What is the minimum entry age for PMVVY?

The minimum entry age for LIC PMVVY is 60 years and maximum entry age is 79 years.

What is the minimum Sum Assured for LIC Plan 842?

The minimum Sum Assured for LIC PMVVY (Plan 842) is Rs.162,162. This is a pension/annuity plan.

Is there GST on LIC PMVVY?

No. From September 22, 2025, GST on LIC PMVVY and all individual LIC policies is 0%. This saves you significant money annually. Earlier, endowment plans had 4.5% GST and term plans had 18% GST.

Can I take a loan against LIC PMVVY policy?

Loan facility depends on the plan type. Contact your nearest LIC branch or visit licindia.in for details.

How to calculate premium for LIC PMVVY?

Use our free LIC Premium Calculator on this site to instantly calculate the exact premium for LIC PMVVY (Plan 842) based on your age, sum assured, policy term and payment frequency. All calculations use official LIC tabular rates with 0% GST.

LIC PMVVY Plan 842 2026 – Features, Benefits, Eligibility & Premium Calculator

About PMVVY

Pradhan Mantri Vaya Vandana Yojana (PMVVY) Plan 842 is a government-backed pension scheme for senior citizens aged 60 years and above. It offers a guaranteed 7.4% annuity rate regardless of age, making it a fixed-income scheme with sovereign guarantee.

Key Features

Government of India backed (sovereign guarantee)

Fixed 7.4% annuity rate for ALL ages (60-79)

Max investment: ₹15 Lakhs per senior citizen

Pension paid monthly, quarterly, half-yearly, or yearly

Return of purchase price on death

Available only through LIC

Policy Benefits

Guaranteed pension: 7.4% on purchase price per year

Death benefit: 100% purchase price returned to nominee

Loan after 3 policy years: Up to 75% of purchase price

Tax: 80C for purchase (up to ₹1.5L limit)

Eligibility & Terms

Min Entry Age 60 years

Max Entry Age 79 years

Min Purchase Price ₹1,62,162 (for ₹1000/month pension)

Max Purchase Price ₹15,00,000 (for ₹9,250/month pension)

Government of India scheme via LIC

Annuity Rates by Age

% of Purchase Price per year

Age 60

7.4%

per year

Age 65

7.4%

per year

Age 70

7.4%

per year

Age 75

7.4%

per year

Age 79

7.4%

per year

Example: Age 60, Purchase Price ₹10L → Annual Pension = ₹83,000 (₹6,917/month)

Who Should Buy This Plan?

Senior citizens (60+) wanting guaranteed, government-backed monthly pension.

Frequently Asked Questions

Minimum entry age is 60 years and maximum entry age is 79 years.

No! From September 22, 2025, GST on all individual LIC policies including PMVVY is 0%. Earlier, endowment plans had 4.5% GST and term plans had 18% GST. This saves you significantly — for example, ₹10L SA endowment saves ₹2,688/yr.

Use our free LIC Calculator on this site. Select Plan 842, enter your age, sum assured and policy term — get instant accurate premium using LIC official tabular rates. The calculator includes all rebates and 2025-26 bonus slabs.

Surrender is available after 3 full years of premium payment. You receive the higher of Guaranteed Surrender Value (30%-90% of premiums paid) or Special Surrender Value. However, surrendering early results in significant loss. Consider a policy loan at 10% instead.

You need: (1) Identity proof — Aadhaar/PAN/Passport, (2) Address proof — Aadhaar/Utility bill, (3) Age proof — Birth certificate/School certificate, (4) Income proof for high SA — Salary slip/ITR, (5) Passport-size photographs, (6) Filled proposal form from LIC branch or online.

Annuity = Purchase Price × Annuity Rate ÷ 100. For example, at age 60 with Purchase Price of ₹10 Lakhs and annuity rate 8.3%, annual pension = ₹83,000 (₹6,917/month). Higher age = higher rate. Use our calculator to see exact pension for your age.

Related Pension Plans

Plan 850

Jeevan Shanti

Single Premium Annuity — Guaranteed Pension for Life

Plan 858

Saral Pension

Standard Annuity — Simple Guaranteed Lifetime Pension

Plan 842 Quick Info

Min Age

60 yr

Max Age

79 yr