PM Vaya Vandana Yojana 2024 Apply Online | LIC 856 Plan (PMVVY) Form Download PDF / Premium Calculator at licindia.in

LIC Plan Number 856 or Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme has been withdrawn from 31 March 2023. Now new application forms are not invited at licindia.in. However, those who have earlier purchased the scheme will continue to get its benefits for their full 10 years duration. As announced by the central government, all the elderly citizens above 60 years of age will get 7.4% fixed pension on lumpsum payment. People can now not buy LIC Plan No. 856 - PMVVY pension scheme (earlier LIC 842 plan) online at the official website.

Date of Launch : 26.05.2020
Date of Withdrawn : 31.03.2023

No new Vaya Vandana Yojana registrations are invited for the year 2024. 

 

What is PM Vaya Vandana Yojana 2024

PM Vaya Vandana Yojana provides an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023. For the year 2024 and upcoming years, each beneficiary will continue getting fixed interest on their lumpsum deposited amount. The maximum amount which was allowed to be deposited in LIC 856 Plan was Rs. 15 lakh.  LIC of India was given the sole privilege to operate this scheme. This scheme was to be purchased offline as well as online. To purchase this scheme online, one had to log on to website licindia.in.

 The last date to apply online for LIC 856 PMVVY scheme was 31 March 2023. Previously this scheme was called as Varishtha Pension Bima Yojana which is later changed to प्रधानमंत्री वय वन्दना योजना. The minimum amount to be deposited is Rs. 1.5 lakh while policy term is 10 years.

LIC 842 or 856 Plan - PMVVY Scheme Detailed Guidelines

As per the scheme, on payment of an initial lump sum amount ranging from a minimum purchase price of Rs. 1,50,000/- for a minimum pension of Rs. 1000/- per month to a maximum purchase price of Rs. 15,00,000/- for maximum pension of Rs. 10,000/- per month, subscribers will get an assured pension based on a guaranteed rate of return of 8% per annum, payable monthly. The LIC 842 or 856 Plan - PMVVY Pension Scheme guidelines can be checked using the link below:-https://licindia.in/documents/20121/603813/Final-Policy-Document_PMVVY-15-06-2020+%281%29.pdf/b4c8e990-1bf8-b6b1-8782-2cd3a9318e59?t=1686210257101
Pension payment modes available for PMVVY scheme are monthly, quarterly, half-yearly and yearly.

LIC Plan 856 - PMVVY Pension Scheme Features

The important features and highlights of LIC Plan Number 856 are as follows:-

Medical	No medical examination is required to buy LIC 856 pension plan.
Surrender Value	Premature exit is allowed during policy term under exceptional circumstances like Critical/Terminal illness of self or spouse. Surrender Value payable in such cases is 98% of the Purchase Price.
Loan	Loan is available under the policy after completion of 3 policy years. Maximum loan granted will be 75% of the purchase price.

LIC 856 Plan - PM Vaya Vandana Yojana Pension Options

Here are the minimum and maximum purchase price under different modes of pension for PM Vaya Vandana Yojana:-

PMVVY Minimum Purchase Price

Mode of Pension	Minimum Purchase Price	Corresponding Pension Amount
Yearly	1,56,658	12,000 per annum
Half-Yearly	1,59,574	6,000 half year
Quarterly	1,61,074	3,000 per qtr
Monthly	1,62,162	1,000 per month

PMVVY Maximum Purchase Price

Mode of Pension	Maximum Purchase Price	Corresponding Pension Amount
Yearly	14,49,086	1,11,000 per annum
Half-Yearly	14,76,064	55,500 half year
Quarterly	14,89,933	27,750 per qtr
Monthly	15,00,000	9,250 per month

LIC Plan 856 - PMVVY Pension Rate on Purchase Price

The various modes of pension effective pension rate per annum for Rs. 1000 purchase price are as follows:-

Yearly	76.60 p.a
Half-Yearly	75.20 p.a
Quarterly	74.50 p.a
Monthly	74.00 p.a

LIC 856 Plan (PMVVY Pension) Online Registration Form 

**Earlier Update*** LIC 856 प्लान - प्रधानमंत्री वाया वंदना योजना (PMVVY) एप्लीकेशन फॉर्म PDF डाउनलोड licindia.in पर, ख़रीदे LIC प्लान नंबर 856 ऑनलाइन, 60 साल की उम्र के पश्चात सभी बुजुर्गो को मिलेगी फिक्स्ड पेंशन, PMVVY पॉलिसी लेने के लिए आधार कार्ड अब होगा जरुरी. Here is the complete procedure to buy LIC Pension Plan No. 856 for Pradhan Mantri Vaya Vandana Yojana:-

• Firstly visit the official Life Insurance Corporation website at https://www.licindia.in/
• On the homepage, click at the "Click here" under "Buy online policies" or https://licindia.in/Home/buypoliciesonline

• Then buy online PMVVY policy page will open.

• Then page to apply online for LIC PM Vaya Vandana Yojana will open.

• Next click at "Click to Buy Online" link, then you will see list of documents required. 
• Then keep your documents ready and click at "Proceed" button.
• Next PM Vaya Vandana Yojana online registration form will open.

• Enter first name, middle name, last name, date of birth, mobile number, email ID, select nearest city, enter captcha and click at "Proceed" button.

List of Documents to Apply Online for PM Vaya Vandana Yojana

• Photograph
• Signature
• Address Proof (Click to see list of eligible documents)
• Income Proof (Click to see list of eligible documents)
• PAN Card
• Self Cancelled Cheque

Alternate Process to Fill PMVVY Application Form

• You can also click at direct link to fill PMVVY application form - https://digisales.licindia.in/eSales/liconline
• Go to "Pension" tab to open LIC 856 Plan page for PMVVY Pension scheme buy online page will appear as displayed here:-

• Then click at the "PMVVY Buy Online" tab. 
• Then page to apply online for LIC PM Vaya Vandana Yojana will open.

Next click at "Click to Buy Online" link, then you will see list of documents required.
Then keep your documents ready and click at "Proceed" button.
Next PM Vaya Vandana Yojana online registration form will open.

• Enter first name, middle name, last name, date of birth, mobile number, email ID, select nearest city, enter captcha and click at "Proceed" button.
• Here candidates can enter their personal details, e-mail, mobile phone number, date of birth and click at the "Calculate Premium" button button to get access identity. Then the new window will appear:-

• Here enter the access ID and enter OTP sent on your registered mobile number. Then enter the details asked regarding to UIN 512G336V01. Finally, LIC 856 Plan PMVVY Form Download PDF will appear as shown below:-

• Then enter the complete details which is asked to complete the PMVVY online application process.

Aadhar Mandatory for LIC 856 PMVVY Pension Plan

The notification dated 23 December 2019 has been issued under Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016. This release stated that aadhaar number is compulsory for purchasing LIC 856 pension plan by senior citizens.

PMVVY Scheme protects elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions. This PM Vaya Vandana Yojana will provide social security during old age as this is simplified scheme of assured pension of 7.4% p.a.