Vieira, 63, grabbed 83 percent of the votes from Benfica registered supporters on Friday to beat runner-up Rui Rangel, a Lisbon judge.
He is a real estate sector businessman and heads into his fourth term in charge since taking over the Lisbon club in 2003.
Besides a promise to bring down match ticket prices, his campaign pledges were to win at least three of the next four Premier League trophies and shift the broadcasting of Benfica matches to the club's channel, saying this would bring more revenue to the club.
In Portugal, one operator, Olivedesportos' PPTV, has the rights to all domestic professional football games and platforms.
Many Portuguese football fans have expressed their unhappiness about there being no league matches on open channels this season, as they have to pay an expensive fee to watch them on Olivedesportos' Sport TV.
"The proposals we got from operators for next season did not please us. So, TV rights will go to Benfica TV," Vieira said during the campaign.
Portugal's Professional Football League (LPFP) has said Olivedesportos' dominance goes against European competition law and that the league should centralise the negotiation of TV rights, instead of the current model in which clubs strike individual deals.
Under Vieira, Benfica won two domestic leagues, one cup, four league cups and had a handful of eye-catching Champions League campaigns.
They still have been unable to shake off the domination of fierce northern rivals Porto, who have won eight of the last 10 championships.