How to manage PMVVY (and what replaced it) — complete 2026 guide

About 8 lakh senior citizens were enrolled in PMVVY when it closed in March 2023, with a total subscription of around ₹95,000 crore managed by LIC of India (LIC Annual Report 2023-24). All these policies continue till their respective maturity dates — the last cohort matures in March 2033.

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens, notified by the Ministry of Finance on 4 May 2017 and operated exclusively by LIC of India under the LIC Act 1956 and IRDAI guidelines. It provides:

• Guaranteed pension at a rate fixed at the time of subscription (varied year to year — final cohort got 7.4% per annum) for a 10-year tenure.
• Pension payable monthly / quarterly / half-yearly / annually at the policyholder's choice.
• Maximum corpus per senior citizen: ₹15 lakh (per individual; a couple can invest ₹15 lakh each = ₹30 lakh combined).
• Loan up to 75% of corpus after 3 years at the prevailing rate (currently ~9.5% p.a.).
• On the death of the pensioner, the corpus is returned to the nominee. On survival to maturity, the corpus + final pension instalment is returned to the pensioner.

Important — 2026 status: PMVVY was closed for fresh enrolments on 31 March 2023 by Notification of MoF. Existing policyholders are unaffected and continue to draw pension at the locked-in 7.4% rate till their respective 10-year tenures end. No new policy can be issued today.

• Your pension continues to be credited on the chosen frequency (monthly / quarterly / half-yearly / annually) on the policy anniversary date of each cycle.
• The pension rate is locked at 7.4% p.a. (or whatever rate was applicable on your purchase date — verify on your policy bond).
• On maturity (10 years from purchase), the corpus + final instalment is paid back.
• On death of the pensioner during the tenure, the purchase price (corpus) is paid back to the nominee.

• Login to https://licindia.in customer portal with your policy number + DOB.
• “My Policies” → select PMVVY policy → “Premium / Pension Statement” → confirms each pension credit.
• Cross-check with your bank passbook every cycle.

• IRDAI requires re-KYC every 3 years (sometimes earlier on policy anniversary).
• Visit your LIC branch (the issuing branch is preferred but any LIC branch works) with: original policy bond, Aadhaar, PAN, latest bank passbook.
• Re-KYC is now mostly digital — the branch staff scan the documents and update on the LIC server.

• If your bank merged (e.g., Vijaya/Dena/Allahabad/OBC/HDFC-HDFC Bank, etc.) or you closed the old account, your pension will fail to land.
• Visit LIC branch with: filled NEFT mandate form (Form 3756 or equivalent), original cancelled cheque of new bank, original policy bond, ID proof.
• The change is effective from the next pension cycle (1-2 cycles for full propagation).

• Available after 3 years from policy commencement.
• Maximum loan: 75% of purchase price.
• Interest rate: prevailing LIC policy loan rate, ~9.5% p.a. (revised periodically).
• Apply at branch with: filled loan form + policy bond + ID + bank cheque.
• Loan is disbursed in 7-15 days. Loan + interest can be repaid anytime; if outstanding at death/maturity, it is deducted from the corpus payout.

• File Form 3756 (Nomination form) at LIC branch with new nominee's ID proof and your policy bond.
• Take an acknowledgement copy with branch stamp.
• Effective immediately on registration.

• File Form 3781 (Duplicate Policy Bond) at LIC branch.
• Submit: written application + indemnity bond on stamp paper + ID proof + the loss-affidavit (if value > ₹5 lakh).
• Fee: ~₹200 + stamp duty.
• Duplicate issued in 30-45 days.

• LIC sends a maturity intimation 3 months before maturity date.
• File the maturity discharge form + original policy bond + cancelled cheque.
• Corpus + final pension instalment is credited within 30 days of submission.

• Nominee files death claim form at any LIC branch.
• Documents: original death certificate (Municipal Corporation), policy bond, nominee KYC, bank cancelled cheque, age proof of pensioner.
• Corpus is paid to nominee within 30-60 days. See the dedicated guide File LIC death / maturity claim.

PMVVY is shut. For a new senior (60+) seeking similar guaranteed income, the practical alternatives in 2026 are:

• Government-of-India-backed savings scheme, run by post offices and authorised banks.
• Interest: 8.2% p.a. for Q1 FY26 (revised quarterly by MoF) — paid quarterly to bank account.
• Tenure: 5 years (extendable by 3 years one-time).
• Maximum corpus: ₹30 lakh per senior citizen (limit raised in Budget 2023).
• Tax: interest is taxable; principal qualifies for §80C deduction up to ₹1.5 lakh.
• Open at any post office or authorised bank (SBI, PNB, BoB, Canara, etc.).
• Detailed guide: Open SCSS Senior Citizen Savings Scheme.

