Calculation of the Benefits under PMVVY
Let us consider the benefits for a purchase price of ₹156658 under various payment modes. The pension amount for the amount under various modes is as follows:
- Monthly: ₹1044 p.a.
- Quarterly: ₹3153 p.a.
- Half-yearly: ₹6352 p.a.
- Yearly: ₹13003 p.a.
These values are calculated considering the age of pensioner as 60 years and may vary according to the age of the person.
These benefits are for the old scheme. The scheme was modified in March 2020. Let us see the benefits under the modified scheme.
Pension Mode | Minimum Investment Amount | Pension Amount | Maximum Investment Amount | Pension Amount |
Monthly |
162161 |
1000 |
1500000 |
9250 |
Quarterly |
161074 |
3000 |
1489993 |
27751 |
Half-yearly |
159574 |
6000 |
1476064 |
55500 |
Yearly |
156658 |
12000 |
1449086 |
111000 |
Note that the pension amount has been calculated on the basis of the maximum and the minimum amounts for various pension modes.
What Is PM Vaya Vandana Yojana?
The Government of India has introduced the new pension scheme called PM Vaya Vandana Yojana (PMVVY) after the success of Varishtha Pension Bima Yojana 2003 and Varishtha Pension Bima Yojana 2014. The main goal of the scheme is to provide the elderly with a regular pension during a time of falling interest rates so that can secure their future. PMVVY can be activated from 4 May 2017 to 31 March 2020. LIC has been chosen to implement the scheme and issue policies. Let us discuss about PMVVY in detail. This scheme has now been further extended for a period of 3 years and the time period for the policy activation is 3 years i.e. upto March 2023.
Contact Us