fbpx

Pradhan Mantri Vaya Vandana Yojana

  • IASbaba
  • June 29, 2020
  • 0
UPSC Articles
Print Friendly, PDF & Email

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.

For a dedicated peer group, Motivation & Quick updates, Join our official telegram channel – https://t.me/IASbabaOfficialAccount

Search now.....