(LIC Policy)PMVVY Pension Online Application Form / Interest Rate / Details PDF

Hello friends for knowing the complete detail about the scheme read the complete article we will provide you all the details about the scheme, website links, how to download all important information about the scheme.

LIC PMVVY Scheme

Hello friends, Pradhan Mantri Vaya Vandana Yojana is a pension scheme being controlled by the Ministry of Finance to give quick benefits to a senior citizen who has crossed 60 years or more. PMVVY pension scheme is being actualized with LIC and intrigued and qualified competitors can purchase LIC PM Vaya Vandana Yojana plan online at www.licindia.in. The reexamined PMVVY LIC Plan 856 can be bought by paying a lump sum.

LIC PM Vaya Vandana Yojana plan gives pension installments of expressed sum for the approach term of 10 years. PM Vaya Vandana Yojana conceives a guaranteed pace of return of 7.4% per annum (for month to month benefits) for the budgetary year 2020-21, equal to 7.66% per annum. In this LIC Pension Plan 856, there is an arrival of price tag toward the finish of 10 years.

PMVVY Scheme’s the last date was 31 March 2020, however focal govt. has broadened its cutoff time for a very long time i.e Now PMVVY last date is 31 March 2023. PM Vaya Vandana Yojana Pension would be paid toward the finish of every period according to installment mode picked begins as right on time as one month from now if month to month mode is picked. On the passing of the beneficiary whenever during the term of 10 years, the price tag will be discounted to the lawful beneficiaries/candidates.

Pradhan Mantri Vaya Vandana Yojana was as of late changed in May 2020 by the central government is a non-connected, non-taking an interest, annuity conspire sponsored by the Government of India. As per the new changes, the new loan cost would be assessed and chosen toward the start of new every money related year by the Ministry of Finance. The plan was stretched out for a very long time up to 31st March 2023.

Application Form for this scheme

Intersted candidate can download the application form for PMVVY LIC annuity plan from the official website of LIC India or got from the close by office of LIC. Notwithstanding, applicants can likewise buy the PM Vaya Vandana Yojana benefits plan at the official site of LIC India at licindia.in follow thw below steps-

  • On the website of LIC India  https://onlinesales.licindia.in/eSales/liconline open the online policy page
  • Now under the LIC Plan 856 (Pradhan Mantri Vaya Vandana Yojana) click the buy now button
  • Now On the next page click the “Click to Buy Online” button to open the LIC PMVVY online application form
  • After this, you required to fill all the details accurately in the form and click the “Calculate Premium” button. after doing this you will receive the OTP on your entered mobile number,that OTP enters on the OTP screen and click “Proceed” button.
  • After that, you have to confirm that you already have a PM Vaya Vandana Yojana policy, select “No” and then click the “Next” button.
  • Now at the end you will see the complete application form for the LIC PMVVY Plan, on the next page here you have to select the “Purchase Option”, “Pension Mode”, “Amount” and “Payment Mode”. After filling all the details as per your choice, click the “Calculate Premium” button.
  • Just one step is more required you can go ahead with the Aadhaar Validation and online payment of the premium. After successful payment, you will be issued the policy and a policy number will be provided.

Interest Rate structure

Mode of PensionEffective Interest Rate per annum
Yearly7.60%
Half-Yearly7.52%
Quarterly7.45%
Monthly7.40%

PMVVY Investment / Pension Amount

Minimum Purchase Price

Mode of PensionMinimum Purchase Price (Rs.)Corresponding Pension Amount
Yearly1,56,65812,000 per annum
Half-Yearly1,59,5746,000 Half year
Quarterly1,61,0743,000 per Qtr.
Monthly1,62,1621,000 per month

Minimum Purchase Price and Pension Amount

Maximum Purchase Price

Mode of PensionMaximum Purchase Price (Rs.)Corresponding Pension Amount
Yearly14,49,0861,11,000 per annum
Half-Yearly14,76,06455,500 per half year
Quarterly14,89,93327,750 per Qtr.
Monthly15,00,0009,250 per month

Maximum Purchase Price and Pension Amount

Eligibility Criteria

  • Minimum Entry Age require 60 years (completed)
  • No limit for Maximum Entry Age
  • Policy Term 10 years
  • Minimum Pension has to be 1,000/- per month, 3,000/- per quarter, 6,000/- per 6 months, Rs. 12,000/- per year
  • Maximum Pension has to be 9,250/- per month, 27,750/- per quarter, 55,500/- per half-year, 1,11,000/- per year

Must required Document

Adhaar Card is most required  In case aadhar card is not available, applicant must enroll for Aadhaar number first before making PM Vaya Vandana Yojana registration.

High light feature of the scheme

Medical requirementNo medical examination is required.
Surrender ValuePremature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse. Surrender Value payable in such cases is 98% of the Purchase Price.
LoanLoan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.
SuicideThere is no exclusion in case of suicide. In such a case, the full purchase price will be payable to the nominee / legal heir.

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