Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana, 2020 Modified, is a non-participating, non-linked pension scheme subsidized by the Government of India. The government of India has brought up this Pradhan Mantri Vaya Vandana Yojana, which includes a modified pension rate under this policy and an extended period of sale of this policy for a further time of 3 years from the Financial Year 2021-21, up till 31st March of 2023.

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According to the terms and conditions under the Pradhan Mantri Vaya Vandana Yojana plan, assured rates of pension policies sold during a year would be reviewed and decided at the starting of every year by the Finance Minister of the Indian Government for the 1st financial year.

Benefits of the Pradhan Mantri Vaya Vandana Yojana Policy

Pradhan Mantri Vaya Vandana Yojana Policy comes packed with the following benefits:

  • Pension Payment: Upon survival of the assured life during the plan term of 10 years, pension at the termination of each period as per the mode chosen should be payable.
  • Death Benefit: In case of unfortunate death of the insured individual during the policy tenure of 10 years, the total Purchase Price should be refunded to the nominee or beneficiary.
  • Maturity Benefit: On survival of the insured individual to the very end of the policy tenure of 10 years, the Purchase price, including the final pension installment, should be payable.
  • Surrender benefit: The policy allows a premature exit during the policy tenure under exceptional events like the assured life requiring money for the certain treatment of a critical/terminal illness of the self or spouse. The S.V (Surrender Value) payable in such scenarios should be 98% of the original Purchase Price.
  • Loan benefits: A loan facility is provided in this plan and could be availed after the completion of three policy years. The maximum loan which can be given is 75% of the Purchase Price. The interest rate to be charged for the loan sum should be considered at periodic intervals.
  • Tax benefits: One can avail of the income tax benefits on premium, which is already paid, and the eligible benefits would be as per the existing income tax laws.

* Tax benefits are subjected to certain changes in the tax laws

Eligibility for Pradhan Mantri Vaya Vandana Yojana



Policy Tenure

10 years

Premium Paying Term

10 years

Premium Paying Mode

Yearly, Semi-Annually, Quarterly, and Monthly.

Entry Age

60 with no upper.

Maturity Age

70 to 10 years after the entry age.

Grace Period

30 days.

Sum Assured

A maximum pension of ₹1,11,000/ can be availed


The loan can be availed under this plan.

The Premiums for Pradhan Mantri Vaya Vandana Yojana Insurance

The Pradhan Mantri Vaya Vandana Yojana premium should be through NEFT or the Aadhaar Enabled Payment Gateway. The purchase of the plan under this Government of India subsidized plan requires a unique Aadhaar number for validation. The first instalment of the plan premium should be paid after a year, six months, three months, or a month from the purchase of the same. It also depends on the premium payment mode, i.e., annually, half-yearly, quarterly, or monthly.

The total amount of the purchase price, premiums pre-decided, would be considered, and all the conditions under this plan and all the plans taken under the Pradhan Mantri Vaya Vandana Yojana, allowed to a senior citizen should not exceed ₹15 lakhs. One can also use the Pradhan Mantri Vaya Vandana Yojana Calculator to calculate the premium.

Additional Riders for Pradhan Mantri Vaya Vandana Yojana Plan

One can choose Pradhan Mantri Vaya Vandana Yojana Rider as an extra add-on option to the base Plan to gain additional benefits; these are:

  • Term Assurance Rider
  • Accidental Death
  • Disability Benefit Rider
  • Critical illness rider

What are the documents required to buy this policy?

One is advised to keep the mentioned documents ready to buy Pradhan Mantri Vaya Vandana Yojana:

  • Identification purposes: Passport, Aadhar card, Birth certificate, driving license, Voter ID card, Ration card, etc.
  • For address verification: Above mentioned documents, Gas bill, Electricity bill, maintenance bill, etc.
  • Income tax statements, Bank statements, photographs, Credit scores, etc., may also be needed.

How to buy this plan online?

Pradhan Mantri Vaya Vandana Yojana could be purchased both offline as well as online. One should also make sure to read the Pradhan Mantri Vaya Vandana Yojana reviews before buying this plan. The policy can be purchased by payment of lump-sum Purchase Price. The insured individual can opt for either the amount of pension or the existing Purchase Price.

Exclusions of Pradhan Mantri Vaya Vandana Yojana Plan

This policy shall be void if the Life Assured commits suicide, any time within 12 months, starting from the date of enforcement of risk of the policy. The Corporation would not entertain any claim within this policy except to the assured 80% of the premiums, which are already paid; this would exclude any taxes, extra premiums, or rider premiums (in case it exists), conditioned that the policy is still in Action.

Pradhan Mantri Vaya Vandana Yojana – FAQs

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