PMVVY Scheme

PMVVY Scheme, Eligibility, Benefits & How to Check Details

PMVVY Scheme:- Occasionally, the Indian government develops a variety of social security programs in response to pressing needs. Numerous programs, such as the Senior Citizens Saving Plan, National Pension Scheme, Atal Pension Yojana, Public Provident Fund (PPF), and many others, have been in operation for some time. Those who are in charge of planning and supervising their retirement are like them. The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a recent addition to the list. The largest life insurance company in India, Life Insurance Corporation of India (LIC), is in charge of running and managing the PMVVY retirement and pension plan. These are all the details about the scheme that you may find useful.


PMVVY Scheme Overview

Date of launching4th May 2017
DepartmentDepartment of Financial Services, Government of India
Government MinistryMinistry of Finance
Activation Period4th May 2017 to 31st March 2020
PMVVY Scheme

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What is the PMVVY Scheme?

The Indian government announced the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a retirement and pension scheme. The government provides subsidies for the plan, which went live in May 2017. The purchase price is the sum of money that the scheme’s buyers invested. The plan provides an assured rate of return on investment because the sovereign backs it. The plan provides for monthly, quarterly, half-yearly, or annual pension payments. An outstanding substitute for conventional bank deposits is the PMVVY.

Features and Benefits of the PMVVY Scheme

The Pradhan Mantri Vaya Vandana Yojana details are as follows:

Retirement Financial Security via Pension Payment

Those who have benefited from the Pradhan Mantri Vaya Vandana Yojana are eligible to receive a set sum at the conclusion of a time frame that they choose, up to a maximum of ten years.

Assurance of Returns

Interest Rate for the Pradhan Mantri Vaya Vandana Yojana: The scheme’s guaranteed rate of return for 2022–2023 will be 7.40 percent annually, with the rate of return reset annually after implementation. Annual reset of the guaranteed rate of interest, effective April 1st of the fiscal year, up to a maximum of 7.75%, in accordance with the Senior Citizens Saving Scheme (SCSS) revised rate of returns, with a new assessment of the program upon any breach of this threshold.

Periodic Payout Options

When you buy a plan, you have to pay the first installment as soon as possible using the payment method you have chosen.

Maturity Benefit

Together with the final installment payout, the Pradhan Mantri Vaya Vandana Yojna offers the maturity benefit of a lump sum purchase price for the plan. This facility is available to pensioners for as long as they survive until the end of the policy’s tenure.

Death Benefit

If a pensioner passes away within the duration of the policy, the beneficiary will be eligible to receive the full purchase price upon filing the necessary paperwork.

Surrender Value

Taking into account the financial need to receive treatment for serious illnesses for oneself or one’s spouse, this program also permits a pensioner to give up their policy. In case of an early policy termination, the policyholders might be eligible to receive a refund of 98% of the purchase price. Should the customer be dissatisfied with the terms and conditions specified in the contract, they have thirty days (or less if the purchase was made online) to return the insurance plan. You must return the entire purchase price, less any applicable stamp duty or released pension payment, within the free lock-in period.

Loan Facility

Individuals can obtain loans against their Pradhan Mantri Vaya Vandana Yojana investments after three successful policy years have passed. Pensioners may borrow up to 75% of the purchase price. Also subtracted from the total amount of the claim will be the remaining loan balance upon maturity or surrender. On the day of the pension payment, the interest is payable. Also subtracted from the total amount of the claim will be the remaining loan balance upon maturity or surrender.


There is also a special exclusion to the purchase price return of this policy for the pension-cum-insurance plan. If a policyholder commits suicide, the full purchase price is due under this exclusion.

PMVVY Scheme

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Eligibility of Pradhan Mantri Vaya Vandana Yojana

One needs to fulfill the following conditions in order to be qualified for the Pradhan Mantri Vaya Vandana Yojana:

  • To be eligible for the program, he or she must be 60 years of age or older.
  • A ten-year policy term is appropriate.
  • Each senior citizen should be able to invest up to Rs. 15 lakh.
  • The monthly pension should be no more than Rs. 10,000 and should start at Rs. 1,000.

