Pradhan Mantri Vaya Vandana Yojana has been launched on 4 May 2017 by the Government of India for the older citizens of the country. This is a pension scheme. Under this scheme, older citizens of 60 years or more who opt for monthly pension will get 8% interest for 10 years, if they opt for annual pension option then they will get 8.3% interest for 10 years. Under Pradhan Mantri Vaya Vandana Yojana, older citizens will get good interest on their investment.
Pradhan Mantri Vaya Vandana Yojana 2023
This scheme is a Social Security Scheme and Pension Plan, this scheme belongs to the Government of India but is being run by LIC. The maximum investment limit under this scheme was earlier seven and a half lakhs, which has now been increased to Rs 15 lakhs, along with this, the deadline for investing in this PMVVY Scheme 2023 was earlier March 31, 2022, which has been increased to March 31, 2022. 2023 has been done. Dear friends, today we are going to provide you all the information about Pradhan Mantri Vaya Vandana Yojana 2023 like application process, documents, eligibility, guidelines etc. through this article.
Pradhan Mantri Vaya Vandana Yojana Overview
| Scheme Name | Pradhan Mantri Vaya Vandana Yojana |
| Release By | LIC India |
| Beneficiary | India Citizens |
| Objective | Complete Information about Pradhan Mantri Vaya Vandana Yojana |
| Official Website | https://www.licindia.in/Home |
| Year | 2023 |
Important Information Related to Pradhan Mantri Vaya Vandana Yojana 2023
Interested older citizens can get a pension of ₹ 10000 per month by investing a maximum lump sum of ₹ 1500000 under this scheme.
The lump sum amount deposited under this scheme is tax free under section 80C of the Income Tax Act 1961. But the beneficiary will have to pay income tax on the interest earned from the amount invested.
If the policyholder wants to receive pension every month, he will get interest at the rate of 8%. If he wants to get pension once every year, then he will get interest at the rate of 8.3%.
The policy holder has the option of receiving monthly, quarterly, half-yearly or yearly pension over the policy term of 10 years.
Beneficiary does not need to undergo any medical test to join under Pradhan Mantri Vaya Vandana Yojana.
After 10 years of investing under this scheme, along with the final payment of pension, the deposited investment amount is also returned. If the policy holder getting the pension dies within 10 years of joining the scheme, the deposited amount will be refunded to the nominee.
Pradhan Mantri Vaya Vandana Purchase and Pension price
| Pension Mode | Minimum Purchase Value | Pension Value | Maximum Purchase Value | Pension Value |
| Yearly | 156658 | 1200 per annum | 1449086 | 111000 per annum |
| Half Yearly | 159574 | 6000 half yearly | 1476064 | 55500 per half yearly |
| Quarterly | 161074 | 3000 per quarter | 1489933 | 27750 per quarter |
| Monthly | 162162 | 1000 per month | 1500000 | 9250 per month |
PMVVY Tax Benefits
- Pradhan Mantri Vaya Vandana Yojana is not a tax saving scheme.
- This scheme is an investment scheme.
- All citizens above the age of 60 years can invest up to Rs 1500000 before March 31, 2023.
- Depending on the investment, citizens will be provided pension ranging from ₹ 1000 to ₹ 9250 per month.
- The returns through this scheme are taxed as per the extant tax laws and applicable tax rates from time to time.
- Apart from this, this scheme has been exempted from GST.
- 18% GST is levied on Tom Insurance as against all General Insurance policies. But GST is not levied on Pradhan Mantri Vaya Vandana Yojana.
- Deduction cannot be claimed by the citizen investing under this scheme under section 80C of the Income Tax Act.
Pradhan Mantri Vaya Vandana Yojana Free Look Period
If any policy holder is not satisfied with the terms and conditions of Pradhan Mantri Vaya Vandana Yojana, then he can return the policy within 15 days of taking the policy. If the policy is purchased offline, it can be returned within 15 days and if the policy is purchased online, it can be returned within 30 days. While returning the policy it is mandatory to provide the reason for returning the policy. If the policy holder returns the policy, he will be given a refund of the purchase price after deducting the amount of stamp duty and pension deposited.
