Pradhan Mantri Vaya Vandana Yojana 2023: PMVVY Online Registration & Interest Rate

Pradhan Mantri Vaya Vandana Yojana Apply Online 2023 | PMVVY Registration, Benefits, Eligibility, Required Documents, Form PDF | PM Vaya Vandana Scheme Interest Rate & Calculator

People often get stressed due to reduced salaries after retirement. The government has started “Pradhan Mantri Vaya Vandana Yojana (PMVVY)” to manage the expenses of treatment, including household expenses, etc. Under this scheme, on completion of the maturity date, the pensioner also gets good returns when he is alive. Through this scheme operated by Life Insurance Corporation i.e LIC, you can secure your future. Now in this article, we are furnishing you the details that who are eligible for Pradhan Mantri Vaya Vandana Yojana 2023, how to apply for the PMVVY scheme, etc.

Pradhan Mantri Vaya Vandana Yojana Details

What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

PM Vaya Vandana Yojana is a scheme launched by the Government of India for the people of 60 years and above. Life Insurance Corporation (LIC) is an organizing agency of schemes available for the people of India. PMVVY is a government-subsidized non-linked and non-participating pension scheme. Applicants can invest a lump-sum amount in it. You can choose the monthly, quarterly, half-yearly, or yearly option for pension payment.  For the people of India, the PMVVY scheme is available till March 31, 2023. Candidates without Aadhaar number cannot avail themselves of the scheme’s benefits. To take advantage of Pradhan Mantri Vaya Vandan Yojana 2023, visit its official website. Here you can apply online and offline both ways for the scheme.

Highlights of PM Vaya Vandana Yojana (PMVVY) 2023

Name of Scheme Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Launched by Government In India
Organising Committee LIC – Life Insurance Corporation
Financial Year 2023-24
Objective To offer immediate pension to senior citizens
Target Beneficiary People with a minimum of 60 years of age and more
Application Process Online/Offline Mode
Helpline Number 1800-227-717 (Toll-free)
Official website
Category Central Govt Pension Scheme

Eligibility Criteria for Pradhan Mantri Vaya Vandana Yojana

  1. Candidates who fulfill the below-mentioned eligibility conditions can register for the PMVVY scheme.
  2. This scheme is available for people whose age is not below 60 years which means senior citizens of 60 years or more are able to invest in the scheme.
  3. Central Govt has not fixed any maximum age limit for availing of the benefits of PMVVY.
  4. The minimum investment price in the case of a monthly pension of Rs 1,000 is Rs 1,62,162. That is, to become a part of the Pradhan Mantri Vaya Vandana Yojana, one has to make a minimum investment of Rs 1,56,658 which will provide a pension of Rs 12,000 per annum.
  5. A person can invest up to a maximum of Rs 15 lakhs in the scheme. This clearly mentions that no more than Rs 15 lakh can be invested in this scheme.

Rate of Returns & Interest Rate

  • PMVVY scheme will provide an assured rate of return of 7.40% per annum for the financial year 2023-22. Senior citizens can get a minimum pension of 1,000 per month depending on the amount invested in the scheme. The maximum pension amount is limited to 10,000 per month.
  • The policy term is of 10 years and for policies sold during the first financial year i.e up to 31st March 2023.
  • This interest rate has been fixed at 7.4% for the monthly pension for FY 2023-21.
  • Pension option fixed interest rates:
    1. 7.60% annually
    2. Half-yearly 7.52%
    3. Quarter 7.45%
    4. 7.40% monthly
  • For the policies sold during the next two financial years, the applicable assured rate of interest, at which the pension payment shall be made, will be reviewed and decided at the beginning of each financial year by the Finance Ministry, Govt of India.

What is the purchase price?

  • Lump-sum money can be invested in this scheme.
  • Pensioners can choose monthly, quarterly, half-yearly, or yearly options for payment of pension.
  • The minimum purchase price for an annual pension is Rs 1,56,658 while the maximum purchase price is Rs 14,49,086.
  • However, the minimum purchase price in the case of the monthly pension payment is Rs 1.5 lakh while the maximum purchase price is 15 lakh rupees.

Min & Max Pension under different-different Modes

Mode of Pension 

Minimum Purchase Price

Corresponding Pension Amount



12,000 per annum



6,000 half-yearly



3,000 per quarter



1,000 Per month

Mode of Pension

Maximum Purchase price

Corresponding Pension amount



1,11,000 per annum



55,500 half-yearly



27,750per quarter



9,250 per month

Tax Exemption under PMVVY 2023

  1. The amount invested in this scheme is not tax-free. The policyholder is required to pay income tax on the interest received from the deposited amount.
  2. If any policyholder wants to increase the pension every month, then interest will be 7.4 percent in the academic year 2023-22. If the entire amount of pension is increased once a year, the same interest will increase to 7.6 percent.
  3. Under the LIC’s PMVVY scheme, the investment limit is available as per senior citizen and not per family. If the husband and wife like to invest, then together they can invest a maximum of Rs 30 lakhs.
  4. The policy term is of 10 years. The policyholders are given four options to get a pension, those are – every month, quarterly, half-yearly, or yearly payments.
  5. There are no rules that have been set for the policyholder to go through with medical examinations to get benefits under the PMVVY scheme.
  6. Those policyholders who invested Rs 1,50,000 under this scheme and want to avail of that pension every month, then you will get Rs 1,000 (One Thousand) per month.
  7. The deposit is also returned along with the final payment of pension after 10 years of investing in the scheme. If the pensioner’s death plan falls within 10 years of purchasing the policy, then the deposit amount is refunded to the selected policyholder.

