Pradhan Mantri Vaya Vandana Yojana (PMVVY)

iAbout This Scheme

PMVVY was a pension scheme for senior citizens aged 60+ administered by LIC of India, offering a guaranteed pension rate of 7.4% per annum for 10 years, payable monthly. The maximum purchase price was ₹15 lakh per senior citizen. The scheme was closed to new subscriptions on 31 March 2023.

🎁Key Benefits

• Guaranteed pension rate of 7.4% per annum payable monthly
• 10-year policy term
• Maximum investment ₹15 lakh per senior citizen
• Return of purchase price on death during policy term
• Premature exit allowed for terminal illness
• Loan facility up to 75% of purchase price after 3 years

✅Eligibility Criteria

• 1
  Senior citizens aged 60 years and above
• 2
  No maximum age limit

📝How to Apply

❓Frequently Asked Questions