LIC Plan Number 856 - Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme application form PDF download at licindia.in. It is important to note that aadhar card is now mandatory for PMVVY subscription for senior citizens pension scheme. 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 buy LIC Plan No. 856 - PMVVY pension scheme (earlier LIC 842 plan) online at the official website. 

What is PM Vaya Vandana Yojana 2023

For Financial Year 2022-2023, the Scheme shall provide 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." The maximum amount which can be deposited in LIC 856 Plan is Rs. 15 lakh.  LIC of India has been given the sole privilege to operate this scheme. This scheme can be purchased offline as well as online. To purchase this scheme online please log on to website licindia.in.
 The last date to apply online for LIC 856 PMVVY scheme is 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 856 Plan (PMVVY Pension) Online Registration Form 

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:-
  • 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

Please keep the following documents ready for upload before proceeding to apply online for PMVVY:-
  • 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

  • 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.

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://www.licindia.in/Products/Pension-Plans/Pradhan-Mantri-Vaya-Vandana-Yojana 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:-
MedicalNo medical examination is required to buy LIC 856 pension plan.
Surrender ValuePremature 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.
LoanLoan 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 PensionMinimum Purchase PriceCorresponding Pension Amount
Yearly1,56,65812,000 per annum
Half-Yearly1,59,5746,000 half year
Quarterly1,61,0743,000 per qtr
Monthly1,62,1621,000 per month

PMVVY Maximum Purchase Price

Mode of PensionMaximum Purchase PriceCorresponding Pension Amount
Yearly14,49,0861,11,000 per annum
Half-Yearly14,76,06455,500 half year
Quarterly14,89,93327,750 per qtr
Monthly15,00,0009,250 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:-
Yearly76.60 p.a
Half-Yearly75.20 p.a
Quarterly74.50 p.a
Monthly74.00 p.a

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.