Pradhan Mantri Vaya Vandana Max and Min Pension price
| Pension Mode | Minimum Pension | Maximum Pension |
| Yearly | Rs 12,000 | Rs 1,11,000 |
| Half Yearly | Rs 6,000 | Rs 55,500 |
| Quarterly | Rs 3,000 | Rs 27,750 |
| Monthly | Rs 1,000 | Rs 9,250 |
Vaya Vandana Yojana Minimum and Maximum Purchase Value
Under Pradhan Mantri Vaya Vandana Yojana, the minimum and maximum purchase price of pension in different ways is as follows.
| Pension Mode | Minimum Purchase Value | Maximum Purchase Value |
| Yearly | Rs 1,44,578 | Rs 7,22,892 |
| Half Yearly | Rs 1,47,601 | Rs 7,38,007 |
| Quarterly | Rs 1,49,068 | Rs 7,45,342 |
| Monthly | Rs 1,50,000 | Rs 7,50,000 |
Objective of Pradhan Mantri Vaya Vandana Yojana
The main objective of Pradhan Mantri Vaya Vandana Yojana is to provide pension to the older citizens of India. This pension will be provided to them by giving interest on the investment made by them. Through this scheme, older citizens of the country will become self-reliant and they will not need to depend on others in their old age. Financial independence will arise in older citizens through this scheme.
Pradhanmantri Vaya Vandana Yojana Interest Rate
| Pension Option | Fixed Interest Rate |
| Monthly | 7.40% |
| Quarterly | 7.45% |
| Half Yearly | 7.52% |
| Yearly | 7.60% |
Pradhan Mantri Vaya Vandana Yojana Payment
You can pay Pradhanmantri Vaya Vandana Yojana monthly, quarterly, half-yearly or annually. You will have to make this payment either through NEFT or through Aadhaar Enabled Payment System.
Pension Options
- monthly
- quarter
- half year
- There is an option to take on an annual basis, you can choose any option as per your wish.
- Pension will be paid through NEFT or through Aadhaar Enabled Payment System.
Maturity Benefits of Pradhan Mantri Vaya Vandana Yojana 2023
- On the survival of the pensioner till the policy term of 10 years, along with the deposited amount, pension will also be given.
- If the pensioner dies, the deposit will be returned to the nominee after the death of the pensioner within 10 years of the policy term.
- If the pensioner takes one’s life, the deposited amount will be returned.
Pradhan Mantri Vay Vandana Yojana Surrender Value
If a person is not able to pay under Pradhan Mantri Vaya Vandana Yojana. Or for some reason money is needed and he wants to leave this scheme. So in this case 98% of the amount paid will be refunded. Apart from this, if you are not satisfied with the terms and conditions of this policy. In this case, you can return the policy within 15 days if you have bought it offline and within 30 days if you have bought it online. Upon return, you will be given the full amount paid by you.
Pradhan Mantri Vaya Vandana Yojana loan facility
You can also get loan under Pradhan Mantri Vaya Vandana Yojana. This loan can be availed after 3 years of policy completion. Up to 75% of the amount paid to you can be provided under this scheme. The interest rate on this loan will be charged at 10% enum.
Important Things of PM Vaya Vandana Yojana
Through Pradhan Mantri Vaya Vandana Yojana, pension is provided to the older citizens of the country after the age of 60 years. To get this pension, the beneficiary has to pay the premium amount.
The policy term under this plan is 10 years. The premium amount will be paid on the basis of the mode of pension under Pradhan Mantri Vaya Vandana Yojana.
Pensioners can make monthly, quarterly, half-yearly and annual payments under this scheme. In case of death of the beneficiary, the purchase price of pension is provided to the legal heir.
Pradhan Mantri Vaya Vandana Yojana can be purchased without any medical examination and premature exit under this scheme is allowed under certain circumstances.
If the beneficiary exits the scheme prematurely then he is provided with 9% of the purchase price.
Beneficiary can also get loan after 3 years of purchasing this scheme. Loan up to 75% of the purchase price can be availed under this scheme.
Pradhan Mantri Vaya Vandana Yojana Features
- Pradhan Mantri Vaya Vandana Yojana has been specially launched for those older citizens who have attained the age of 60 years.
- Through this scheme, guaranteed pension is made available to the beneficiary for 10 years.
- The scheme is administered by the Life Insurance Corporation of India.
- Through Pradhanmantri Vaya Vandana Yojana you can earn interest income at the rate of 7.40% per annum.
- This scheme can be purchased through both online and offline means.
- Earlier this scheme was closed on 31 March 2020 but now the duration of this scheme has been extended till March 2023.
- Pension can be received monthly, quarterly, half-yearly and annually under this scheme.
- After completion of 10 years, the purchase price will be returned along with the final amount of pension.
- Loan up to 75% of the purchase price can also be availed through this policy.
- This loan facility can be availed only after completion of 3 years of the policy term.
- The plan also allows emergency withdrawal up to 98% of the purchase price.
- If the beneficiary dies before the completion of 10 years, the purchase price will be returned to the nominee.
Main facts of PMVVY Scheme 2023
Under PMVVY Scheme 2023, the age of the older citizen should be at least 60 years or more. Right now there is no determinative upper age limit.
The term of the policy will be 10 years. The minimum pension will be Rs.1000, Rs.3000 per month, Rs.6000/half-yearly, Rs.12000/year. The maximum will be Rs 30,000 / quarter, Rs 60,000 / half year, and Rs 1,20,000 per year.
