|Launch Date||4 May 2017|
Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension plan provides immediate pension for senior citizens of 60 years and above. LIC Plan 842 can be purchased by paying a lumpsum amount to provide for pension payments of stated amount for the policy term of 10 years. There is a return of purchase price at the end of 10 years. Pension payment modes available for PMVVY scheme are monthly, quarterly, half-yearly and yearly. PMVVY Pension would be paid at the end of each period as per payment mode chosen starts as early as next month if monthly mode is chosen. On the death of the pensioner at any time during the term of 10 years, the purchase price will be refunded to the legal heirs/nominees.