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Pradhan Mantri Vaya Vandana Yojana (PMVVY) (Ministry of Finance)


🗓️ 09th September 2019

Key Points of the Scheme

 

Introduction

  • 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)

Objective

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

  • It is being implemented through 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.

Premature withdrawal

  • Premature withdrawal from the scheme is possible in case the money is required for the treatment of terminal or critical illness of the person or spouse.
  • On such premature exit, 98% of the Purchase Price shall be refunded.

Loan facility

  • Loan facility is available after completion of 3 policy years.
  • The maximum loan that can be granted shall be 75% of the Purchase Price.

Month: Current Affairs – September 2019 

Categories: Important Days

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