Pradhan Mantri Vandana Yojana has been launched by the Central Government to provide benefits like pension to senior citizens of the country. Life insurance LIC provides an assured return of 8% per annum for 10 years under the PMVVY scheme. This scheme has been launched in the budget speech for the financial year 2018-19. Eligible senior citizens of the country can invest capital funds under Vaya Vandana till 31 December 2020. The minimum amount of purchase is Rs. 1, 50,000 / – and a maximum purchase price of Rs. 15, 00,000 / – Rs.
LIC Via Vandana Scheme
Under the Pradhan Mantri Vay Vandana Yojana, you have to buy the policy once. After maturity of the policy (after 10 years from the date of purchase policy) LIC will pay you the purchase price and 8% interest rate per annum of ten years time period. Pradhan Mantri Vandana Yojana aims to secure the future of citizens after their retirement. The complete details of the purchase price, interest rates and time period are given in the form of a chart in the section below
Brief Summary Of PMMVY
| Scheme name | Vaya Vandana Scheme |
| Launched date | financial year 2018-19 |
| Ministry | Ministry of Finance |
| Start date to apply | Available now |
| Last date to apply | 31st march 2020 |
| Objective | To secure the future of citizens after retirement |
| Official website | https://www.licindia.in/ |
About PMVVY
The PMVVY scheme provides old age income security to the senior citizens of the country. Under the Pradhan Mantri Vay Vandana Yojana, the government guarantees a guaranteed pension / withdrawal which is linked to the membership amount. LIC Vandana provides an assured return of 8% per annum for 10 years. Interest under the scheme is provided on a monthly, quarterly, half-yearly and annual basis. Read more about Indira Gandhi Pension
Key features of Via Vandana
- The maximum limit is PMVVY Rs. 15 lakhs per senior citizen.
- LIC of India is operating the scheme.
- Assured an interest rate of 8% per annum on the purchase price.
- The duration of the scheme is 10 years.
- The first installment of pension will be paid on plan mode after half-yearly, quarterly or monthly respectively.
- Pension payment will be through NEFT or Aadhaar enabled payment system.
- The scheme also provides tax relief.
- Digital life certificate
Interest Rate Vaya Vandana Scheme
| Mode of Pension | Minimum Purchase Price | Maximum Purchase Price | Pension Interest rate (p.a) | Pension amount |
| Yearly | Rs. 1,44,578/- | Rs. 14,45,783/- | 8.3 % | 12,000 |
| Half-yearly | Rs. 1,47,601/- | Rs. 14,76,015/- | 8.13 % | 6,000 |
| Quarterly | Rs. 1,47,601/- | Rs. 14,90,683/- | 8.50 % | 3,000 |
| Monthly | Rs. 1,50,000/- | Rs. 15,00,000/- | 8.00 % | 1,000 |
Benefits of PM Via Vandana Yojana
Pension payment
- On survival of the pensioner during the policy term of 10 years, pension in arrears (at the end of each term as per the chosen mode) will be payable.
Death benefit
- On the death of the pensioner during the policy period of 10 years, the purchase price will be returned to the beneficiary.
Maturity benefit
- If the pensioner survives till the end of the 10-year policy term, the purchase price will be payable along with the last pension installment.
The loan
- Loan facility is available after completion of 3 policy years. The maximum loan that can be given will be 75% of the purchase price.
- The rate of interest to be charged for the loan amount will be determined from time to time.
Eligibility for PMVVY
- The minimum age limit is 60 years.
- There is no upper age limit.
How to apply for Prime Minister Vandana
- Interested candidates who want to apply for Prime Minister Vandana, visit the official website of LIC.
- You can also contact their nearest LIC branch for offline application mode.
- We are providing you the direct link in the section below.
- Click on the Buy Online section and provide all the required details.
- Click submit button