Pradhan Mantri Vaya Vandana Yojana
- “For Financial Year 2021-22, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2022.”
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is under administrative control of Ministry of Finance. The scheme aims to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market condition, as also to provide social security during old age. The scheme is being implemented through Life Insurance Corporation (LIC) of India. The scheme provides an assured return of 8% per annum payable monthly for 10 years. The differential return, i.e., the difference between return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on annual basis. The scheme was open for subscription for a period of one year, i.e., from 4th May 2017 to 3rdMay 2018. The minimum purchase price under the scheme was Rs. 1.5 lakh per family for a minimum pension of Rs. 1,000 / – per month and the maximum purchase price was Rs. 7.5 lakh per family for a maximum pension of Rs. 5,000 / – per month. In pursuance to Budget Announcement 2018-19, Cabinet at its Meeting held on 2nd May, 2018 has approved the extension of Pradhan Mantri Yaya Vandana Yojana up to 31st March 2020 and limit of maximum purchase price of Rs. 7.5 lakh per family under the scheme has also been enhanced to Rs. 15 lakh per senior citizen. A total of number of 2,82,155 subscribers consisting corpus of Rs. 17,704.65 crore are being benefited under PMVVY as on 30.06.2018.
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