Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana is for 60 years of aged Indian Citizens. This plan is available all over India. 

What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

Pradhan Mantri Vaya Vandana Yojana (PMVVY)  is a Government subsidized pension scheme for senior citizens aged 60 years and above.

Eligibility Conditions and Other Restrictions:

a) Minimum Entry Age: 60 years (completed)

b) Maximum Entry Age: No limit

c) Policy Term: 10 years

d) Minimum Pension: ` 1,000/- per month
                                        3,000/- per quarter
                                        6,000/-per half-year
                                      12,000/- per year

e) Maximum Pension: ` 9,250/-per month
                                       27,750/-per quarter
                                       55,500/-per half-year
                                    1,11,000/-per year

“For Financial Year 2022-23, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly.

This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March 2023.”

Who can purchase this scheme?

Senior citizens of India aged 60 years (completed) and above can purchase this scheme.

What is the term of this scheme?

The term of this scheme is 10 years.

What is the mode of pension under this scheme?

The pension modes available are Monthly, Quarterly, Half-yearly, and Yearly.