{"id":7799,"date":"2025-07-15T07:49:57","date_gmt":"2025-07-15T07:49:57","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?post_type=glossary&p=7799"},"modified":"2025-07-15T07:49:58","modified_gmt":"2025-07-15T07:49:58","slug":"pradhan-mantri-vaya-vandana-yojana-pmvvy","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/pradhan-mantri-vaya-vandana-yojana-pmvvy\/","title":{"rendered":"Pradhan Mantri Vaya Vandana Yojana (PMVVY)"},"content":{"rendered":"

The Pradhan Mantri Vaya Vandana Yojana (PMVVY)<\/a><\/strong> is a pension scheme for senior citizens<\/strong>. It’s designed by the Government of India and run by the Life Insurance Corporation (LIC)<\/strong>.<\/p>\n\n\n\n

Think of it like this:
It’s a safe government-backed plan that guarantees regular monthly, quarterly, or yearly income<\/strong> for people aged 60 and above.<\/p>\n\n\n\n

Key Features of PMVVY<\/h2>\n\n\n\n
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  1. For Senior Citizens Only<\/strong>: Anyone aged 60 years or more<\/strong> can apply.<\/li>\n\n\n\n
  2. Guaranteed Pension<\/strong>: Fixed pension returns for 10 years<\/strong>.<\/li>\n\n\n\n
  3. Choice of Payment<\/strong>: You can choose to receive pension monthly, quarterly, half-yearly, or yearly<\/strong>.<\/li>\n\n\n\n
  4. Investment Limit<\/strong>: You can invest up to ₹15 lakh<\/strong> per person.<\/li>\n\n\n\n
  5. Interest Rate<\/strong>: The scheme offers a guaranteed return<\/strong>, typically around 7.4% per year<\/strong>, depending on when you invest.<\/li>\n\n\n\n
  6. Maturity Period<\/strong>: The scheme runs for 10 years<\/strong>. At the end, you get back your full investment.<\/li>\n\n\n\n
  7. Early Exit Option<\/strong>: Allowed only for medical emergencies (with 98% refund).<\/li>\n\n\n\n
  8. No Market Risk<\/strong>: Your money and returns are safe and fixed<\/strong>—not affected by the stock market.<\/li>\n<\/ol>\n\n\n\n

    Who Can Apply? (Eligibility)<\/h2>\n\n\n\n