Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension Application Form -LIC 842 Plan

October 1, 2020 | Last Modified: October 1, 2020 at 10:24 pm

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension plan has been announced by the Government of India  for senior citizens of 60 years and above. LIC Plan No. 842 can be purchased by paying a lump sum amount.This policy is government’s subsidized pension scheme which will avail guaranteed 8% return in monthly mode and 8.3 return in yearly mode.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY) provides pension payments of stated amount for the policy term of 10 year.There is a return of purchase price of plan at the end of 10 years under this LIC Pension Plan No. 842. The maximum amount which can be deposited in LIC Plan 842 is Rs. 15 lakh. The PMVVY Pension scheme can be purchased offline as well as online. PM Vaya Vandana Yojana pension payment modes are available monthly, quarterly, half-yerly and yearly.

The last date to apply online was 31st March 2019, but the central government will take further decision on extension of PMVVY scheme after COVID-19 lockdown is over. 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. The deposited amount along with last due pension will be returned to policy holder on completion of policy plan of 10 year. In death case of policy holder before completion of 10 years purchase price will be returned to policy holder`s nominee or legal heirs.

Apply Online for Pradhan Mantri Vaya Vandana Yojana (PMVVY)

The LIC Plan 842 is open for subscription from 4 May 2017 to 3 May 2018. The purchase of pension plans under Pradhan Mantri Vaya Vandana Yojana can be made through through LIC official website www.licindia.in. And to apply online for the PMVVY scheme benefits you can follow the step by step application procedure given below.

Step-1: Go to LIC official website at www.licindia.in

Step-2: Take your mouse to “Buy Online Policy” section and click on the “Pradhan Mantri Vaya Vandana Yojana” banner. And direct link is Here

Pradhan Mantri Vaya Vandna Yojana (PMVVY) Plan

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension Plan

Step-3: In newly appeared page you will see many option about the information of PMVVY scheme. Read all the related details and to online purchase PMVVY policy click on “Buy Online” button.

Step-4: Enter all the details correctly and click on “Get Access ID” button to receive a 9 Digit Access ID.

Step-5: After receiving access ID, enter is in the Access ID box and click “Proceed” button.

Step-6: After that you will be asked to fill more details and to choose the plans under PMVVY policy. And after completing that process do your payment and complete further steps to buy PMVVY policy online.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) LIC Plan 842 Parameters

The policy plan parameters of Pradhan Mantri Vaya Vandana Yojana Pension LIC Plan No.842 are as following :-

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan Parameter
Applicant Age at Entry 60 Years (Completed)
Applicant Maximum Age at Entry No Limit
Policy Term 10 Year (fixed)
Pension Receiving Mode Monthly, Quarterly, Half yearly or yearly

Download Pradhan Mantri Vaya Vandana Yojana (PMVVY) Pension LIC Plan 842 Application Form PDF

Central government has made Aadhar mandatory for subscribers of Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme for senior citizens. The notification date 23th December 2019 has been issued under Aadhaar (Targeted delivery of Finncial and other subsidies, Benefits and Services) Act, 2016. The procedure for application of Pradhan Mantri Vaya Vandana Yojana LIC pension scheme is given below.

  • Visit the official website of Life Insurance Corporation (LIC) https://licindia.in/
  • The home of the website will open then click at “Pradhan Mantri Vaya Vandana Yojana” under Buy policies online section
  • Direct link https://onlinesales.licindia.in/eSales/liconline;jsessionid=E6EBE8A22DBA673A4CCB67071BEDE6F3
  • Direct link to Download PMVVY Pension Scheme LIC Plan 842 Application Form PDF
    https://www.insurance21.in/downloads/pradhan-mantri-vaya-vandana-plan-842-form.pdf
  • The LIC Pension Plan No. 842 page for PM Vaya Vandana Yojana application form PDF download will appear
  • Select the Pradhan Mantri Vaya Vandana Yojana tab, click at the “Buy Online” option to open the application form for PMVVY Pension Scheme
  • Applicant can enter their personal details, E-mail, mobile phone number, date of birth, address, pin code and click at the “Get Access Id” button
  • Features of LIC Plan 842 Pradhan Mantri Vaya Vandana Yojana (PMVVY)

    There are the following important features and highlights of LIG Plan Numbers. 842 Pradhan Mantri Vaya Vadana Yojana :-

    Medical :- No medical examination is required.

    Surrender :- Premture exit is allowed during poclicy tern under exceptional circumstances like critical/ Terminal illness of self or spouse. Surrender value payable in such cases is 98% of the Purchase Price.

    LoanLoan is available under the policy after completion of 3 policy year. Maximum loan granted will be 75% of the purchase Price.

    Pradhan Mantri Vaya Vandna Yojana Plan 842 Pension Benefit

    Pensioner will receive pension amount as per selected mode. Pension will be available on Completion of selected mode for example, in case of monthly mode, pension will be paid on completion of month.

Mode Minimum Maximum
Amount Pension Amount Pension
Yearly 1,44,578 12,000 14,45,784 1,20,000
Half yearly 1,47,601 6,000 14,76,014 60,000
Quarterly 1,49,068 3,000 14,90,684 30,000
Monthly 1,50,000 1,000 15,00,000 10,000

Example of Pradhan Mantri Vaya Vandana Yojana (PMVVY) LIC Plan NO.842

An Example for Pradhan Mantri Vaya Vandana Yojana (PMVVY) LIC Plan no. 842 is given below:

As per example, pension scheme holder required to deposit on time lumpsum amount of 7,50,000 and monthly pension will credit in his/her account on completion of each month from date of purchase for next 10 years.

On completion of 10 years, 7,50,000 will be returned to policy holder.The will provide year wise pension details:-

Pradhan Mantri Vaya Vandana Yojana LIC Paln 843 Pension Scheme Details
Age Deposit Amount Monthly Pension Total Pension in a Year Return of Purchase Price
60 7,50,000 5000 6000 0
61 0 5000 6000 0
62 0 5000 6000 0
63 0 5000 6000 0
64 0 5000 6000 0
65 0 5000 6000 0
66 0 5000 6000 0
67 0 5000 6000 0
68 0 5000 6000 0
69 0 5000 6000 0
70 0 5000 6000 7,50,000

In case of policy holder death before the completion of 10 year purchase price of policy (Rs.7,50,000) will be returned to policy holder`s nominee or legal heirs.

Related Scheme: https://www.masterplansindia.com/atal-pension-yojana/