Pradhan Mantri Vaya Vandana Yojana (PMVVY)

New pension scheme for senior citizen, fix amount for 10 years and get yearly pension up-to Rs.10,000

The government launched a new pension scheme for senior citizens. The scheme was announced last year’s budget session 2018-19, and the implementation has started now this year 2020 with LIC. According to scheme senior citizens have to fix the amount for 10 years. The minimum investment is Rs.1.5 lakh and maximum Rs.15 lakh with interest rate 8.3% for annual pension, 8.13% for half-yearly, 8.05% for quarterly and 8% for monthly. The minimum pension will be Rs.1,000 and the maximum will be Rs.10,000 based on the investment. If individually investment of husband and wife get the individual pension.

Benefits:

Minimum PensionMaximum Pension
Rs.1,000: Monthly PensionRs.10,000: Monthly Pension
Rs. 3,000: Quarterly PensionRs. 30,000: Quarterly Pension
Rs.6,000: Half-year PensionRs.60,000: Half-year Pension
Rs.12,000: Yearly PensionRs.1,20,000: Yearly Pension

Beneficiaries: Senior citizens

Launched By: Government of India

Eligibility Criteria:

  • The scheme is applicable for senior citizens only
  • Senior citizens age should be 60 years old

Important Component:

  • This pension scheme is available on both mode of application Online and offline
  • Government implement this scheme with the support of LIC

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