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 (179)

Wrote :

07-12-2018 14:21:04

I HAVE PURCHASED A PMVVY ON 04/12/2017 IN ANNUAL MODE. WHEN I WILL EXPECT TO RECEIVE MY FIRST PENSION?

Wrote :

10-12-2018 13:10:03

First week of January-2019 and the first amount will for 04/12/2017 to 31/12/2018 period.

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Wrote :

05-12-2018 18:28:08

Can I invest 15 lakhs in SCSS and another 15 lakhs in PMVVY? My wife is NOT a senior citizen.

Wrote :

08-12-2018 15:29:00

Yes, Both are separate plans.

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Wrote :

15-11-2018 19:53:16

can i invest 420000 in PMVVY scheme directly or have to invest according to table shown on website ?

Wrote :

15-11-2018 19:59:20

Yes, You can invest, the pension will be calculated accordingly.

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Wrote :

13-11-2018 16:40:29

im retiring at the age of 58 from a cpsu. can i invest in this plan?

Wrote :

14-11-2018 09:04:39

It requires 60 years and above to be eligible for this plan.

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Wrote :

12-11-2018 19:29:36

In Pmvvy pension scheme, suppose the pensioner dies in the second year of policy. When will his nominee get the principal amount? In the second year or after the 10th year?

Wrote :

14-11-2018 09:14:34

In the second year itself.

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Wrote :

12-11-2018 11:37:27

I HAVE PURCHASED RS 750000 ON 10/11/2017 . WHEN I GET THE INTEREST IN YEARLY MODE?

Wrote :

14-11-2018 09:28:46

Your first pension (for 10 November-2018 to 30 November-2019) credit is expected in first week of December-2019. Above is generally followed procedure of providing interest it might vary but it is sure that you will get interest for 10 years.

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Wrote :

06-11-2018 01:07:43

Sir, please let me know if I invest 7,50,000 at a time, can I invest another 7,50,000 after few months?

Wrote :

06-11-2018 12:38:49

Yes, It is possible.

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Wrote :

03-11-2018 20:44:50

I am already invested Rs.500000 in this plan in yearly interest mode. Now how much amount I can invest in yearly interest mode ?.

Wrote :

06-11-2018 12:51:05

As Rs. 50000 has been already invested which will be providing Rs. 41,500 per year and maximum yearly pension that can be received is capped at 1,20,000 per year. So, for remaining Rs. 78,500, you may deposit another Rs. 945800 in this plan.

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Wrote :

22-10-2018 22:52:43

Sir my mother state govt. Retired so monthly pension are provided so what PMVVY scheme benefit.

Wrote :

23-10-2018 12:15:06

PMVVY is separate plan and in this plan, a senior citizen can deposit maximum up to 15 Lakh to get maximum 10,000 pension per month.

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Wrote :

21-10-2018 10:31:23

Suppose i will invest Rs1500000 in this scheme and in return i will get Rs120000 per year after TDS deduction or TDS will deducted from Rs 1200000. Is there any 15H form provision or not for the scheme?

Wrote :

22-10-2018 13:06:10

Generally, TDS is not deducted in this plan.

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Wrote :

21-10-2018 10:27:44

Sir, i have invested 2 policies of PMVVY for Rs 7.5 lakh each on 17.8.2018 both for me and my wife {both retired } under monthly interest payment scheme. 1st interest is supposed to come on 17.9.2018. But till date I have not received any interest . Please let me know how I can get my due immediately.

Wrote :

23-10-2018 12:20:50

Please contact your branch, amounts should have been credited in first week of October.

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Wrote :

20-10-2018 13:35:46

I purchased pvvy in my husband named . After his death if I am alive within 10years will the pention continue for me.

Wrote :

20-10-2018 17:00:17

No. In case of death, pension will be stop and deposited amount will be returned to nominee of policyholder.

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Wrote :

16-10-2018 17:28:28

In above example table you have mentioned deposit amt as 750000 and pension 10000 whereas it should be 1500000 instead of 750000 pl check and confirm

Wrote :

17-10-2018 07:55:23

Sir, it is example of 7,50,000, you can go for 15,00,000.

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Wrote :

07-10-2018 10:22:10

I wish to buy PMVVY plan in Feb 2019 and to invest Rs 1000000. Kindly confirm whether interest rates shall b revised In Jan 19 and also TDS shall be deducted by LIC

Wrote :

07-10-2018 11:03:31

No information about interest rate revision.

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Wrote :

03-10-2018 21:52:27

What is the half yearly intt In PMVVY plan on sum assured Rs 1000000 yr calculator shows as Rs 40750 and in nett it shows as Rs 40650

Wrote :

04-10-2018 10:39:22

It is 40650.

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Wrote :

03-10-2018 17:42:52

How I submit 15lakh at a time in LICI from SBI account

Wrote :

05-10-2018 22:11:16

Hi, if you are taking this policy from a branch, you can pay through check, if you are buying it online then please call lic help line number, here is link.

