Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana

Part of: GS Prelims and Mains II – Govt schemes and policies; Welfare/Social issue

About:

• Pradhan Mantri Vaya Vandana Yojana, or PMVVY, is a social security scheme for senior citizens.
• It is implemented through the Life Insurance Corporation of India (LIC).
• This gives an assured minimum pension.

Do you know?

• LIC invests the corpus in the market and generates market-related returns.
• If such returns are lower than the guaranteed return, the differential is subsidised by the Union government.
• The scheme also offers a death benefit in the form of return of purchase amount to the nominee. 
• The minimum entry age for this scheme is 60 years, there is no maximum age limit.