Pradhan Mantri Vaya Vandana Yojana
Part of: GS Prelims and Mains II – Govt schemes and policies; Welfare/Social issue
- 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.