Payment of Purchase Price Under PMVVY Scheme

The sum that must be paid in one go in order to acquire the policy is known as the purchase price. The policyholder under the PMVVY scheme is eligible for a pension upon payment of the purchase price for the duration of the ten-year policy. At the end of the ten-year policy term, the policyholder receives their purchase price back. At the conclusion of each period, the policyholder receives their pension in accordance with their selected pension payment mode, which can be monthly, quarterly, half-yearly, or annually. Pension benefits under this scheme will commence the month following the purchase price payment if the policyholder chooses the monthly payment option.

Mode of PensionMinimum Purchase PriceMaximum Purchase Price
YearlyRs. 1,56,658/-Rs. 1,449,086/
MonthlyRs. 1,62,162/-Rs. 15,00,000/-

Mode of pension payment

An annual, half-yearly, quarterly, or monthly pension benefit payment may be made. NEFT, or the Aadhaar Enabled Payment System, will handle the pension processing. Depending on the mode of pension payment—annual, half-yearly, quarterly, or monthly—the first installment of the pension will be paid after one year, six months, three months, or one month from the date of purchase.

Surrender Value

The plan permits an early policy termination under certain conditions, such as when a pensioner needs money for the treatment of a serious or terminal illness that affects them or their spouse. It is possible to get approved for a loan for up to 75% of what you bought.


  • After the three policy years are up, a loan facility is available. Approval for a loan up to 75% of the purchase price is possible.
  • It will be decided on a regular basis what interest rate will be applied to the loan amount. The applicable interest rate for the loan approved in Financial Year 2016–17 is 10% p.a., payable every six months for the duration of the loan.
  • Interest on loans will deduct the pension paid by the policy. The loan interest will accrue in line with the policy’s frequency of pension payments and be payable on the pension due date. Upon departure, the claim proceeds will be used to cover the remaining loan balance.

Free Look period

If the policyholder has any objections to the “Terms and Conditions” of the policy, they have 15 days (30 days if the policy was purchased online) from the date of receipt to return the policy to the Corporation with a justification. The purchase price deposited by the policyholder less any applicable stamp duty and pension payments will be the amount that is refunded during the free look period.

How to Check PMVVY Policy Details

To validate the details of the policy, take the following actions:

  • Make sure to first visit the Umang PMVVY page.
  • Go ahead and select the “Open” button by scrolling down to the “Policy Basic details” heading.
  • Step 3: Select the option on the subsequent page to “Login with MPIN” or “Log in with OTP”.
  • Step 4: Enter your mobile number, MPIN, or OTP, and click the “Login” button.
  • The button labeled “Policy Basic Details” under the “General Services” heading should be selected as the fifth step.
  • Step 6: Enter your policy number and cell phone number and click “View Details.”
PMVVY Scheme

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Q. Does the interest rate of return for the pension plan fluctuate or is it fixed?

Ans- Interest rates are subject to constant fluctuation. The government adjusts the policy’s interest rates once a year. However, starting that year and continuing for ten years, the interest rate for the current year will be the same as the rate at which the pension is paid. The interest rates for monthly pension payments in FY21–22 are currently 7.40%, quarterly pension payments are 7.45%, half-yearly pension payments are 7.52%, and annual pension payments are 7.66%.

Q. In case of an emergency, how much contribution can be withdrawn?

Ans- Subscribers are entitled to a 98% withdrawal of the purchase price in the event of a medical emergency involving either themselves or their spouse.

Q. Can a policyholder invest in PMVVY multiple times? 

Ans- Indeed. A policyholder may make multiple investments in the scheme. However, the total cost of purchasing a person under all of the plans included in this plan cannot exceed Rs. 15 lakh.

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