Pradhan Mantri Vaya Vandana Yojana: Pension, Benefits & Latest Status

Pradhan Mantri Vaya Vandana Yojana (PMVVY) was a Government of India subsidized pension scheme operated solely by Life Insurance Corporation of India (LIC) that provided assured pension income to senior citizens aged 60 and above for a 10-year policy term. The scheme offered a maximum investment of Rs. 15 lakh with assured pension up to Rs. 9,250 per month. PMVVY closed for new subscriptions on 31 March 2023. Existing policyholders can manage their policy at licindia.in.

Introduction of Pradhan Mantri Vaya Vandana Yojana (PMVVY): A Brief Insight

When a person retires, the biggest concern is not just healthcare but also a steady monthly income. Fixed deposits give low returns, savings deplete over time, and market-linked investments carry risk. Pradhan Mantri Vaya Vandana Yojana (PMVVY) was designed to solve this specific problem by offering senior citizens a guaranteed pension income for 10 years backed by the Government of India.

The Government of India launched PMVVY on 4 May 2017 and extended it in a modified form on 26 May 2020. Life Insurance Corporation of India (LIC) was the sole authorised operator. The scheme was a Non-Linked, Non-Participating pension scheme subsidised by the Government of India. Any Indian citizen aged 60 years and above with no maximum age limit could invest a lump sum amount and receive an assured pension for 10 years in monthly, quarterly, half-yearly, or yearly mode.

Important: PMVVY closed for new subscriptions on 31 March 2023. Fresh applications are not accepted. Any website or agent claiming to offer new PMVVY subscriptions in 2026 is giving incorrect information. However, policyholders who invested between 2017 and March 2023 continue to receive pension benefits until their 10-year policy terms are complete.

For existing policyholders, the key benefits remain active. The assured pension rate for 2020-21 was 7.40% per annum for the monthly mode, equivalent to 7.66% effective annual rate. The maximum investment was Rs. 15 lakh per senior citizen, giving a maximum monthly pension of Rs. 9,250. On death during the policy term, the full Purchase Price returns to the nominee. On maturity at 10 years, the Purchase Price plus the final pension instalment is paid. A loan of up to 75% of the purchase price is available after 3 years. Premature surrender at 98% of Purchase Price is allowed only for critical or terminal illness of self or spouse. All policy services are available through licindia.in or the nearest LIC branch.

Senior citizens looking for health coverage alongside pension income can explore the Ayushman Bharat Vay Vandana Card Scheme, which provides free cashless health coverage of Rs. 5 lakh per year to every Indian citizen aged 70 and above, regardless of income. For broader family health coverage, eligible families can check the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), which provides Rs. 5 lakh annual cashless health cover to families in the bottom 40% of India’s population at over 31,000 empanelled hospitals across India.

Senior citizens, retirees, and families looking for more pension schemes, health coverage initiatives, savings programmes, and social security schemes can also explore other available options under our Central Government Schemes List section.

Benefits Provided to Existing Policyholders

Pradhan Mantri Vaya Vandana Yojana provided the following benefits to policyholders who purchased the scheme during the subscription period. Existing policyholders continue to receive these benefits until their 10-year policy term is complete.

Pension Payment Benefit

• Assured pension paid at the end of each chosen period for the complete 10-year policy term
• Assured pension rate for first year (2020-21): 7.40% per annum for monthly pension (equivalent to 7.66% per annum effective)
• Rate reviewed annually by the Ministry of Finance, Government of India
• Pension payable through NEFT or Aadhaar Enabled Payment System
• Pension modes available: Monthly, Quarterly, Half-yearly, and Yearly

Death Benefit

• On the death of a pensioner during the 10-year policy term, the full Purchase Price is refunded to the nominee
• No deductions from the Purchase Price on the death claim

Maturity Benefit

• On the survival of the pensioner to the end of the 10-year policy term, the Purchase Price, along with the final pension instalment, is paid

Surrender Benefit

• Premature surrender allowed only under exceptional circumstances, critical or terminal illness of self or spouse
• Surrender Value: 98% of Purchase Price

Loan Facility

• Loan available after completion of 3 policy years
• Maximum loan: 75% of Purchase Price
• Loan interest recovered from pension payments
• Outstanding loan recovered from claim proceeds at time of exit

Pension Limits

• Minimum monthly pension: Rs. 1,000 per month
• Maximum monthly pension: Rs. 9,250 per month
• Maximum yearly pension: Rs. 1,11,000 per year
• Maximum investment: Rs. 15 lakh per senior citizen across all PMVVY policies

Pension Rates and Purchase Price Table Under PMVVY

The following tables confirm the minimum and maximum Purchase Price and pension rates under Pradhan Mantri Vaya Vandana Yojana as per the official LIC Sales Brochure for Plan No. 856.

