LIC Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens, above 60 years of age that assures guaranteed pension for 10 years. PMVVY is a social security scheme for senior citizens offered by the Life Insurance Corporation of India (LIC). Through this scheme, you can earn an interest income at the rate of 7.40 percent per annum, payable monthly.
The scheme can be bought online through LIC website or offline. PMVVY, which had earlier closed on March 31, 2020, was recently extended by the government for another three financial years till March 2023.
LIC Pradhan Mantri Vaya Vandana Yojana – Eligibility and features
Anyone who has attained a minimum age of 60 years can buy this policy. The PMVVY is a pension scheme for senior citizens that comes with guaranteed returns on monthly, quarterly, half-yearly or on an annual basis for a period of 10 years.
PMVVY – Minimum and Maximum Pension
Minimum Pension
- Rs 1,000 per month
- Rs 3,000 per…