Eligibility Criteria

• Minimum Age: 60 years or older.
• Maximum Age: No upper age limit.
• Policy Duration: 10 years.
• Minimum Pension: ₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half-year, ₹12,000 per year.
• Maximum Pension: ₹10,000 per month, ₹30,000 per quarter, ₹60,000 per half-year, ₹120,000 per year.
• Note: The maximum pension ceiling is considered for the entire family, including the pensioner, spouse, and dependents.

Benefits and Features

• Assured Returns: An annual return of 8% for the policy's 10-year duration.
• Pension Payments: Pensions are paid in arrears. The pensioner can choose the payment frequency (monthly, quarterly, half-yearly, or yearly).
• Death Benefit: The purchase price is refunded to the beneficiary if the pensioner dies during the policy term.
• Maturity Benefit: If the pensioner survives the policy term, they receive the purchase price along with the final pension installment.
• Loan Facility: After 3 years, pensioners can take a loan up to 75% of the purchase price. Interest on loans sanctioned up to April 30, 2018, is 10% per annum, payable half-yearly.
• Free-Look Period: The policyholder can return the policy within 15 days (30 days for online purchases) for a refund, after deducting stamp charges.

Purchase Price Payment

The scheme can be purchased through a lump sum payment. The pension amount depends on the purchase price and payment mode.

Purchase Prices for Different Payment Modes:

• Monthly: Minimum ₹150,000, Maximum ₹1,500,000
• Quarterly: Minimum ₹1,49,068, Maximum ₹14,90,683
• Half-Yearly: Minimum ₹147,601, Maximum ₹14,76,015
• Yearly: Minimum ₹144,578, Maximum ₹14,457,830

Pension Payment Modes

• Monthly, Quarterly, Half-Yearly, Yearly
• Payments are made via Aadhaar Enabled Payment System (AEPS) or National Electronic Funds Transfer (NEFT). The first payment is made within 1 month, 3 months, 6 months, or 1 year from policy commencement.

Taxes on PMVVY

• Tax Benefits: No tax benefits are offered for investments in PMVVY. Taxes on the scheme are subject to statutory regulations.

Premature Exit

• Permitted only in cases of terminal or critical illness for the policyholder or their spouse.
• In such cases, 98% of the purchase price is paid as the surrender value.

Examples of Pension Rates

For a purchase price of ₹1,000, the pension rates are:

• Monthly: ₹80 per annum
• Quarterly: ₹80.50 per annum
• Half-Yearly: ₹81.30 per annum
• Yearly: ₹83 per annum

Exclusions

• Suicide: The full purchase price is payable in the event of the policyholder's suicide.
• Fraud: LIC will notify the insured about any fraud within 3 years of the policy's issue, risk commencement, revival, or rider addition.

How to Apply for PMVVY

Offline:

1. Visit a local LIC branch.
2. Fill out the application form and submit it with the required documents and payment based on your chosen purchase price or pension amount.

Online:

1. Visit the LIC official website.
2. Navigate to "Buy Online Policies" and select "Pradhan Mantri Vaya Vandana Yojana."
3. Click "Click to Buy Online."
4. Complete the registration by submitting the online application and required documents.

FAQs

1. What documents are needed to invest in the PMVVY scheme?
• PAN Card, proof of address (e.g., Passport or Aadhaar Card), and a copy of the first page of the bank passbook or a cheque leaf.
2. How can I apply for the scheme?
• Submit the application form with necessary documents either online via the LIC website or offline at any LIC branch.
3. Are there any tax benefits for investments in PMVVY?
• No tax benefits are offered.
4. When is the PMVVY policy open?
• Initially available until March 31, 2020, with an extension period.
5. What are the investment modes for the scheme?
• Investments can be made online through the LIC website or offline at LIC offices.

For more detailed information, consult the LIC website or visit an LIC branch.