Pradhan Mantri Vaya Vandana Yojana Pension Plan application form is available on license for PDF download license, buy LIC plan number 842 (PMVVY) online, Aadhar card is now mandatory for senior citizens for PMVVY membership
Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension Scheme provides immediate pension for senior citizens 60 years or older. LIC plan 842 can be purchased by paying a lump sum. People can now buy LIC PM Vaya Vandana Yojana scheme online on licindia.in. LIC Plan 842 (PMVVY) application form PDF download is available on the official website.
The PM Via Vandana Yojana scheme provides for payment of pension of a fixed amount for a policy period of 10 years. The PMVVY scheme envisages an assured rate of return of 8% per year. In this LIC Pension Plan 842, there is a refund of the purchase price at the end of 10 years. The pension payment modes available for PMVVY scheme are monthly, quarterly, half-yearly and annual.
Latest update (27 December 2019) – The central government has made Aadhaar mandatory for the subscribers of the Pradhan Mantri Vay Vandana Yojana (PMVVY) pension scheme for senior citizens. The notification dated 23 December 2019 has been released under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. Check the last section of this post for more information.
The PMVVY pension will be paid at the end of each period until the monthly mode is chosen until the payment mode begins. In case of death of the pensioner at any time during the 10-year period, the purchase price will be returned to the legal heirs / nominees.
Download LIC PMVVY Pension Scheme Application Form PDF
Below is the complete procedure to purchase LIC Pension Scheme No. 842, named as PM Via Vandana Yojana: –
- Visit the official Life Insurance Corporation (LIC) website licindia.in
- On the homepage, click on “Pradhan Mantri Vay Vandana Yojana” under the section ‘Buy policies online’.
- Direct link – https://eterm.licindia.in/onlinePlansIndex/login.do
- LIC Pension Scheme No. 842 page for PMVVY application form PDF download: –
- Select the “Pradhan Mantri Vaya Vandana Yojana” tab here or click on this link directly. In the new page, click on “Buy Online” option to open the application form for PMVVY scheme as shown below: –
Here candidates can enter their personal details, e-mail, mobile phone number, date of birth, address, PIN code and click on “Get Access ID” button to get access identification.
LIC Scheme 842 (PMVVY) Features
| Medical | No medical examination is required. |
| Surrender Value | Premature 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. |
| Loan | Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price. |
Pradhan Mantri Vaya Vandana Yojana Pension Options
Here are the minimum and maximum purchase price under different modes of pension:-
PM Vaya Vandana Yojana Minimum Purchase Price
| Mode of Pension | Minimum Purchase Price | Corresponding Pension Amount |
|---|---|---|
| Yearly | 1,44,578 | 12,000 per annum |
| Half-Yearly | 1,47,601 | 6,000 half year |
| Quarterly | 1,49,068 | 3,000 per qtr |
| Monthly | 1,50,000 | 1,000 per month |
PM Vaya Vandana Yojana Maximum Purchase Price
| Mode of Pension | Maximum Purchase Price | Corresponding Pension Amount |
|---|---|---|
| Yearly | 14,45,783 | 1,20,000 per annum |
| Half-Yearly | 14,76,015 | 60,000 half year |
| Quarterly | 14,90,683 | 30,000 per qtr |
| Monthly | 15,00,000 | 10,000 per month |
LIC Plan 842 (PMVVY) Pension Rate
The various modes of pension effective pension rate per annum for Rs. 1000 purchase price are as follows:-
| Yearly | 83.00 p.a |
| Half-Yearly | 81.30 p.a |
| Quarterly | 80.50 p.a |
| Monthly | 80.00 p.a |
The PMVVY pension rates payable under different modes of payment are yearly, half yearly, quarterly and monthly.
Aadhar card mandatory for PMVVY benefits
To get the benefits under the Pradhan Mantri Vay Vandana Yojana (PMVVY Scheme), the eligible person will need to produce proof of possession of Aadhaar number. According to the Finance Ministry notification, the applicant must have a unique 12-digit biometric identification number or have Aadhaar authentication. If Aadhaar card is not available, the applicant will have to enroll for Aadhaar number before registering PMVVY.
In cases where Aadhaar authentication fails due to Aadhaar biometrics, the Financial Implementation Department will make provision to help beneficiaries obtain Aadhaar number through their implementing agency. Further, where biometric or Aadhaar one-time passwords or time-based OTP authentication is not possible, the benefits under the scheme can be extended on the basis of physical Aadhaar letter, the authenticity of which is verified through quick response (QR) code can go. Aadhaar letter In the budget 2018-19, the maximum limit under PMVVY was doubled to Rs 15 lakh per senior citizen. The PMVVY scheme is available for membership until March 2020.
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