PMVVY scheme details: Senior citizens aged 60 or above can subscribe to Pradhan Mantri Vaya Vandana Yojana (PMVVY) through the LIC website online. This is an immediate pension plan which can be purchased online by paying a lump sum amount. It provides a stated amount as pension for the policy term of 10 years. The purchase price is returned to the subscriber at the end of 10 years.
Under PMVVY, a senior citizen subscriber can get a monthly pension of Rs 9250 for 10 years by purchasing the plan for Rs 15 lakh. After the completion of the 10 years, the purchasing price of Rs 15 lakh will be returned to the subscriber.
Pension under PMVVY is provided in monthly, quarterly and yearly modes. The pension payment under this plan is made at the end of each period as per the payment mode chosen by the subscriber.
In case monthly mode is selected, pension starts as early as next month.
Last date to apply
Senior citizens can subscribe to PMVVY till 31st March 2023. This plan can be purchased only by resident Indians.
No medical examination of the subscriber is required to subscribe to the scheme.
Loan facility is available under the plan after the completion of 3 years. The maximum loan provided will be 75% of the purchase price.
Minimum and maximum purchase price and pension
Under PMVVY, the minimum purchase price for a monthly pension is Rs 1,62,162. This will prove a monthly pension of Rs 1000 per month while the subscription amount will be returned after 10 years.
The maximum purchase price for monthly pension under PMVVY is Rs 15 lakh. This will ensure a monthly pension of Rs 9250 for 10 years while the original subscription amount will be returned after 10 years.
There are several other price options (see below). It should be noted that the payment option once chosen cannot be altered.
How to buy
You can purchase the PMVVY plan online on the LIC website.