Ministry of Finance has made Aadhaar mandatory for beneficiaries of Pradhan Mantri Vaya Vandana Yojana 

🗓️ 28th December 2019

Ministry of Finance has made Aadhaar mandatory for beneficiaries of Pradhan Mantri Vaya Vandana Yojana (PMVVY). 

  • The Ministry has issued the notification under Aadhaar Act, 2016. 

 Details of Pradhan Mantri Vaya Vandana Yojana:  

  • Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched in 2017 by the Ministry of Finance.
  • It is a pension scheme announced exclusively for the senior citizens aged 60 years or above which is available from 4th May 2017 to 31st March 2020.
  • The scheme is exempted from Goods and Services Tax (GST)
  • The objective of the scheme:to provide social security during old age and protect the elderly aged 60 years and above against a future fall in their interest income due to uncertain market conditions.
  • Implementing Agency:Life Insurance Corp (LIC)
  • The shortfall owing to the difference between the interest guaranteed and the actual interest earned shall be subsidized by the Government of India and reimbursed to the Corporation.
  • Mode of pension payment:The modes of pension payment are monthly, quarterly, half-yearly or yearly. 
  • Provided benefit: The investment limit is Rs.15 lakh/senior citizen. (earlier it was Rs. 7.5 lakh).
  • Under this scheme, senior citizens will get a guaranteed interest of 8% for 10 years depending upon the investment made by them.
  • Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
  • Minimum purchase price under the scheme is Rs.1.5 Lakh for a minimum pension of Rs. 1,000/- per month and the maximum purchase price is Rs.15 lakh  for a maximum pension of Rs.10,000/- per month.  

Month: Current Affairs – December 2019 

Categories: National News

Important Points: Ministry of Finance, Aadhaar mandatory, Pradhan Mantri Vaya Vandana Yojana, Aadhaar Act, 2016, Goods and Services Tax, Life Insurance Corp


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