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
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.