Pradhan Mantri Vaya Vandana Yojana: Senior citizen can get Rs 1.11 lakh per year pension, check details of the scheme
Zee News
In June 2020, the Cabinet announced extension of Pradhan Mantri Vaya Vandana Yojana up to 31st March, 2023 for further period of three years beyond 31st March, 2020.
New Delhi: The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a social security scheme for senior citizens intended to give an assured minimum pension to them based on an assured return on the purchase price / subscription amount.
In June 2020, the Cabinet announced extension of Pradhan Mantri Vaya Vandana Yojana up to 31st March, 2023 for further period of three years beyond 31st March, 2020.
The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC). The upper limit of investment under this Scheme is Rs 15 lakh, offering monthly pension of Rs 10,000. The scheme provides an assured return of 8% per annum for 10 years.
