Governement lanuches Pradhan Mantri Vaya Vandana Yojana
22nd July, 2017Category:
Finance Minister Arun Jaitley launched a senior citizens' pension scheme called the Pradhan Mantri Vaya Vandana Yojana (PMVVY), which promises assured annual return of 8 per cent for 10 years. The scheme, being sold by Life Insurance Corporation (LIC), provides for pension options of monthly, quarterly, half-yearly and yearly frequency, resulting in return of around 8.3 per cent. It is available till May 3, 2018, for citizens aged 60 years and above.
If there is a shortfall between the actual return earned under the scheme and the guaranteed return of 8.0 per cent then the government will subsidise LIC for it. 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.
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