This table summarises the pension payouts offered under the Pradhan Mantri Vaya Vandana Yojana scheme based on the investment amount and chosen payment frequency.
Mode of Pension Payment
|
Minimum Purchase Price (Investment in Rs.)
|
Minimum Pension (in Rs.)
|
Maximum Purchase Price (Investment in Rs.)
|
Maximum Pension (in Rs.)
|
Monthly
|
1,62,162
|
1,000
|
15,00,000
|
9,250
|
Quarterly
|
1,61,074
|
3,000
|
14,89,933
|
27,750
|
Half-Yearly
|
1,59,574
|
6,000
|
14,76,064
|
55,500
|
Yearly
|
1,56,658
|
12,000
|
14,49,086
|
1,11,000
|
Important points
- Investment amount determines the pension payout.
- Higher investment leads to a higher monthly pension.
- Choose the payout frequency that best suits your financial needs
Taxability provisions of PMVVY scheme
- Investment: Contributions made to PMVVY are not eligible for a tax deduction under Section 80C of the Income Tax Act.
- Returns: The interest earned on PMVVY investments is taxable as per the applicable income tax bracket.
- Tax Deduction at Source (TDS): TDS applies to the pension received from PMVVY.
- GST: PMVVY investments are exempt from Goods and Services Tax (GST).
How to check PMVVY policy details
Policyholders can access their PMVVY policy details through the Umang App:
- Navigate to the PMVVY section within the Umang App
- Locate the "Policy Basic Details" section and click "Open"
- Choose the preferred login method: MPIN or OTP
- Enter your mobile number and the chosen login credential (MPIN/OTP)
- Under "General Services," select "Policy Basic Details"
- Provide your policy number and mobile number, then click "View Details"
- Your policy information will be displayed
Eligibility criteria for PMVVY
To be eligible for the PMVVY scheme, you must:
- Age: Be 60 years or older.
- Citizenship: Be an Indian citizen.
Policy Term:
- The policy term for PMVVY is 10 years.
Pension Options:
You can choose from the following pension options:
Minimum Pension:
- ₹1,000 per month
- ₹3,000 per quarter
- ₹6,000 per half-year
- ₹12,000 per year
Maximum Pension:
- ₹9,250 per month
- ₹27,750 per quarter
- ₹55,500 per half-year
- ₹1,11,000 per year
Maximum Purchase Price:
The maximum purchase price for the PMVVY scheme is ₹15 lakh.
Documents required to apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Bank account details
- Aadhaar card
- PAN card
- Address proof
- Age proof
- Passport size photo
- Proof of retirement from employment
Additional read: PM-Kisan Samman Nidhi Yojana
Contact details for inquiries regarding the PMVVY policy
- Phone: 022-67819281 or 022-67819290 (Monday to Friday, 10:00 AM to 5:30 PM IST)
- Email: onlinedmc@licindia.com
Please note: These contact details are specific to PMVVY policy inquiries.
Investment considerations
The PMVVY scheme offers a guaranteed pension option for eligible senior citizens. It can be a valuable tool for retirement planning. However, a significant initial investment is required to participate.
Conclusion
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) offers a compelling option for senior citizens seeking safe and reliable retirement income. With its guaranteed returns, flexible pay-out options, and government backing, PMVVY is a valuable tool for securing your financial future.
Fixed deposits offer a familiar and reliable investment option for senior citizens seeking steady income. Consider incorporating them into your retirement portfolio alongside schemes like PMVVY for diversification. Bajaj Finance offers one of the highest interest rates, up to 7.30% p.a., on their FD. Additionally, Bajaj Finance FDs are AAA rated, ensuring the highest level of safety.
Calculate your expected investment returns with the help of our investment calculators
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