Review of LIC Senior Citizen Pension Scheme

I recently started investing in LIC senior citizen pension plans. I decided to secure my post-retirement future with Pradhan Mantri Vaya Vandana Yojana. The plan pays a regular pension which is helping me to look after my day to day needs. By Mr. Mohan Lal Singh

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Pradhan Mantri Vaya Vandana Pension Yojana (PMVVY) is specially designed for individuals above the age of 60 and it is an effective long-term saving option that has an exquisite feature and offers unmatched security. This plan allows the policyholder to look after their day-to-day needs post their retirement and ensures stress-free life. Life Insurance Corporation of India is the administrator of PMVVY on behalf of the Government of India.

What is Pradhan Mantri Vaya Vandana Yojna (PMVVY)?

Pradhan Mantri Vaya Vandana Yojana is a pension scheme that is launched by the Government of India. The modified scheme includes pension rates and an extended period of sale for 3 years from the financial year 2020-21 up till 31st March 2023. The plan also offers a loan facility as well to look after the financial needs.

Under this plan, senior citizens can receive a minimum pension of Rs. 1,000 per month and a maximum pension of Rs. 10,000 per month based on the invested amount for the initial 10 years of the policy term.

Note: The plan was withdrawn by the company on 31.03.2023, and is no longer available for sale.

Key Features of LIC Senior Citizen Pension Scheme:

  • If the policyholder survives during the whole policy term, i.e., 10 years, pension at the termination of each period will be paid.

  • In case of the demise of the pensioner during the policy tenure of 10 years, the purchase price of the policy is refunded to the nominee of the policy.

  • In case the pensioner survives the entire 10 years of the policy then they receive the purchase price of the policy along with the final pension installments if any.

  • The Pradhan Mantri Vaya Vandana Yojna (PMVVY) also provides a loan facility after the policy completes 3 years. The pensioner can be granted a maximum loan of 75% of the purchased price. For the entire tenure of the loan, an interest rate is applicable per annum which is paid at periodic intervals.

  • The scheme can be purchased on a yearly, half-yearly, quarterly, or monthly basis as per one’s convenience .


Eligibility Criteria of Pradhan Mantri Vaya Vandana Yojana

Minimum: Maximum
Entry Age 60 years No Limit
Policy Tenure 10 years
Annuity Monthly: Rs. 1,000
Quarterly: Rs. 3,000
Half-yearly: Rs. 6,000
Yearly: Rs. 12,000
Monthly: Rs.9,250
Quarterly: Rs.27,750
Half-yearly: Rs.55,500
Yearly: Rs.1,11,000
Mode of Pension Payment Monthly, quarterly, half-yearly, or yearly

Benefits of Pradhan Mantri Vaya Vandana Yojna

  • Regular flow of income for ten years

    The policyholder will receive a regular flow of income at specified intervals.The policyholder can opt for monthly pension at a defined rate each month for ten years.

  • Death Benefit

    If the policyholder dies within the 10-year policy term, LIC will reimburse the purchase price to the nominee.

  • Maturity Benefit

    The purchase amount, along with the last pension installment, will be reimbursed if the insured person lives till the maturity of the policy's ten-year term.

  • Surrender Benefit

    This benefit may be used in unusual circumstances, such as when an insured person needs money for medical care due to a serious or fatal sickness. In such circumstances, the plan will offer Surrender Value which is around 98% of the original Buying Price.

  • Loan Facility

    The plan offers loan facility Benefits in case of financial emergency. The plan offers a maximum loan of 75% of the purchase price.

Summing it up

Pradhan Mantri Vaya Vandana Yojana is a government subsidized pension Scheme specially for senior citizens aged 60 years and above. The policy was recently withdrawn by the company, and is no longer available for sale.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL