Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension-cum-policy scheme that provides a secure amount of money to the senior citizens of India. This pension scheme is backed by the Indian government with the support of Life Insurance India (LIC).
आयुष्मान वय वंदना योजना हमारे समाज के उन वयोवृद्ध बुजुर्गों के प्रति एक हृदयस्पर्शी सलाम है, जिनके कांपते कंधों ने कभी हमारे सपनों को आकार दिया, जिनके थके पांवों ने हमें जीवन की राह दिखाई। ये बुजुर्ग, जिन्होंने अपनी जवानी का हर पल परिवार और समाज के लिए समर्पित कर दिया, आज जीवन के… pic.twitter.com/SEHsE4QTkz
— Rekha Gupta (@gupta_rekha) April 28, 2025
In today's article, we will explore the Pradhan Mantri Vaya Vandana Yojana Scheme, its features, eligibility criteria, benefits, and required documents.
What is the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme?
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme provides senior Indian citizens with an insurance policy and pension scheme to supplement their income.
Those citizens who are 60 years or above can avail of this scheme. PMVVY was launched on 4th May, 2017, but it was extended.
PMVVY gives the guarantee to provide a pension for a specified period of 10 years to senior citizens of India.
What are the features of the PMVVY scheme?
The PMVVY scheme has various features. All its features are given below in detail:
- The PMVVY scheme provides a fixed security amount of up to 10 lakh for a maximum period of 10 years.
- Under this scheme, it is assured to give up to a certain amount of interest, which is 7.40 % per annum.
- From this scheme, there is an option available for payout roles monthly, quarterly, half-yearly, or annually.
- The scheme also offers a loan facility after the completion of a successful 3-year policy.
- Suppose you have this policy, but due to some circumstantial reasons, you don’t want to continue, so you have the option to exit from this scheme at any point in time.
What are the eligibility criteria for the PMVVY scheme?
Individuals can avail themselves of this scheme under the eligibility criteria given below:
| Minimum Entry Age | Maximum Entry Age | Policy Term | Minimum Pension | Maximum Pension |
| 60 | No limit | 10 years | Rs.1,000 per month | Rs.10,000 per month |
| Rs.3,000 per quarter | Rs.30,000 per quarter | |||
| Rs.6,000 per half-year | Rs.60,000 per half-year | |||
| Rs.12,000 per year | Rs.1,20,000 per year |
What is the maximum and minimum price of the PMVVY scheme that can be purchased by senior citizens?
Maximum purchase price under different modes of the PMVVY scheme:
| Mode of pension | Maximum Purchase Price | Corresponding Pension Amount |
| Yearly | 14,49,086 | 1,11,000 per annum |
| Half-yearly | 14,76,064 | 55,500 per half-year |
| Quarterly | 14,89,933 | 27,750 per quarter. |
| Monthly | 15,00,000 | 9,250 per month |
Minimum purchase price under different modes of the PMVVY scheme:
| Mode of pension | Minimum Purchase Price | Corresponding Pension Amount |
| Yearly | 1,56,658 | 12,000 per annum |
| Half-yearly | 1,59,574 | 6,000 Half-year |
| Quarterly | 1,61,074 | 3,000 per Qtr. |
| Monthly | 1,62,162 | 1,000 per month |
What are the benefits of the PMVVY scheme?
Under the PMVVY scheme, various benefits are there which senior citizens can avail. All its benefits are given in detail below:
| Feature | Details |
| Assured Rate of Return | The assured pension rate for the fiscal year 2021-2022 was 7.40% per annum, payable monthly. For the year 2023-2024, it was 7.40% per annum, with a provision for annual resets thereafter. |
| Pension Payment | After you buy the policy, you can choose to get your pension payments every month, every three months, every six months, or once a year. You'll get paid at the end of each of those periods for the whole 10 years of the policy. |
| GST Exemption | The scheme is free from Goods and Services Tax (GST). |
| Maturity Benefit | The purchase price and the final pension instalment will be paid to the pensioner if they survive till the completion of the 10-year policy term. |
| Loan Facility | Policyholders can avail loans up to 75% of the purchase price after three years of policy commencement to address liquidity requirements. The loan interest will be deducted from the pension instalments, and the principal amount will be recovered from the claim proceeds. |
| Premature Exit | Policyholders can receive 98% of the purchase price if they choose to withdraw early due to a critical or terminal illness of themselves or their spouse. |
| Death Benefit | The beneficiary will receive the purchase price if the pensioner dies during the 10-year policy term. |
| Maximum Pension Ceiling | The maximum pension amount applies to the entire family, including the pensioner, their spouse, and any dependents. |
| Government Subsidy | The Corporation will be reimbursed and subsidised by the Government of India for any deficit that arises due to the difference between the actual interest earned and the guaranteed interest, as well as administrative costs. |
What will be the required documents to avail the PMVVY scheme?
The following documents are required to avail the Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme:
- Aadhaar Card
- Pan Card
- Details of the Bank in which you want the credit for the money
Make sure that before applying online, you have these documents with you
What is the current status of the PMVVY scheme?
Recently, on April 28, 2025, Delhi CM Rekha Gupta announced that all the senior citizens who are 70 years of age or above.
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— Rekha Gupta (@gupta_rekha) April 28, 2025
दिल्ली के लिए एक ऐतिहासिक अवसर!
प्रधानमंत्री श्री @narendramodi जी की दूरदर्शी पहल के तहत अब राष्ट्रीय राजधानी में वय वंदना योजना लागू हो गई है।
इस योजना के अंतर्गत 70 वर्ष और उससे अधिक आयु के वरिष्ठ नागरिकों को ₹10 लाख तक का निःशुल्क स्वास्थ्य उपचार प्रदान किया जाएगा।… pic.twitter.com/mvDRSmE07U
As per the Delhi CM, Rekha Gupta tweeted, “Serving the elderly is our top priority. Now, the Central and Delhi governments together are providing health coverage of up to Rs 10 lakh to senior citizens of 70+ years. Secure the health of your loved ones; get the Ayushman Vaya Vandana Card today.”
Conclusion
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a vital government-backed pension scheme administered by LIC for senior citizens in India. It provides a guaranteed pension for 10 years, ensuring financial security post-retirement for individuals aged 60 and above. Key features include a fixed security amount up to ₹10 lakh, an assured interest rate (currently 7.40% per annum), flexible monthly, quarterly, half-yearly, or annual payouts, and a loan facility after 3 years. The scheme also allows for premature exit in cases of critical illness and offers a death benefit. Eligibility requires being 60 years or older with no maximum age limit. PMVVY requires essential documents like Aadhaar Card, PAN Card, and bank account details. This scheme remains a significant tool for providing financial stability to the elderly population.
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