LIC’s Pradhan Mantri Vaya Vandana Yojana (PMVVY): Definition, Features, and more

LIC is a leading public insurance company in India that offers a wide range of insurance items for customers in the markets. It specializes in satisfying the needs of people who want to increase their income significantly. Anyone who wants to buy a new LIC policy should check the eligibility and other requirements properly. This will help a lot to get the required coverage for life to overcome the financial burden. Not only that, it gives ways to ensure a better future for children and other family members during unforeseen events.

The Indian Government provides pension schemes through LIC for retirees who want to live a peaceful life after 60 years. LIC Pradhan Mantri Vaya Vandana Yojana, shortly known as PMVVY, assures guaranteed income for policyholders to get financial security after retirement. The scheme is available up to 31st March 2023, and policy buyers should know about the benefits and other things in detail. Moreover, it provides methods to generate high revenues by addressing the essential needs of policyholders. 

What are the benefits of PMVVY?

• The scheme offers a death benefit and maturity benefit to policyholders for 10 years that will help get a lump sum amount. 
• Under exceptional circumstances, a policyholder can exit from the scheme to manage medical expenses and terminal illness treatment costs.
• Policyholders can get loans from banks after the completion of 3 years that will help improve financial conditions. 
• The plan provides an assured rate of return with an 8% interest rate per annum.
• PMVVY includes no GST taxes 
• The maximum investment limit for this scheme is Rs. 15 lakhs per senior citizen. 
• A regular steady income when a pensioner survives till the end of the policy term of 10 years. 
• Tax benefits for policyholders on a pension received amount. 
• The scheme has a free look period of 15 days, and customers can return the same when they are not satisfied with the terms and conditions. 

What are the eligibility conditions to buy PMVVY?

Before buying a PMVVY plan, customers should understand the eligibility conditions from various sources. The minimum age entry for this plan is above 60 years, and there is no maximum age limit. It has a tenure of 10 years that will help generate maximum returns from the investments. The minimum monthly pension investment amount is Rs. 1000, and the maximum monthly pension investment amount is Rs. 9,250. 

How to calculate the premium and maturity amounts of PMVVY?

Policyholders can use the LIC Pradhan Mantri Vaya Vandana Yojana calculator to determine the premium and maturity amounts accurately. They can enter the age and the sum assured amount in the calculator that will display the amounts as soon as possible. Moreover, the calculator gives ways to pay the premium rates on time that will help accomplish goals in the coverage process. Thus, buying PMVVY allows a policyholder to earn high returns and income significantly.

Documents needed to buy the PMVVY scheme

Policy buyers should know the documents needed to buy a PMVVY scheme that gives ways to meet their exact needs. They should submit age proof, ID proof, address proof, and passport size photographs. Not only that, it is imperative to submit retirement documents while buying the Pradhan Mantri Vaya Vandana Yojana LIC plan. A policy buyer should prepare a list of documents before purchasing the scheme that will help save more time. 

How to buy LIC Pradhan Mantri Vaya Vandana Yojana plan?

Customers can purchase the PMVVY plan through offline mode and online mode. They can even visit the nearest LIC branch office and submit the LIC Pradhan Mantri Vaya Vandana Yojana form with the necessary documents after filling in the details. However, it is wise to read the terms and conditions before submitting the form to an office.

Apart from that, the official website of the LIC offers the LIC Pradhan Mantri Vaya Vandana Yojana form as a download link for policy buyers. They can download the application form and submit the same in a LIC office to get quick approval. Thus, submitting a PMVVY application is a simple procedure, and policy buyers can gain more advantages to a large extent.

How to apply for the LIC Pradhan Mantri Vaya Vandana Yojana plan online?

• The first step is visiting the official website of the LIC, where they can find the link for the PMVVY scheme.
• Policy buyers should click the link that will take them to the application page. 
• In the next step, they have to fill in the necessary information in the application form and then click on the option “Get Access ID.” 
• Customers will receive a nine-digit access ID on their mobile phones via SMS or through email. 
• The next step is to enter the access ID and click on the “proceed option.”
• In the final step, policy buyers have to complete the application form, and they will receive an acknowledgment number followed by the policy number. 

Knowing the different payouts of the PMVVY plan 

Investors can buy the PMVVY plan in monthly, quarterly, half-yearly, and yearly payouts. They can purchase a scheme by depositing the price in a lump sum. Moreover, customers can select a purchase price or pension amount when they want to buy this plan. Knowing more about LIC Pradhan Mantri Vaya Vandana Yojana details online and other sources is wise before investing money. This, in turn, gives ways to ensure maximum profits that will help increase the cash flow. 

Is it wise to buy a PMVVY plan?

The PMVVY plan is suitable for senior citizens who are above 60 years. It offers several benefits to policyholders to ensure maximum protection from financial constraints. Apart from that, the plan comes with high-interest rates, thereby showing ways to generate high revenues after the completion of 10 years. Policy buyers should read the terms and conditions when buying the plan online. Since it is purely an investment scheme, policy buyers know how to invest money properly. Another thing is that it provides methods to focus more on the objectives after the retirement process, thereby helping to ensure financial stability in life.