• Lifetime annuity plan (continues till death of pensioner; corpus returned to nominee on death).
• Available from age 40 onwards (so well within senior age range).
• Annuity rate: 6.8-7.5% p.a. depending on age at entry and option chosen (single life with corpus return is the most popular).
• Minimum purchase price: ₹2 lakh. No maximum cap.
• Buy at any LIC branch or licindia.in.
• Tax: annuity is taxable as “Income from Other Sources” but the corpus return at death to nominee is exempt.

• Market-linked pension product regulated by PFRDA.
• Returns: 8-12% historical (not guaranteed).
• Tax benefit: §80CCD(1B) — additional ₹50,000 deduction over and above §80C ₹1.5 lakh.
• On exit (after 60), 60% of corpus is tax-free lump sum, 40% must be used for annuity.
• For seniors, NPS Tier I is good for the tax benefit but less suited for “guaranteed income” — pair it with SCSS for stability.

• ₹30 lakh in SCSS → guaranteed 8.2% p.a. quarterly, max protection
• ₹15 lakh in LIC Saral Pension → guaranteed lifetime annuity ~7% p.a. monthly
• ₹5-10 lakh in NPS Tier I → tax break + market upside
• Emergency cash in savings + a small term deposit
• PMSBY + PMJJBY for low-cost insurance ₹4 lakh cover at ₹456/year — see Apply PMSBY + PMJJBY

+--------------------------------+-------------------------------------+
| Pension rate (locked at        | 7.4% p.a. (final cohort) — verify   |
| purchase, varies by cohort)    | on your policy bond                 |
+--------------------------------+-------------------------------------+
| Tenure                         | 10 years                            |
+--------------------------------+-------------------------------------+
| Maximum purchase price         | ₹15 lakh per senior citizen         |
+--------------------------------+-------------------------------------+
| Pension frequency choices      | Monthly / Quarterly / Half-yearly / |
|                                | Annually                            |
+--------------------------------+-------------------------------------+
| Loan eligibility               | After 3 years; up to 75% of corpus  |
| Loan interest rate             | ~9.5% p.a. (LIC's prevailing rate)  |
+--------------------------------+-------------------------------------+
| Surrender (early exit)         | Allowed after 3 years for self /    |
|                                | spouse critical illness — surrender |
|                                | value ~98% of purchase price        |
+--------------------------------+-------------------------------------+
| At maturity (10 years)         | Corpus + final pension returned     |
+--------------------------------+-------------------------------------+
| At death during tenure         | Corpus paid to nominee              |
+--------------------------------+-------------------------------------+
| Nominee change form (Form 3756)| ~₹50 stamp duty (state-dependent)   |
+--------------------------------+-------------------------------------+
| Duplicate policy bond          | ~₹200 + stamp                       |
+--------------------------------+-------------------------------------+
| RTI to PIO LIC                 | ₹10 by IPO. BPL = free.             |
+--------------------------------+-------------------------------------+

• Pension not credited on schedule — usually a bank-side issue: closed account, IFSC change after merger, wrong NEFT mandate. Walk into LIC branch with new cancelled cheque + Form 3756.
• KYC not updated — LIC requires re-KYC every 3 years. Pension is not credited until KYC is current.
• Policy bond lost — needed for any servicing transaction. Apply for a duplicate (Form 3781) with indemnity.
• Spousal continuation confusion — PMVVY is a single-life policy. If the policyholder dies, corpus goes to nominee — there is no automatic spouse pension continuation like in some old LIC products. The nominee can reinvest the corpus but pension as a “joint life” doesn't apply.
• Loan amount calculation dispute — the 75% of corpus formula can vary if interest has accrued; LIC's quote may differ from your expectation. Ask for the workings in writing.
• Maturity discharge delay — if the maturity falls on a Sunday/holiday, processing can take 5-10 extra days. File the discharge form 30 days before maturity to be safe.
• TDS deducted on pension — pension is taxable; LIC deducts TDS at 5% if cumulative pension in the year exceeds ₹2.5 lakh (basic exemption). For senior citizens above 60, the limit is higher (₹3 lakh). Check your Form 26AS.

• Walk into the branch with policy bond + ID. Meet the Senior Branch Manager for any service issue.
• Best for: NEFT mandate change, KYC update, loan, nominee change, duplicate bond, maturity discharge.

• Phone: 022-6827-6827.
• SMS: “LICHELP <policy number>” to 9222492224.
• Email: co_crmgrv@licindia.com.
• Best for: status check, formal complaint registration with a ticket number.

• https://licindia.in → “Customer Service” → “Grievance Redressal”.
• Register with policy number; submit grievance with documents.
• SLA: 14 days.

• https://bimabharosa.irdai.gov.in — IRDAI's integrated grievance portal.
• Register and log a complaint against LIC; IRDAI tracks insurer's response with a 14-day SLA.

