PMVVY – Best Pension Scheme for Senior Citizens 2026
Pradhan Mantri Vaya Vandana Yojana (PMVVY), managed by LIC as Plan 842, is a government-backed pension scheme specifically designed for senior citizens aged 60 and above. It offers a guaranteed 7.4% annuity rate — regardless of your age within 60-79.
Key Features
- For: Senior citizens aged 60-79 years
- Guaranteed annuity rate: 7.4% per year
- Maximum investment: ₹15,00,000
- Government of India backed (sovereign guarantee)
- Available ONLY through LIC
Pension Amounts
| Investment | Monthly Pension | Yearly Pension |
|---|---|---|
| ₹1,62,162 | ₹1,000 | ₹12,000 |
| ₹5,00,000 | ₹3,083 | ₹37,000 |
| ₹10,00,000 | ₹6,167 | ₹74,000 |
| ₹15,00,000 | ₹9,250 | ₹1,11,000 |
Death Benefit
On death of the pensioner: Full purchase price (investment amount) is returned to the nominee. So your family gets back the entire investment — 100% return!
Loan Facility
After 3 years, you can take a loan of up to 75% of the purchase price. This provides liquidity in medical emergencies without surrendering the scheme.
PMVVY vs Bank FD
- PMVVY: 7.4% guaranteed + sovereign backing + death benefit
- Bank FD (senior): 6.5-7.5% — varies, no death benefit, renews at market rates
PMVVY wins on stability and death benefit. Calculate your pension with our PMVVY calculator.
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