Pension
Pradhan Mantri Vaya Vandana Yojana
Ministry of Finance (via LIC) · Launched 2017
A pension scheme for senior citizens offering a guaranteed regular income through assured returns on a one-time investment for a fixed term.
Key benefit
Assured pension income for senior citizens over the policy term.
Eligibility criteria
- Indian citizen aged 60 years and above
- Able to make the one-time purchase price investment
- Within the maximum investment limit per senior citizen
Advertisement
Documents required
- Aadhaar Card
- Age proof
- Bank account details
- PAN Card
How to apply
- 1Visit an LIC branch or the official LIC portal
- 2Choose the pension payout frequency
- 3Pay the one-time purchase price
- 4Start receiving the assured pension
Frequently asked questions
Who can buy PMVVY?
Any Indian senior citizen aged 60 and above can purchase the scheme, subject to the maximum investment limit.