The PVC also carries a cash allowance for those under the rank of lieutenant (or the appropriate service equivalent), and in some cases a cash award. Upon the death of the recipient, the pension is transferred to the spouse until their death or remarriage. In the case of a posthumous recipient who is unmarried, the allowance is paid to their parents. In the case of the award being conferred posthumously on a widow or widower, the allowance is to be paid to their son or unmarried daughter. A monthly stipend of ₹20,000 is given to the awardee along with their regular pay. The award amount and pension benefits are exempted from income tax. In addition, different ministries under the central government have various financial awards for PVC awardees.
A relatively unknown convention in the Indian Army is for a PVC recipient to be saluted, when in ceremonial uniform, by everyone in the Army irrespective of rank, although no legal provision exists.