8 Things To Know About Pradhan Mantri Vaya Vandana Yojana

Outlook Money

Retirement Planning

The PMVVY plan is provided by the Life Insurance Corporation (LIC) of India for post-retirement financial planning. 


The scheme offers an assured return of 7.40 per cent per annum, reset annually.

Return on investment


The policyholder can receive the pension in monthly, quarterly, half-yearly and yearly modes till the policy ends.

Maturity Benefit

The policyholder will receive the purchase price in a lump sum at the end of the policy term.

Maturity Period

Death Benefit

The beneficiary will receive the full purchase price if the pensioner passes away before the policy term expires.

Benefits payed on Death

Surrender Value

A 2 per cent penalty will be levied on the total deposits in case of premature exit; the rest will be returned to the policyholder.

Premature Exit

Free-Look Period

PMVVY provides a 15-day free-look period, during which the policyholder can unsubscribe from the scheme without any penalty.

Free Lock-In Period

Pension Amount

PMVVY provides a minimum monthly pension of Rs 1,000 and a maximum of Rs 1.1 lakh, depending on the purchasing price.

Compiled By Himani Verma

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