Purchase Price Table

Pension Amount Table

Sample Pension Rates per Rs. 1,000 Purchase Price

Important: These rates are age-independent and apply equally to all eligible senior citizens regardless of age. The pension instalment is rounded off to the nearest rupee. These figures are from the official LIC Sales Brochure for PMVVY Plan No. 856 (UIN 512G336V01), valid for the financial year 2020-21. Rates for subsequent years were subject to annual review by the Ministry of Finance up to a ceiling of 7.75%.

Eligibility Conditions Required to be Fulfilled

The following eligibility conditions applied to senior citizens who purchased Pradhan Mantri Vaya Vandana Yojana during the subscription period. PMVVY is no longer open for fresh subscriptions since 31 March 2023. This information is for the reference of existing policyholders and those seeking historical details of the scheme.

• Applicant must be an Indian citizen
• Minimum entry age: 60 years (completed)
• Maximum entry age: No limit
• A valid Aadhaar Card is mandatory for purchase and validation
• Maximum investment limit: Rs. 15 lakh per senior citizen across all PMVVY policies combined, including policies under UIN 512G311V01 and UIN 512G336V01
• The scheme was available for purchase both online and offline through LIC of India
• Policy term: 10 years fixed

Important: PMVVY closed for new subscriptions on 31 March 2023. Fresh applications are no longer accepted. Existing policyholders continue to receive pension benefits and other policy services through LIC until their 10-year policy term is complete.

Documents Required for Policy Services Under PMVVY

Since PMVVY is closed for new subscriptions, the following documents are required by existing policyholders for various policy-related services through LIC.

For Pension Payment and Policy Status

• PMVVY Policy Document
• Aadhaar Card of the policyholder
• Bank account details with IFSC code for NEFT pension credit
• Mobile number registered with LIC

For Surrender (Critical or Terminal Illness Only)

• Original PMVVY Policy Document
• Aadhaar Card of the policyholder
• Medical certificate from a recognised hospital confirming critical or terminal illness of self or spouse
• Bank account details for the refund of 98% of the purchase price
• Duly filled the surrender application form from the nearest LIC branch

For Loan Against Policy

• Original PMVVY Policy Document
• Aadhaar Card of the policyholder
• Duly filled loan application form from the nearest LIC branch
• Bank account details for loan disbursement

For Death Claim

• Original PMVVY Policy Document
• Death Certificate of the policyholder
• Aadhaar Card of the nominee
• Claimant’s statement duly filled and signed by the nominee
• Bank account details of the nominee for the refund of the purchase price
• NEFT mandate form of the nominee

For Maturity Claim

• Original PMVVY Policy Document
• Aadhaar Card of the policyholder
• Bank account details for the credit of the Purchase Price, along with the final pension instalment
• Duly filled discharge voucher from the nearest LIC branch

How Existing Policyholders Can Manage Their PMVVY Policy

Pradhan Mantri Vaya Vandana Yojana is closed for new subscriptions since 31 March 2023. Existing policyholders can manage their policy services through LIC of India through the following channels.

Online Through the LIC Portal

Step 1: Visit the official LIC portal at licindia.in and log in to the Customer Portal using registered credentials.

Step 2: Navigate to the policy section and select the PMVVY policy to check pension payment status, policy details, and upcoming pension instalment dates.

Step 3: For any service requests, including bank account update, nominee change, or contact details update, submit the request online through the Customer Portal.

Step 4: Download pension payment receipts and policy documents directly from the Customer Portal for tax and record purposes.

Through Nearest LIC Branch

Step 1: Visit the nearest LIC branch office with the original PMVVY Policy Document and Aadhaar Card.

Step 2: For a loan against policy, submit a duly filled loan application form along with the original policy document and bank account details. A loan is available after completion of 3 policy years, up to 75% of the purchase price.

Step 3: For surrender due to critical or terminal illness of self or spouse, submit the surrender application form with the original policy document and medical certificate from a recognised hospital. Surrender Value payable is 98% of the Purchase Price.

Step 4: For a maturity claim after the 10-year term, submit the discharge voucher along with the original policy document and bank account details for credit of Purchase Price, along with the final pension instalment.

Step 5: For a death claim, the nominee must submit the death certificate, original policy document, claimant statement, and bank account details for the refund of the full Purchase Price.

Through the LIC Helpline

Step 1: Call the LIC helpline at +91-22-68276827 or WhatsApp at 8976862090 for policy-related queries, pension payment issues, or to locate the nearest LIC branch.

Step 2: For grievances related to PMVVY pension payment or policy services, email co_complaints@licindia.com with the policy number and details of the issue.

Important: PMVVY does not accept new applications. Any website or agent claiming to offer fresh PMVVY subscriptions in 2026 is providing incorrect information. Existing policyholders must contact only official LIC channels for all policy services.

