Eligibility of Pradhan Mantri Vaya Vandana Yojana

The following conditions must be fulfilled by a person in order to become eligible for availing the benefits of Pradhan Mantri Vaya Vandana Yojana:

• Minimum Age: The age of the person must be of 60 years or above.
• Maximum Age: There is no maximum age limit for availing of the policy
• Duration: The duration of the policy is 10 years.
• Maximum investment amount: Minimum investment required is ₹15 lakhs per person.
• Minimum Pension: The minimum pension required is ₹1000 per month and cannot exceed ₹10000 per month. Also, the minimum pension is ₹3000 quarterly, ₹6000 half-yearly and ₹12000 yearly or annually.
• Maximum Pension Amount: The maximum pension that can be earned is ₹10000 monthly, ₹30000 quarterly, ₹60000 half-yearly and ₹120000 annually.

When deciding the maximum pension amount, the complete family of the pensioner is considered that comprises of the beneficiary, his/ her dependents and spouse.

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.