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Wrote :

02-10-2018 10:36:05

Will the Interest rate move northward as Is happening In other Government Schemes. Also let me know whether I can Invest now to draw pension later on completing 60 years.

Wrote :

02-10-2018 15:39:00

No, it is fixed as per plan notifications.

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Wrote :

28-09-2018 14:43:33

whether it is covered under section 10(23AAB)?

Wrote :

28-09-2018 20:36:39

10(23AAB) is related to annuity fund, but PMVVY is not annuity plan by definition, but then also you may consult a tax professional in this regard.

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Wrote :

26-09-2018 13:37:39

as per norms i have retired from service at the age of 58 years can i invest in PMVVY scheme at this stage after submitting proof of retirement ? please confirm

Wrote :

27-09-2018 12:43:24

No such provision.

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Wrote :

21-09-2018 18:27:55

If the Sr. Citizen cannot sign due to age-old related reason, then how to start policy in PMVVY and also after 10 years, how to make the claim on completion ?

Wrote :

23-09-2018 08:03:01

There will not be any problem in that case, thumb impressions option is always there. For claim, you have to complete NEFT mandate( providing bank account details) at the beginning itself. After 10 years, invested amount will be automatically returned.

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Wrote :

21-09-2018 09:59:06

I retired in 2015 at that timeas a member of Varistha Pension Joyana of Rs.665000 and receive monthly pension of Rs.5000/-. Now my wifegoing to retire can she entitle to PMVVY

Wrote :

21-09-2018 13:38:50

Sir, she can invest 15 Lakh in this scheme.

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Wrote :

19-09-2018 13:55:22

Sir, Myself and my wife, both are senior citizen and would like to invest in PMVVY. Shall we invest RS.15 lacs each ( i.e. Rs.30 lacs in total) in PMVVY ?

Wrote :

20-09-2018 21:55:50

Yes, each senior citizen can invest 15 Lakh in PMVVY.

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Wrote :

14-09-2018 10:34:52

My wife has invested 1500000/- in PMVVY and 1500000/- in SCSS, total Rs. 3000000/- I have invested Rs. 1500000/- in SCSS, can I invest Rs. 1500000/- in PMVVY ?

Wrote :

14-09-2018 16:37:47

Yes, it can be done as both maximum limits are mutually exclusive.

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Wrote :

14-09-2018 10:32:59

The limit 15,00,000/- under PMVVY (LIC) is per family or per person ?

Wrote :

14-09-2018 16:49:43

It is per person who is 60 year old or above.

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Wrote :

13-09-2018 22:45:09

My wife had deposited Rs.7,22,892/- on 04/10/2017 in PMVVY and opted for annual pension of rs.60,000/-. My son was the nominee. Unfortunately she expired on 07/12/2017. We approached the concerned LIC agent/Branch during Jan 2018 and submitted application for the return of purchase price and proportionate pension. To our surprise an amount of Rs.7,33,392/- [Purchase Price-Rs.7,22,892 +Proportionate Pension-Rs.10,500/- (60,000 x 63 /365)] was deposited in my son's bank A/C through NEFT on 14/02/2018 itself. So it is safe to choose any of the pension options under PMVVY (Monthly, Quarterly, Half Yearly or Annual) Thanks to LIC.

Wrote :

14-09-2018 01:09:20

Thanks, for your information.

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Wrote :

09-09-2018 18:47:59

Sir the pension will get right after buying the policy or after 10 year

Wrote :

11-09-2018 00:47:50

Pension will start after completion of chosen mode duration, for example, if monthly mode is chosen, then pension will be available after 1 month and it will continue for next 10 years. After completion of 10 years, your deposited amount will be returned and pensio will stop.

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Wrote :

09-09-2018 18:38:15

Interest earned not exempt from tax

Wrote :

11-09-2018 00:43:12

Yes, it will be taxable.

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Wrote :

02-09-2018 17:02:17

My age is 50yr l retired lndian army can l apply pmvvy

Wrote :

03-09-2018 00:57:53

Sir, it for persons who have completed 60 years. So it is available for you.

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Wrote :

31-08-2018 13:59:38

sir,please let me know clearly whether the interest of 8% of pmvvy, received during financial year is it totally exempted from income tax? One L I C officer says that the 8% interest is totally exempt from TDS, GST, and Income tax also.Is it right or wrong? Based on this info i want to invest Rs.15 lakhs.

Wrote :

31-08-2018 19:42:43

Pension received will be taxable and generally LIC does not deduct TDS on the interest or pension received from this plan. please note, this not official source for this information. No GST is charged on this plan.

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Wrote :

25-08-2018 09:14:39

Sir, my father done the PVVY LIC of RS 750000 last year.He is getting monthly pension of RS 5000 per month .Last month my father died in a road accident.How much money my mother who is the nominee will get.As this is the case of accidental death.

Wrote :

28-08-2018 21:49:27

7,50,000 + due interest, if not paid.

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