Pradhan Mantri Vaya Vandana Yojana Pension Amount Payment

Under this scheme, pension holders as per their wish can select a fixed date and tenure.

We explain this through an example here:

  1. Suppose the policyholder wants a pension on the 10th of every month, then he/she is free to select the date as per their choice.
  2. In a similar way, investors are free to choose pension from the available options, such as how to get the pension – monthly or quarterly or half-yearly or yearly basis.
  3. If the beneficiary selects the option of monthly pension payment, then in your bank account, the pension will come every month on the date you have selected. In case you selected quarterly payment, then a lump-sum pension will be given after every 3 months. In this way according to your selection, the lump sum pension will be given every 6 months or 12 months.
  4. Here one more point must be clear for the investors that the first installment of pension is received after 1 year of investing in the scheme.
  5. The pension holder will get the minimum amount of pension on monthly basis is Rs 1,000 while the maximum is Rs 10,000.

Withdrawal of Money before the time

In case the beneficiary wants to withdraw the money deposited in the policy under the Pradhan Mantri Vaya Vandana Yojana (PMVVY 2023) then you are allowed for premature withdrawal. But the premature withdrawal is allowed in certain cases like serious illness or in the case of a spouse, but in the case of surrender, only 98% of the purchase price is paid to the beneficiary.

How to apply for Pradhan Mantri Vaya Vandana Yojana 2023?

The interested candidates who want to purchase a pension plan under LIC India’s PMVVY can follow the below-mentioned steps to apply for PM Vaya Vandana Yojana’s online application.

  1. First of all, go to the official website of LIC India and click on the “Online Policy” option Or directly click for PMVVY Online Policy
  2. Click on the ‘Buy Now’ button under LIC Plan 856 (Pradhan mantra Vaya Vandana Yojana).
  3. Then click on the ‘Buy Online’ box available on the next page and a form will open up.
  4. Fill in your contact details on this form, such as name, phone number, email ID, and date of birth, and click on the “Calculate Premium” button.PMVVY Online Registration Form
  5. After this, you will have an OTP on your mobile, fill it in the next section, and click on the “PROCEED” button. After entering OTP, select ‘NO’ on the next screen and click on the Next button.
  6. On the next page, you will see the complete form of the LIC PMVVY Plan, where you have to select “Purchase Option”, “Pension Mode”, “Amount” and “Payment Mode” etc.
  7. After filling in all the information on this form, click on the “Calculate Premium” button.
  8. Then you will be informed about the premium and you will have to enter your Aadhaar number and pay online.
  9. After successful payment, the policy number will be given to you and the entire policy document will be sent to your email ID.

PM Vay Vandana Yojana (New Update)

Recently, the Union Cabinet has extended the last period of investment under this scheme from 31 March 2023 to 31 March 2023. Pradhan Mantri Vay Vandana Yojana implemented through the Life Insurance Corporation (LIC), aims at giving a guaranteed minimum pension to senior citizens (60 years and above) based on assured returns on purchase price/ subscription amount. Under this scheme, senior citizens will have to invest Rs 1,56,658 for a minimum pension of Rs 12,000 per year and Rs 1,62,162 for getting a minimum pension amount of Rs 1000 per month.

PMVVY Registration Helpline

  • Help Desk Number: (022) 6781-9281
    (Monday to Saturday: 10.30 am to 05.30 pm)
  • Helpline Number: (022) 6781-9290
    (2nd and 4th Saturday of every month are holidays)
  • Toll-Free Number: 1800-227-717
  • Email ID:
  • Download: PMVVY Form & Guidelines PDF
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5 thoughts on “Pradhan Mantri Vaya Vandana Yojana 2023: PMVVY Online Registration & Interest Rate”

  1. Deepak Ranjan Biswas

    1) The Article is indeed very informative. Above all, it has been explained & elaborated in a very simplistic language, which could be understood readily, leaving no scope for raising any query about the scheme.
    2) Its to inform you that I have invested Rs 14,49,9086, as Instalment Premium/ Purchase Price on 9.12. 2020, in my name precisely.
    3) It appears, max investment amount permitted is Rs 15 Lakh. In that event, an additional amount be now further invested by ” my wife/Spouse ” in this Scheme? What will be the tax implication?
    4) Pls confirm what is the current Pension/Interest amount likely to be received per annum if the further amount is invested/deposited, as the Scheme is available till 31/03/2023. Eagerly looking forward to your response & acknowledgment

  2. Chandra Shekhar Prasad

    I want to purchase PMVVY on line, fill on line all documents then payment option click NEFT/ RTGS select then mail can not send this time right now ,then what will do? I want to add that very A/C no and also increase limit transfer one time 1500000/ at time.myAcssID207680436

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