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Pradhan Mantri Vaya Vandana Yojana: Pension, Death & Maturity Benefit Explained

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The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension initiative initiated by the Indian government that is managed and processed by the Life Insurance Corporation of India (LIC) solely for elderly persons aged 60 years old or above. This plan is currently available for purchase until March 31, 2023. According to LIC, the assured rates of pension for plans sold throughout the year would be evaluated and approved by the Ministry of Finance, Government of India, at the commencement of each year. The Scheme will offer a guaranteed pension of 7.40 percent p.a. payable monthly for the first fiscal year, i.e. up to March 31, 2022. This plan can be subscribed to both offline and online by visiting the LIC's official website. As we're on the subject of PMVVY, let's take a quick look at its features and benefits.

 

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Story first published: Friday, July 23, 2021, 10:20 [IST]
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