Under Pradhan Mantri Vaya Vandana Yojana 2023, older citizens can invest a maximum of Rs 15 lakh. The policy term of this scheme is 10 years.
PMVVY scheme provides old age income security to the older citizens of the country. You will not have to pay GST under this scheme.
Key Points of PM Vaya Vandana Yojana
| Age | 60 Years (Complete) | No limits |
| Policy Duration | 10 Year | |
| Pension Mode | Monthly, Quarterly, Half yearly and Yearly (in Rs.) | |
| Purchase Price | 1,50,000 Monthly 1,49,068 Quarterly 1,47,601 Half Yearly 1,44,578 Yearly | 15,00,000 Monthly 14,90,683 Quarterly 14,76,015 Half Yearly 14,45,783 Yearly |
| Pension Amount | 1,000/- Monthly 3,000/- Quarterly 6,000/- Half Yearly 12,000/- Yearly | 10,000/- Monthly 30,000/- Quarterly 60,000/- Half Yearly 1,20,000/- Yearly |
Eligibility of Pradhan Mantri Vaya Vandana Yojana
- It is mandatory for the applicant to be a permanent resident of India.
- The minimum age of the applicant should be 60 years.
- There is no limit on the maximum age under this scheme.
- The policy term under this plan is 10 years.
Important documents of PM Vaya Vandana Yojana
- Aadhar card
- PAN card
- proof of age
- proof of income
- Proof of residence
- bank account passbook
- mobile number
- passport size photo
How to apply for PM Vaya Vandana Yojana 2023?
Interested beneficiaries of the country who want to apply under Pradhan Mantri Vaya Vandana Yojana can apply online and offline, follow our method given below and take advantage of the scheme.
- First of all the applicant has to go to the official website of LIC.
- After visiting the official website, the home page will open in front of you.
- On this home page, you will see the option of Reeigstration, you will have to click on that option.
- After this, the application form will open in front of you.
- After this, you will have to fill all the information asked in the form like name, address, Aadhaar number etc.
- After filling all the information, you have to upload all your documents and then finally click on the submit button.
- In this way your online registration will be completed.
Pradhanmantri Vaya Vandana Yojana Offline Application Process
- First of all the applicant has to contact his nearest LIC branch.
- After this, going to the branch, he will have to give all his documents to the officer and give all his information.
- LIC agent will make your application under this scheme.
- After the verification of the application, the LIC agent will initiate your policy of this scheme.
Procedure to get the details of the policy
- First of all you have to click on the link given here.
- Now a new page will open in front of you.
- After this, you have to click on the option of open given under the policy basic details.
- After this the login form will open in front of you.
- You will be required to enter your login credentials in this login form.
- After this you have to click on the option of login.
- The details of the policy will be on your computer screen.
Process to get the details of the loan availed against the policy
First of all, you have to click on the link given here.
After this a new page will open in front of you.
Now you have to go to the section of policy loan details.
After this you have to click on the option of Open.
Now a new page will open on your screen.
On this page you will have to enter your mobile number and MPIN.
Now you have to click on the option of login.
In this way you will be able to see the details of the loan availed against the policy.
Procedure to get the payment details of the policy
- First of all you have to click on the link given here.
- Now a new page will open in front of you.
- On the home page, you have to click on the option of Open given under Policy Payment Details.
- After this you have to select the type of login.
- Now you have to search your people for their retention.
- After this you have to click on the option of login.
- The payment details of the policy will appear on your computer screen.
Process to download pension payment details
- First of all, you have to click on the link given here.
- After this a new page will open in front of you.
- After this you have to go to the section of pension payment details.
- Now you have to click on the option of Open.
- Pradhanmantri Vaya Vandana Yojana pension payment details
- After this you will have to enter your login credentials.
- Now you have to click on the option of login.
- This way you will be able to log in.
Process to View Purchase Policy
- First of all you have to click on the link given here.
- Now a new page will open in front of you.
- Now you have to click on the option of open given under the purchase policy.
- After this the login form will open in front of you.
- In this login form you will have to enter the information asked.
- Now you have to click on the option of login.
- In this way you will be able to see the purchase policy.
Feedback Process
- First of all you have to visit the official website of Life Insurance Corporation of India.
- Now the home page will open in front of you.
- On the home page, you have to click on the option of Feedback.
- After this the feedback form will open on your screen.
- You have to select the Feedback Type and Group in this form.
- Now you have to enter the information asked in the feedback form.
- After this you have to click on the submit option.
- In this way you will be able to give feedback.
Contact Details
Phone: 022-67819281 or 022-67819290
TOLL FREE: 1800-227-717
EMAIL: onlinedmc@licindia.com