Latest edit: May 26, 2020:
LIC launches ‘Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme (for detail read PMVVY modified 2020) with an assured rate of return of 7.40% per annum. The new scheme opens from May 26, 2020, up till March 31, 2023,
The ‘Pradhan Mantri Vaya Vandana Yojana ’ has been launched by the Government of India on May 4, 2017. LIC of India has been mandated to operate the scheme. The policy under the scheme was initially open for a short period of one year and was then extended to 31 March 2020. Senior citizens of 60 years and above are eligible to invest in the scheme. Investment in the scheme can be made either through LIC online or off-line.
Highlights of the scheme:
Mode of Pension | For Monthly Pension scheme | For Quarterly Pension scheme | For Half-yearly Pension scheme | For Yearly Pension scheme |
Minimum Purchase | Rs.150000 | Rs.149068 | Rs.147601 | Rs.144578 |
Maximum Purchase | Rs.750000* | Rs.745342 | Rs.738007 | Rs.722892 |
Minimum Pension | Rs.1000 | Rs.3000 | Rs.6000 | Rs.30000 |
Maximum Pension | Rs.5000* | Rs.15000 | Rs.12000 | Rs.60000 |
* In pursuance to Budget Announcement 2018-19, the Pradhan Mantri Vaya Vandana Yojana has been extended up to 31st March 2020. The limit of the maximum purchase price of Rs. 7.5 lakh per family under the scheme has also been enhanced to Rs 15 lakh per senior citizen. Accordingly, the maximum pension admissible under the scheme is now Rs.10,000/- per month.
The PMVVY scheme is expected to provide a steady regular source of income to a large section of the senior citizen population at a time of falling interest rates.
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