Ladakh - Apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY)

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Procedure

Apply In-Person:

1. To apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY) in person, please visit the nearest LIC branch Link
2. Visit the office and get an application form for PMVVY from the concerned authority.
3. Complete the application form with appropriate information under relevant sections.
4. After filling the application form, make sure to attach all the documents listed in the “Required documents” section of this page.
5. The completed application form and its supporting documents can be submitted to any LIC Branch.
6. Premium charges must be paid at the branch itself for collection of policy documents.

Apply Online:

1. To apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY) online, please visit the official website of LIC- Link.
2. Click on “Products” followed by “Pension plans”.
3. Click on “Pradhan Mantri Vaya Vandana Yojana”.
4. Then click on the “Buy Online” tab.
5. Submit the form with the required details and click on “Get Access ID”.
6. The applicants will get an ID on their mobile or email address.
7. Enter the ID and click “Proceed”.
8. Now, select the plan as per requirement and fill the form and submit.
9. Make the payment using available payment options and the company will share the policy documents to the registered e-mail address.

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Required Documents

• Proof of age.
• Aadhaar card.
• Passport size photo of the applicant.
• Proof of address.
• Retirement related documents.

Office Locations & Contacts

Life Insurance Corporation of IndiaFort Road
Leh, (Ladakh) - 194101
Toll Free Number - 8976923091
Senior Citizen Toll Free Number - 8976923092
E-mail ID: [email protected]
Website: Link
Contact: Link Please scroll down the page and click on the relevant ‘Zone’/place to view telephone number and address.

Eligibility

• The minimum entry age for this plan is 60 years (completed).
• There is no maximum entry age for this plan.
• Minimum Pension :
  • 1,000/- per month
  • 3,000/- per quarter
  • 6,000/-per half-year
  • 12,000/- per year
• Maximum Pension :
  • 9,250/-per month
  • 27,750/-per quarter
  • 55,500/-per half-year
  • 1,11,000/-per year
• The maximum pension amount criteria in this plan is for an entire family is 15 lakhs.

Fees

• The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.
• The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment can be done through NEFT or Aadhaar Enabled Payment System.
• The minimum and maximum Purchase Price under different modes of pension can be viewed by clicking on the following Link

Validity

• The policy term for Pradhan Mantri Vaya Vandana Yojana is 10 years.

Documents to Use

Application form and Policy Document Link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Please explain processing time taken in obtaining the document/certificate.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&>
from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Within 90 days from the date of death, intimation of death along with death certificate must be notified in writing to the office of the Corporation where the policy is serviced for any claims to be admissible.
• However, delay in intimation of the genuine claim by the claimant may be condoned by the Corporation on merit and where delay is proved to be for the reasons beyond his/her control.

Required Information

• UIN
• Policy No.
• Date of Commencement of Policy
• Plan No
• Policy Term: 10 years
• Date of Maturity
• Purchase Price (Rs.)
• Amount of Pension Instalment (Rs.)
• Date of 1st pension payment
• Due date
• Date of issuance of policy
• Mode of payment of pension
• Date of birth of the Pensioner
• Age of the Pensioner
• Whether age Admitted
• Proposal No
• Date of Proposal
• Name and address of Pensioner
• Details of Nominee(s) under Section 39 of the Insurance Act,1938

Need for the Document

PMVVY policy holders can avail the following benefits:

• Pension Payment: On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.
• Death Benefit: On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.
• Maturity Benefit: On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension instalment shall be payable.

Information which might help

• For Change of Address: In case you change your residence, kindly ensure that you inform the change in address to the servicing Branch Office.
• For Submission of the Life Certificate: The Life Certificate must be submitted by the Pensioner in the proforma of the Corporation or online at the prescribed time intervals. The Pension payments will be released only on receipt of the Life Certificate.
• Click on the following link for more information about the policy Link

Other uses of the Document/Certificate

Loan facility is available for the PMVVY policy holders after the completion of 3 policy years. The maximum loan that can be granted is 75% of the Purchase Price.

External Links

Place some external links which might help.

Others

More information which might help people.