Important Links Available

• Pradhan Mantri Vaya Vandana Yojana Official Page, Life Insurance Corporation of India.
• PMVVY Sales Brochure PDF, Life Insurance Corporation of India.
• PMVVY Frequently Asked Questions PDF, Life Insurance Corporation of India.
• PMVVY Policy Document PDF, Life Insurance Corporation of India.
• Life Insurance Corporation of India Official Website.

Contact Details in Case of Help Needed

Existing PMVVY policyholders facing issues related to pension payment, loan, surrender, maturity, or death claim can contact the following official channels.

• Phone: +91-22-68276827
• WhatsApp: 8976862090
• Email: co_complaints@licindia.com
• Life Insurance Corporation of India
  Yogakshema, Central Office,
  Jeevan Bima Marg,
  Mumbai 400021
• For local queries: Contact the nearest LIC branch office

Frequently Asked Questions (FAQs)

Q. What is Pradhan Mantri Vaya Vandana Yojana?

Ans. Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Non-Linked, Non-Participating pension scheme subsidised by the Government of India and operated solely by Life Insurance Corporation of India (LIC) to provide assured pension income to senior citizens aged 60 years and above for a period of 10 years.

Q. Is PMVVY still open for new applications in 2026?

Ans. No. PMVVY closed for new subscriptions on 31 March 2023. Fresh applications are not accepted. Any website or agent claiming to offer new PMVVY subscriptions in 2026 is providing incorrect information. Existing policyholders continue to receive benefits as per policy terms.

Q. Who operated PMVVY?

Ans. Life Insurance Corporation of India (LIC) was the sole authorised operator of PMVVY. The scheme was subsidised by the Government of India, with the Ministry of Finance reviewing and setting the assured pension rate annually.

Q. What was the assured pension rate under PMVVY?

Ans. For the first financial year 2020-21, the scheme provided an assured pension of 7.40% per annum for a monthly pension, which is equivalent to 7.66% per annum effective. The rate was subject to annual review by the Ministry of Finance for subsequent years up to a ceiling of 7.75%.

Q. What is the policy term under PMVVY?

Ans. The policy term is 10 years from the date of purchase. Existing policyholders purchased between 2017 and March 2023 continue to receive pension benefits until their respective 10-year terms are complete.

Q. What is the maximum investment limit under PMVVY?

Ans. The maximum investment limit is Rs. 15 lakh per senior citizen across all PMVVY policies combined, including policies under all plan variants.

Q. What are the pension payment modes under PMVVY?

Ans. Pension is payable in four modes: Monthly, Quarterly, Half-yearly, and Yearly. Pension payment happens through NEFT or the Aadhaar Enabled Payment System.

Q. What is the minimum and maximum pension under PMVVY?

Ans. The minimum pension is Rs. 1,000 per month, and the maximum pension is Rs. 9,250 per month. For the yearly mode, the maximum pension is Rs. 1,11,000 per year.

Q. What happens on the death of the pensioner during the policy term?

Ans. On the death of the pensioner during the 10-year policy term, the full Purchase Price is refunded to the nominee without any deductions.

Q. What is the maturity benefit under PMVVY?

Ans. On survival of the pensioner to the end of the 10-year policy term, the Purchase Price, along with the final pension instalment, is paid to the policyholder.

Q. Can a policyholder surrender PMVVY before maturity?

Ans. Yes, but only under exceptional circumstances. Premature surrender is allowed only if the pensioner or spouse requires funds for treatment of a critical or terminal illness. The Surrender Value payable in such cases is 98% of the Purchase Price.

Q. Is a loan available under PMVVY?

Ans. Yes. Existing policyholders can avail a loan after completion of 3 policy years. The maximum loan is 75% of the Purchase Price. Loan interest is recovered from the pension payments and the outstanding loan is recovered from claim proceeds at the time of exit.

Q. What is the free look period under PMVVY?

Ans. The free look period was 15 days from receipt of policy for offline purchases and 30 days for online purchases. During this period, policyholders could return the policy if not satisfied with the terms.

Q. How can existing policyholders check their pension payment status?

Ans. Existing policyholders can check pension payment status by logging into the LIC Customer Portal at licindia.in or by visiting the nearest LIC branch office with the original policy document and Aadhaar Card.

Q. How can existing policyholders contact LIC for PMVVY-related queries?

Ans. Existing policyholders can contact LIC at phone number +91-22-68276827, WhatsApp at 8976862090, or email at co_complaints@licindia.com. They can also visit the nearest LIC branch office for in-person assistance.

Tabassum

Tabassum is a government schemes researcher and writer with 5 years of experience tracking Central and State welfare programmes across India. She has covered 500+ schemes spanning agriculture, women welfare, education, and housing, helping lakhs of beneficiaries understand their entitlements in simple language.