Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Ministry Of Finance
PMVVY is a government pension scheme for senior citizens aged 60+, administered by LIC, offering a guaranteed return paid as monthly, quarterly or annual pension on a lump sum investment, with a loan facility available after 3 years.
Key facts
- Nodal ministry
- Ministry Of Finance
- Level
- Central
- Launched
- 2017
- Last date
- Check LIC for current scheme window
- Helpline
- 022-68276827
What you get
Senior citizens get a guaranteed pension based on the purchase amount invested, with an assured rate of return, payable monthly, quarterly, half-yearly or annually, along with the option of loan against the policy after 3 years.
Who is eligible
Indian citizens aged 60 years and above can invest in PMVVY, a pension scheme administered by LIC, with a maximum purchase price limit as notified.
Documents you need
Age proof, identity proof, address proof, and bank account details for pension disbursement.
How to apply
Purchase the policy through LIC (Life Insurance Corporation of India) branches or the LIC website by paying the lump sum purchase price to start receiving guaranteed pension.
Frequently asked questions
Who can invest in PMVVY?
Indian citizens aged 60 years and above.
Where can I buy a PMVVY policy?
Through LIC branches or the official LIC website, which administers the scheme.
Can I take a loan against PMVVY?
Yes, a loan facility is available against the policy after completing 3 policy years.