It would enable upto Rs. 10000 Pension per month for Senior Citizens – Time limit for subscription under PMVVY extended from 4th May, 2018 to 31st March, 2020 – Reflection of Government commitment to financial inclusion and social security.
Government of India has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions. 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 scheme provides an assured return of 8% per annum