• https://www.cioins.co.in — 17 Insurance Ombudsmen across India by region.
• Eligible if claim/dispute < ₹50 lakh AND at least 30 days have passed since insurer's reply.
• No fee; binding award up to ₹30 lakh.

• https://pgportal.gov.in → Ministry “Finance” → “Department of Financial Services” → category “Life Insurance / LIC”.

LIC of India is a public authority under §2(h) of the RTI Act 2005, as conclusively held by the Supreme Court in Reserve Bank of India v. Jayantilal N. Mistry (2015) 12 SCC 38. Every LIC Zonal Office and the LIC Central Office at Yogakshema, Mumbai have a designated PIO.

RTI helps here when:

• Pension hasn't been credited for 2+ months and Customer Care has been silent — RTI to PIO LIC for the NEFT log + dealing officer's name.
• Loan amount sanctioned is lower than expected — RTI for the calculation sheet showing how 75% of corpus was computed.
• KYC was submitted 60 days ago but pension is still on hold — RTI for the KYC update log + officer responsible for delay.
• Maturity payout was less than expected — RTI for the break-up of corpus + final instalment + any TDS deducted.
• You want to confirm if your policy bond on LIC's records matches the bond in your hand — RTI for a certified true copy of the policy bond as held by LIC.

See the dedicated guide: RTI for LIC policy grievance — copy-ready template.

RTI does NOT help here when:

• You want to enrol in a new PMVVY — the scheme is closed since 31 March 2023; no PIO can re-open it.
• You want a higher pension rate than 7.4% — the rate is locked at purchase; RTI cannot revise it.
• You want to convert PMVVY into a joint-life with spouse mid-tenure — not allowed under scheme rules; RTI can confirm the rule but not change it.
• You want LIC to refund the TDS deducted from your pension — TDS is governed by the Income Tax Act, not LIC. Refund through ITR filing — see File ITR online.
• You want the Insurance Ombudsman award enforced faster — ombudsman awards are binding on insurer; if LIC delays, file a contempt application before the ombudsman, not an RTI.

Q. I bought PMVVY in 2018 at 8% p.a. Why is the 2022 cohort at 7.4%?
The pension rate was revised every fiscal year based on the prevailing 10-year G-sec yield. 2017-18: 8.0%; 2019-20: 8.0%; 2020-21: 7.4%; 2021-22 to 2022-23: 7.4%. Your locked-in rate is whatever was current on your purchase date — see your policy bond.

Q. Can I purchase PMVVY in 2026?
No — the scheme is closed for fresh enrolments since 31 March 2023. Use SCSS + LIC Saral Pension instead.

Q. My husband died — he was the PMVVY pensioner. Now what?
Pension stops on the date of death. As nominee, file the death claim at any LIC branch with original death certificate + policy bond + your KYC + cancelled cheque. The corpus (₹15 lakh or whatever was the purchase price) is paid to you within 30-60 days. You may then reinvest in SCSS / Saral Pension in your own name.

Q. I want to surrender PMVVY before 10 years. Can I?
Surrender is allowed only for critical illness of self or spouse (defined list of illnesses). Surrender value ~98% of purchase price. Otherwise the policy must run the full 10 years.

Q. Can I gift my PMVVY pension credit account to my son?
The pension credit must go to a bank account in the policyholder's name (single or joint). You cannot direct it to a third-party account. After receiving the pension, you can transfer to your son freely.

Q. Is PMVVY pension taxable?
Yes — taxable as “Income from Other Sources” in your ITR. LIC may deduct TDS at 5% if your annual pension crosses the basic exemption (₹3 lakh for seniors above 60, ₹5 lakh for super seniors above 80). File ITR to claim refund if applicable — see File ITR online.

Q. What happens at the end of 10 years — can the pension continue?
No — at maturity (year 10), the corpus + final instalment is returned. Pension stops. You can reinvest the corpus into SCSS, Saral Pension, or any other product. There is no auto-extension.

Q. I'm 75 now. Can I still take a loan against PMVVY?
Yes — the loan facility has no upper age limit; only the 3-year minimum holding period applies. Maximum loan 75% of corpus at ~9.5% p.a.

• Open SCSS Senior Citizen Savings Scheme — successor to PMVVY for new applicants
• File LIC death / maturity claim
• Apply PMSBY + PMJJBY — low-cost insurance combo
• File an insurance complaint at IRDAI Bima Bharosa
• RTI for LIC policy grievance — copy-ready template
• RTI in 12 simple steps — for first-time filers
• All Indian government helplines — one master directory
• RTI forms + state-wise fee chart

Last reviewed: 26 April 2026 by RTI Wiki editorial team. PMVVY is closed for new enrolments; existing policyholder rates and rules continue. SCSS / Saral Pension rates are revised periodically — verify on licindia.in or your post office before investing. Write to admin@bighelpers.in if you spot a stale figure.