Pradhan Mantri Vaya Vandana Yojana (PMVVY) - 2026 - Eligibility, Interest Rate, and Application Process

Pradhan Mantri  Vaya Vandana Yojana (PMVVY): Process, Eligibility Criteria, and How to Apply

The PM Vaya Vandana Yojana (PMVVY) is a pension scheme exclusively designed for senior citizens of India. Introduced by the Government of India and operated by the Life Insurance Corporation of India (LIC), this scheme offers guaranteed pension returns to ensure financial security for individuals aged 60 years and above. If you or a loved one is planning for a stable post-retirement income, PMVVY could be the right choice.

In this article, we’ll cover everything you need to know about the PM Vaya Vandana Yojana, including the process, eligibility criteria, and how to apply.

What is PM Vaya Vandana Yojana?

PM Vaya Vandana Yojana is a non-linked, non-participating pension scheme that guarantees a fixed return of interest for 10 years. It was launched in May 2017 and is aimed at providing senior citizens (60 years and above) with regular pension income. The scheme was extended until 31st March 2023, and the interest rate for new policies is fixed annually by the government.

Key Features of PM Vaya Vandana Yojana:

· Available to citizens aged 60 years and above

·Policy term of 10 years

·Assured return of 7.4% per annum (as of the latest revision)

·Pension can be received monthly, quarterly, half-yearly, or annually

·Maximum purchase price: ₹15 lakh

·Loan and premature exit options available

·Operated and managed by LIC India

Eligibility Criteria for PM Vaya Vandana Yojana

To benefit from this scheme, you must meet the following PM Vaya Vandana Yojana eligibility criteria:

·         Minimum entry age: 60 years (completed)

·         Maximum entry age: No upper limit

·         Policy term: 10 years

·         Must be a resident Indian citizen

·         Maximum purchase price: ₹15,00,000 per senior

citizen

·         Minimum pension amount:

o        ₹1,000 per month

o        ₹3,000 per quarter

o        ₹6,000 per half-year

o        ₹12,000 per annum

PM Vaya Vandana Yojana Process

Understanding the process of applying and managing your pension plan is essential:

1.Selection of Pension Mode: Choose whether you want the pension monthly, quarterly, half-yearly, or annually.

2.Decide on Purchase Price or Pension Amount: You can either opt for the amount you wish to invest or the pension amount you desire.

3.Payment of Purchase Price: Make a one-time lump sum investment (minimum ₹1,62,162 for ₹12,000 annual pension).

4.Policy Issuance by LIC: Once payment is complete, LIC will issue your PMVVY policy.

5.Pension Payouts Begin: Pension payments will begin based on your selected mode after a waiting period of 1 year from the purchase date.

How to Apply for PM Vaya Vandana Yojana

The application process for PM Vaya Vandana Yojana is straightforward and can be done both online and offline.

Online Application:

1.Visit the official LIC website: www.licindia.in

2.Go to “Buy Policies Online”

3.Select “PM Vaya Vandana Yojana”

4.Fill in your details including pension mode, age, and purchase amount

5.Upload necessary documents (ID proof, address proof, age proof)

6.Make payment online

7.Get confirmation and receive policy bond by mail

Offline Application:

1.  Visit the nearest LIC branch

2.  Request an application form for PMVVY

3.  Fill out the form and attach relevant documents

4.  Submit at the counter with purchase amount (cheque/DD/NEFT)

5.  Receive acknowledgment and later the policy bond

Documents Required

To apply, keep the following documents ready:

·         Aadhaar card

·         PAN card

·         Bank account details (for pension disbursal)

·         Passport-size photograph

·         Age proof (passport, voter ID, etc.)

·         Address proof (utility bill, Aadhaar, etc.)

Why Choose PM Vaya Vandana Yojana?

·Government-backed guarantee: Safe investment option for retirees

·Attractive returns: Better than many bank fixed deposits

·Regular income: Helps manage daily expenses post-retirement

·Simple process: Easy to enroll and claim benefits

·Loan and exit options: Offers flexibility in emergencies

Conclusion

PM Vaya Vandana Yojana is an ideal pension scheme for senior citizens looking for a secure and steady source of income post-retirement. With simple eligibility criteria, flexible payout options, and government assurance, it is one of the most trusted retirement plans in India today. Whether you’re planning your own retirement or looking out for your elderly parents, this scheme deserves serious consideration.