The last date for investing in government’s Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension programme for senior citizens, managed by Life Insurance Corporation (LIC), is March 31, 2023. The scheme can be purchased offline as well as online on www.licindia.in. Modified in 2020 with a modified rate of pension under the Plan No. 856, the period of this plan was extended for another 3 years from FY 2020-21 to March 31, 2023.
“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,” says LIC website.
Pradhan Mantri Vaya Vandana Yojana: Who can participate?
People 60 years and older can enrol for this scheme which has a 10 year term. There is no upper limit for entering this scheme. You can do this monthly, quarterly, biannually, or annually. Note that the total amount of purchase price under all the policies under PMVVY allowed to a senior citizen cannot exceed Rs 15 lakh.
Pradhan Mantri Vaya Vandana Yojana: Purchase price
| Time duration of pension | Minimum purchase price | Maximum purchase price |
| One month | Rs 1,62,162 | Rs 14,49,086 |
| Quarter year | Rs 1,61,074 | Rs 14,76,064 |
| Half year | Rs 1,59,574 | Rs 14,89,933 |
| Full year | Rs 1,56,658 | Rs 15,00,000 |
What is the minimum pension that you can get?
| Time duration | Minimum pension amount |
| One month | Rs 1,000 |
| Quarter year | Rs 3,000 |
| Half year | Rs 6,000 |
| Full year | Rs 12,000 |
What is the maximum pension that you can get?
| Time duration | Maximum pension amount |
| One month | Rs 9, 250 |
| Quarter year | Rs 27,750 |
| Half year | Rs 55,500 |
| Full year | Rs 1,11,000 |
The pension payment will be done through NEFT or Aadhaar enabled payment system. Under the PMVVY, the government bears the differential return.
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