Pradhan Mantri Vaya Vandana Yojana 2025 Benefits & Apply

Get pension benefits with Pradhan Mantri Vaya Vandana Yojana. Know eligibility, features, and how to apply online for senior citizens in South India.

Pradhan Mantri Vaya Vandana Yojana Details (PMVVY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-backed pension scheme specially designed for senior citizens aged 60 years and above. The scheme is managed by the Life Insurance Corporation of India (LIC) and provides a regular source of income after retirement.

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Under this scheme, eligible citizens can invest a one-time lump sum amount and receive a fixed pension for 10 years. The pension can be chosen on a monthly, quarterly, half-yearly, or yearly basis as per the individual’s preference. The scheme offers a guaranteed return, currently around 7.4 percent per year. After the completion of 10 years, the entire invested amount is returned to the policyholder. In case of the pensioner’s death during the policy term, the nominee receives the full purchase amount.

PMVVY is available for senior citizens across India, including states like Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, and remains active till the year 2025. The application process is available both online and offline through LIC.

Pradhan Mantri Vaya Vandana Yojana Benefits

Below are the key benefits of the Pradhan Mantri Vaya Vandana Yojana (PMVVY):

• Fixed Pension for 10 Years: Senior citizens receive a regular pension for 10 years based on the investment amount.
• Guaranteed Return: The scheme offers a fixed interest rate, currently around 7.4% per annum, regardless of market conditions.
• Flexible Payout Options: Pensioners can choose to receive payouts monthly, quarterly, half-yearly, or yearly, as per their convenience.
• Maturity Benefit: After 10 years, the entire purchase price (investment amount) is returned to the policyholder.
• Death Benefit: If the pensioner passes away during the policy term, the full purchase price is given to the nominee.
• Loan Facility: After completing 3 years, pensioners can take a loan of up to 75% of the purchase price.
• Surrender Option: In case of medical emergencies for self or spouse, the policy can be surrendered, and 98% of the purchase price is refunded.
• Safe and Government-backed: The scheme is supported by the Government of India and managed by LIC, ensuring trust and safety.

Pradhan Mantri Vaya Vandana Yojana Tax Benefit

• Investment made under PMVVY is eligible for tax deduction under Section 80C of the Income Tax Act, up to ₹1.5 lakh per financial year.
• The pension received under this scheme is not fully tax-free. It is added to the total income and taxed as per the applicable tax slab of the individual.
• Unlike some other government schemes, PMVVY does not offer tax benefits under Section 10(10D) because it is a pension plan, not a life insurance policy.
• There is no TDS (Tax Deducted at Source) on the pension payouts, which gives the policyholder full control to manage tax filing at year-end.
• The maturity amount (purchase price) received after 10 years is also not tax-free, as it is treated as a return of investment and may be subject to taxation if interest is earned.
• Although the tax benefits are limited, the stable returns and security make PMVVY a suitable option for risk-free retirement planning.

Pradhan Mantri Vaya Vandana Yojana Interest Rate

• PMVVY offers a fixed interest rate of 7.4% per annum for the entire 10-year policy period, providing stable returns for senior citizens.
• If pension is chosen on a monthly basis, the effective annual return is approximately 7.66%, due to compounding.
• The interest rate is reviewed every financial year and may be adjusted based on the interest rate of the Senior Citizens Saving Scheme (SCSS), but it will not exceed 7.75% per annum.
• The rate remains guaranteed and unaffected by market changes, making it a safe option for retired individuals looking for a secure income.
• This scheme is ideal for those who prefer low-risk investments with fixed pension payouts over a 10-year term.

Is Pradhan Mantri Vaya Vandana Yojana Still Available?

• Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched on May 4, 2017 by the Government of India.
• The scheme was initially available until March 31, 2020, but later extended until March 31, 2023.
• As of 2025, the scheme is not available for new registrations. No official update has been released about its extension beyond 2023.
• Existing policyholders will continue to receive pension benefits for the full 10-year term as per their policy.

PM Vaya Vandana Yojana Started In Which State?

Detail	Information
Launch Date	May 4, 2017
Launched By	Government of India (Finance Ministry)
Administered By	Life Insurance Corporation (LIC)
Launch Location	Nationwide (All States)

• PMVVY was a national-level scheme and was launched for all states across India at the same time.
• It was not launched in any one specific state first. The scheme was made available across the country from day one.

