Wednesday, May 27, 2020

Pradhan Mantri Vaya Vandana Yojana pension scheme extended till 31st March,2023

Pradhan Mantri Vaya Vandana Yojana pension scheme extended till 31st March,2023

  • Cabinet approves extension of ‘Pradhan Mantri Vaya Vandana Yojana’ (PMVVY) up to 31st March, 2023 for further period of three years beyond 31st March, 2023 which is social security scheme for Senior Citizens on 20 May 2020.
  • Life Insurance Corporation of India (LIC) on Monday (25 May,2020) announced the launch of the Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme.
  • “This plan will be available for sale commencing from May 26 for three financial years – up to March 31, 2023. 
  • LIC is solely authorized to operate this scheme, which works as a Non-Linked, Non-participating, Pension Scheme subsidized by the Centre.
  • “The policy term is of 10 years and for policies sold during the first financial year - up to March 31, 2021, the scheme will provide an assured rate of return of 7.40 per cent per annum for the year 2020-21 per annum and thereafter to be reset every year
  • Pension is payable at the end of each period during the policy term of 10 years, as per monthly, quarterly, half-yearly, yearly frequency, as chosen by the pensioner at the time of purchase.

Benefits of scheme :

A). Pension Payment : On survival of the Pensioner during the policy term of 10 years, pension in arrears (at the end of each period as per mode chosen) shall be payable.

B). Death Benefit: On death of the Pensioner during the policy term of 10 years, the Purchase Price shall be refunded to the beneficiary.

 C). Maturity Benefit: On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.

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