Investment Limit for Sr Citizens doubled to Rs.15 lakh under PMVVY
Union Cabinet approves Doubling of Investment Limit for Senior Citizens from Rs. 7.5 lakh to Rs.15 lakh under Pradhan Mantri Vaya Vandan Yojana (PMVVY)
Enables upto Rs. 10000 Pension per month for Senior Citizens Time limit for subscription under PMVVY extended from 4th May, 2018 to 31st March, 2020 Reflection of Government commitment to financial inclusion and social security
It will enable up to Rs.10000 Pension per month for Senior Citizens.
The PMVVY is being implemented through Life Insurance Corporation of India (LIC) to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis. The differential return, i.e. the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis. (PIB) more
Enables upto Rs. 10000 Pension per month for Senior Citizens Time limit for subscription under PMVVY extended from 4th May, 2018 to 31st March, 2020 Reflection of Government commitment to financial inclusion and social security
It will enable up to Rs.10000 Pension per month for Senior Citizens.
The PMVVY is being implemented through Life Insurance Corporation of India (LIC) to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis. The differential return, i.e. the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis. (PIB) more
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Sep 18
The Nationalized banks also must pay 8 per cent interest to the senior citizens and the difference between the assured and prevailing rate must be subsidized by the government from out of its huge collection of IT and GST. The excess tax collection must benefit the senior citizens who are in the evening of their lives with the need to spend on the medicines and medical treatment also and this can be very well understood by the PM, who is also a senior citizen,of course, in the high pedestal. more
Aug 27