PM Vaya Vandana Yojana Age Limit

The eligibility to apply for PMVVY is primarily based on the age of the applicant. The scheme is specially designed for senior citizens. Below is a clear table showing the age-related criteria:

Criteria	Details
Minimum Entry Age	60 years (completed)
Maximum Entry Age	No upper age limit
Policy Term	10 years

This means any person who is 60 years or older can invest in this scheme, and there is no maximum age restriction. Once enrolled, the pension is given for a fixed period of 10 years, ensuring financial support during old age.

Pradhan Mantri Vaya Vandana Yojana Eligibility

To apply for PMVVY, the applicant must fulfill certain basic conditions. The scheme is designed only for senior citizens, and the eligibility criteria are simple and limited.

Eligibility Criteria	Requirement
Age	Minimum 60 years
Maximum Age Limit	No upper age limit
Citizenship	Must be an Indian citizen
Policy Term	Fixed term of 10 years
Number of Policies per Person	Only one policy per person allowed
Bank Account	Must have an active Indian bank account for pension payments

This scheme is available for all senior citizens across India who meet the above conditions. There is no need for medical tests, and the application process is simple and accessible both online and offline through LIC.

Pradhan Mantri Vaya Vandana Yojana Online Registration

Senior citizens can apply for the Pradhan Mantri Vaya Vandana Yojana (PMVVY) through both offline and online modes offered by the Life Insurance Corporation of India (LIC).

Offline Registration

To apply offline, visit your nearest LIC branch. Choose your desired pension amount or purchase price. Then, fill out the application form and submit it along with necessary documents and the selected amount. LIC officials will assist you through the process.

Online Registration – Step-by-Step Process

1. Visit the official LIC website.
2. Go to the “Buy Policy Online” section and select the “Pradhan Mantri Vaya Vandana Yojana” option.
3. On the new page, click on the button number 842 for “Buy Online”.
4. Click on the “Click to Buy Online” link shown on the left side of the page.
5. Create your Access ID by entering your name, email, mobile number, date of birth, address, and servicing unit. You will get a 9-digit Access ID by SMS or email.
6. Enter the Access ID and click the “Proceed” button.
7. Select your pension option, fill out the application form, upload scanned documents, and make the payment online.

Once submitted, you will receive an acknowledgment and policy number. The pension will start as per your selected frequency—monthly, quarterly, half-yearly, or yearly.

Pradhan Mantri Vaya Vandana Yojana Status Check

You can check the status of your PMVVY policy easily using the following methods:

• Visit the official LIC website and go to the Customer Portal section.
• If you are a new user, complete the registration by providing your policy number, date of birth, premium amount, mobile number, and email ID.
• After registration, log in using your credentials.
• Go to the “Basic Services” section to check your policy status. You will see details like pension amount, next payment date, maturity date, and more.
• To access advanced services like loan status, address change, or nomination update, apply for “Premier Services” by submitting a signed registration form with valid ID proof.
• You can also check policy status through SMS by sending a message in the format: ASKLIC <Policy Number> to 56767877 (if this service is available with your mobile operator).

Pradhan Mantri Vaya Vandana Yojana Amount

The amount to be invested under PMVVY depends on the pension amount and the frequency of payout chosen by the applicant. The scheme offers both maximum and minimum purchase limits based on yearly, half-yearly, quarterly, and monthly pension options. Below tables show how much amount is required for different pension frequencies.

Maximum Purchase Price and Corresponding Pension

Pension Mode	Maximum Purchase Price (₹)	Pension Amount
Yearly	14,49,086	₹1,11,000 per year
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 and Corresponding Pension

Pension Mode	Minimum Purchase Price (₹)	Pension Amount
Yearly	1,56,658	₹12,000 per year
Half-yearly	1,59,574	₹6,000 per half-year
Quarterly	1,61,074	₹3,000 per quarter
Monthly	1,62,162	₹1,000 per month

These purchase amounts must be paid as a one-time lump sum while applying. The pensioner can choose either the desired pension amount or the purchase price, and the other will be calculated accordingly by LIC.

FAQS

Official Website: lic india

Conclusion: Pradhan Mantri Vaya Vandana Yojana is a safe and government-supported pension scheme that offers financial security to senior citizens for 10 years.

Disclaimer: This article is for informational purposes only. Please visit the official LIC website for the latest updates and policy terms.