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Pradhanmantri Vaya Vandana Yojana is a pension scheme launched by the Government of India, specially designed to give financial support and a regular income to senior citizens. This scheme is managed by LIC (Life Insurance Corporation of India) and is a reliable option for those who want fixed monthly income after retirement.

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What is Pradhanmantri Vaya Vandana Yojana?

The Pradhanmantri Vaya Vandana Yojana (PMVVY) was launched on 4th May 2017. Initially, it was available for subscription till 31st March 2020, but the government extended it till 31st March 2023. The main goal of this scheme is to provide senior citizens with guaranteed pension when interest rates in the market are low.

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Features of Pradhanmantri Vaya Vandana Yojana

Here are some key features of Pradhanmantri Vaya Vandana Yojana:

• Managed by: LIC (Life Insurance Corporation of India)
• Policy Term: 10 years
• Entry Age: Minimum 60 years, No maximum age limit
• Assured Return: 8% per annum
• Maximum Investment Limit: ₹15 Lakhs
• Payment Modes: Monthly, Quarterly, Half-yearly, Yearly

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Eligibility Criteria for Pradhanmantri Vaya Vandana Yojana

To join Pradhanmantri Vaya Vandana Yojana, the person should meet the following conditions:

• Minimum age: 60 years
• Maximum age: No limit
• Minimum pension: ₹1,000 per month
• Maximum pension: ₹10,000 per month
• One policy per family, including the pensioner and spouse

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Benefits of Pradhanmantri Vaya Vandana Yojana

Here are the major benefits of Pradhanmantri Vaya Vandana Yojana:

• ✅ Guaranteed Pension: You get 8% assured return for 10 years.
• ✅ Flexible Payment: Pension can be received monthly, quarterly, half-yearly, or yearly.
• ✅ Death Benefit: If the pensioner dies, the purchase price is returned to the nominee.
• ✅ Maturity Benefit: If the pensioner survives the full term, the purchase price is returned with the final pension.
• ✅ Loan Facility: After 3 years, you can take a loan up to 75% of the purchase price.
• ✅ Surrender Option: In case of serious illness of self or spouse, policy can be surrendered and 98% of the amount is refunded.

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Purchase Price and Pension Details in Pradhanmantri Vaya Vandana Yojana

Pension Mode	Minimum Purchase Price	Maximum Purchase Price
Monthly	₹1,50,000	₹15,00,000
Quarterly	₹1,49,068	₹14,90,683
Half-Yearly	₹1,47,601	₹14,76,015
Yearly	₹1,44,578	₹14,45,783

The purchase price is rounded to the nearest rupee.

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Pension Rates Example in Pradhanmantri Vaya Vandana Yojana

Here are the pension rates for ₹1,000 purchase price:

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

These rates are fixed and not based on the age of the pensioner.

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How to Apply for Pradhanmantri Vaya Vandana Yojana?

You can apply for Pradhanmantri Vaya Vandana Yojana through both offline and online modes.

Offline Mode:

• Visit your nearest LIC branch.
• Fill out the application form.
• Submit required documents with the chosen investment amount or pension amount.

Online Mode:

1. Visit LIC Official Website.
2. Click on “Buy Policy Online.”
3. Select “Pradhanmantri Vaya Vandana Yojana.”
4. Click “Buy Online.”
5. Fill in your contact details.
6. Upload documents and complete the registration.

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Tax Rules in Pradhanmantri Vaya Vandana Yojana

If there is any tax applicable by the Government of India, it will be charged as per the law. However, while calculating the benefits under Pradhanmantri Vaya Vandana Yojana, the tax paid will not be considered.

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Loan and Free Look Period in Pradhanmantri Vaya Vandana Yojana

• After 3 years, pensioners can get a loan of up to 75% of the purchase amount.
• Loan interest will be deducted from the pension.
• If policy is purchased offline, free-look period is 15 days.
• If purchased online, free-look period is 30 days.

During this period, if you don’t like the policy, you can cancel it and get your money back (after stamp duty deduction).

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Exit Option in Pradhanmantri Vaya Vandana Yojana

Only in case of critical illness of the pensioner or spouse, early exit is allowed. In this case, LIC will refund 98% of the purchase price.

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Fraud Policy in Pradhanmantri Vaya Vandana Yojana

If LIC finds any fraud within 3 years of policy start, they have the right to cancel the policy. They must give the reason in writing. Suicide is not considered fraud — full purchase price will be returned even in such cases.

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Why Choose Pradhanmantri Vaya Vandana Yojana?

• 💡 Safe and Secure
• 💡 Government-backed
• 💡 Regular income for 10 years
• 💡 Ideal for retired senior citizens

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Conclusion

Pradhanmantri Vaya Vandana Yojana is one of the best pension schemes available for senior citizens in India. With guaranteed returns, life cover, and flexible payment options, it ensures peace of mind during retirement years. If you or your loved ones are above 60 and looking for a regular pension, then Pradhanmantri Vaya Vandana Yojana is definitely worth considering.

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👉 Start planning your retirement today with Pradhanmantri Vaya Vandana Yojana!

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