Pradhan Mantri Vaya Vandana Yojana PMVVY

Welcome to the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a comprehensive retirement cum pension scheme specially crafted to secure your golden years with guaranteed returns and a regular monthly pension. Managed by the reputable Life Insurance Corporation of India (LIC), PMVVY offers an attractive interest rate of 7.40% per annum for a period of 10 years. Let’s dive into the details of this outstanding retirement scheme and how it can surpass your expectations.

Eligibility and Pension Amount

PMVVY is exclusively available to Indian citizens aged 60 years and above, providing them with a stable income source during their post-retirement phase. To participate in this scheme, you need to meet the eligibility criteria, and the pension amount you receive can range from Rs. 1,000 to Rs. 9,250 per month. It’s essential to note that the total purchase price should not exceed Rs. 15 lakh.

PMVVY Scheme
  • The minimum pension provided under the PMVVY are as follows:
    • Rs. 1,000 per month.
    • Rs. 3,000 per quarter.
    • Rs. 6,000 per half-year.
    • Rs.12,000 per year.
  • The maximum pension provided under the PMVVY are as follows:
    • Rs. 9,250 per month.
    • Rs. 27,750 per quarter.
    • Rs. 55,500 per half-year.
    • Rs. 1,11,000 per year.
  • The total purchase price under the PMVVY should not exceed Rs.15 lakh.

Required Documents

To avail of the benefits of PMVVY, you’ll need to submit certain documents during the application process. These include:

  • Aadhaar card
  • PAN card
  • Age proof
  • Address proof
  • Income proof
  • Bank account passbook
  • Photograph
  • Retirement proof

Ensuring that you have all the necessary documents ready will expedite the application process and get you closer to securing your future.

Key Benefits of PMVVY

1. Assured Returns

The PMVVY scheme guarantees an attractive return rate of 7.40% per annum. This ensures that your investment remains safe and steadily grows, providing you with a reliable source of income during your retirement years.

2. Maturity Benefit

At the end of the 10-year policy period, you will receive the entire purchase price along with the final pension installment. This maturity benefit ensures that you reap the rewards of your prudent investment.

3. Regular Pension Payments

With PMVVY, you can enjoy a fixed monthly pension for a duration of 10 years. This steady income stream enables you to lead a comfortable life without worrying about financial uncertainties.

4. Death Benefit

In unfortunate circumstances where the policyholder passes away within the policy term, the nominee or beneficiary can claim the purchase price, ensuring that your loved ones are financially protected even in your absence.

5. Loan Facility

PMVVY also offers a loan facility, allowing you to meet any unforeseen expenses during the policy term. This feature provides the much-needed flexibility and liquidity when required.

6. Surrender Value

In case of any emergencies or changing financial situations, you have the option to surrender the policy. The surrender value provided will help you address any urgent financial needs.

7. Free Look Period

To ensure complete satisfaction and confidence in the scheme, PMVVY provides a free look period. During this time, if you are dissatisfied with the terms and conditions, you can return the policy without any penalty.

Application Procedure for Pradhan Mantri Vaya Vandana Yojana (PMVVY)

You can apply for the PMVVY scheme either online or offline, depending on your convenience. The process is user-friendly and straightforward, ensuring a seamless experience.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-subsidized pension scheme that offers an assured return of 7.66% per annum, paid monthly to the pensioner during the policy term of 10 years. To subscribe to the PMVVY scheme, individuals have the option to apply through both online and offline modes. Below are the step-by-step procedures for each method:

i) Online Procedure:
  1. Visit the official website of Life Insurance Corporation of India (LIC) at
  2. Click on the ‘Products’ section, followed by ‘Pension plans.’
  3. Locate and select ‘Pradhan Mantri Vaya Vandana Yojana.’
  4. Click on the ‘Buy Online’ tab to proceed with the application.
  5. Fill in the required details in the form and click on ‘Get Access ID.’
  6. An Access ID will be sent to your registered mobile number or email address. Enter the ID and proceed.
  7. Choose the plan that suits your needs, fill in the application form, and submit it.
  8. Make the premium payment using the available options, and the policy documents will be sent to your registered email address.
ii) Offline Procedure:
  1. Visit any LIC branch to collect the PMVVY application form.
  2. Duly fill the application form with the necessary details.
  3. Attach all relevant documents required for the application.
  4. Submit the filled form and documents to the LIC branch.
  5. After verification of the documents, a LIC agent will initiate the policy.

Pension Payments

To provide you with utmost convenience, LIC facilitates pension payments through NEFT (National Electronic Funds Transfer) or Aadhaar enabled payment. This ensures that you receive your pension securely and efficiently.

Mode of Pension PaymentRate of Interest (p.a) for FY 21-22

Minimum Purchase Price and Returns

The minimum purchase price for PMVVY is Rs. 1,62,162, which guarantees a monthly pension of Rs. 1,000 at the attractive interest rate of 7.40% per annum. The returns on your investment are taxed at the applicable rate, and it’s important to note that PMVVY does not fall under the purview of 80C deductions.

Mode of Pension PaymentMinimum amount of Purchase Price (investment)Minimum Pension amount against the Purchase PriceMaximum Purchase Price (investment)Maximum Pension amount against the Purchase Price

GST Exemption

Another remarkable benefit of PMVVY is that it is GST exempt. This exemption enhances the overall returns on your investment, making it an even more attractive option for securing your retirement.

How to Check PMVVY Policy Details

The steps to check the policy details are as follows:

Step 1: Go to the Umang PMVVY page.

Step 2: Scroll down and click on the ‘Open’ button under the ‘Policy Basic details’ heading.

Step 3: On the next page, select the option ‘Login with MPIN’ or ‘Login with OTP’ option.

Step 4: Enter your mobile number, MPIN/OTP and click on the ‘Login’ button.

Step 5: Click on the ‘Policy Basic Details’ button under the ‘General Services’ heading.

Step 6: Enter the ‘Policy Number’, ‘Mobile Number’ and click on the ‘View Details’ button.

Step 7: The policy details will be displayed on the screen.

Policy Details and Inquiries

You can easily access your policy details and other related information on the Umang PMVVY page using your mobile number, MPIN/OTP, and policy number. For any inquiries or assistance, you can reach out to the dedicated helpline numbers – 022-67819281 or 022-67819290.

Joint Investment Option

For married couples, PMVVY allows both spouses to invest separately, with each individual being able to invest up to Rs. 15 lakh. This feature provides couples with the flexibility to plan their retirement in a way that best suits their financial goals and needs.

Claim Process

In the unfortunate event of the policyholder’s demise within the policy term, the beneficiary can claim the purchase price, ensuring that the hard-earned savings are protected for the family’s future.

Some important links

Join TelegramESIC Updates Telegram
ESIC Updates HomepageHomepage
Official WebsiteIBPS Official Website


The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a truly exceptional retirement cum pension scheme that offers unmatched benefits and security for your golden years. With assured returns, regular pension payments, and a host of other advantages, PMVVY stands as a pillar of financial stability during your retirement phase. Don’t miss out on this incredible opportunity to secure your future. Act now and embark on a journey towards a worry-free and financially rewarding retirement.

Remember, your golden years should be filled with joy and tranquility, and PMVVY is here to make that dream a reality. So, invest wisely, secure your future, and cherish every moment of your retirement with peace of mind.

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