissible to invest in both of these scheme with total of Rs. 30.00 lacss

Replied : 19-05-2018 22:58:07
Post office's Senior citizen scheme (SCS) is not included in PMVVY's 15 limit, so one can invest up to maximum limit separately.

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Wrote : 13-05-2018 21:13:23

Can husband and wife purchase policy of PMVVY of Rs. 1500000 each?

Replied : 13-05-2018 23:36:18
Yes, both can take separately.

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Wrote : 07-05-2018 17:53:42

I am running 67 years old. What will be maturity period at this age ?

Replied : 07-05-2018 19:47:12
Sir, Maturity or end of policy will happen after 10 years from date of purchase.

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Wrote : 05-05-2018 12:06:56

where is LIC office in faridabad (haryana)

Replied : 05-05-2018 12:22:42
LIC Branch Office (012R), OLD CITY 86, SECTOR-16, FARIDABAD, HARYANA, Pin-121002

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Wrote : 04-05-2018 16:02:06

In pmvvy, the pension Rs.10,000.00 p.m. (investing Rs.15,00,000.00)is taxable or not taxable.

Replied : 04-05-2018 18:22:01
Pension will be taxable.

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Wrote : 03-05-2018 21:06:36

I have invested Rs. 750000/- in LIC under PMVVY in Feb 2018 and getting Rs. 5000/- pension per month. Now limit has increased to Rs. 1500000/- per person. Can I invest additional 750000/- now.

Replied : 04-05-2018 18:23:41
Yes, it can be done for another for 750000.

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Wrote : 03-05-2018 07:44:41

Whether income tax is deduced at the source and TDS is issued or tax is considered as investors liability.

Replied : 03-05-2018 12:56:01
LIC generally does not deduct TDS, but pension received be taxable.

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Wrote : 02-05-2018 23:59:41

Please tell me when did Lic will accept proposals of vayvandana having 15 lakhs premium

Replied : 03-05-2018 12:57:36
It has been cleared from government side, it expected to be available from LIC soon.

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Wrote : 02-05-2018 18:04:50

I phoned up to PA to Chairman, LIC in the last week of April 2018. He said orders are yet to be received.

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Wrote : 27-04-2018 13:35:50

The budget has announced the limit of PMVVY to Rs 15 Lakhs from 7.5 Lakhs.Please let me know if this limit is increased to 15 or not.It is almost two months? How much more time is required?

Replied : 27-04-2018 19:56:21
No, update yet.

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Wrote : 26-04-2018 14:07:28

As announced in the budget,when should we expect notification of the raised limit of INR 15 Lac from 7.50lac

Replied : 01-05-2018 23:33:27
There is update of related notification.

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Wrote : 23-04-2018 23:36:25

I purchased policy pmvvy for Rs750000 vice policy no 118431781 on 15/3/2018 with option of monthly payment. I am sorry to inform you that I have not received Rs 5000 up till today.

Replied : 26-04-2018 12:35:14
First pension should be credited around 5th May for month of April and 15 days of march. You may also visit your branch for more details.

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Wrote : 23-04-2018 15:05:14

Almost month of April 2018 is going to be end when LIC will increase the limit of of investing PMVVY upto Rs 1500000 from Rs 750000 and maximum pension limit from Rs 60000 to Rs 120000 . please process and update it at earliest.

Replied : 23-04-2018 15:37:38
It is still not available.

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Wrote : 21-04-2018 05:08:25

Please tell , when is Pradhan Mantri Vaya Vandana Yojana implementing 15L limit?

Replied : 21-04-2018 11:52:14
Limit was announced in budget but it is still not available.

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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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