On Tuesday, 26th May Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched with some modifications. What are its features?
A. The scheme is open from 26th May up till 31st March 2023 i.e. for 3 financial years.
(1) PMVVY is offered only by LIC for senior citizens (age 60 years and above). Investment can be done online via the LIC website or offline.
(2) It is a non-linked, non-participating Pension Plan. The pension amount is taxed as per Income Tax slab.
(3) The policy has a 10-year tenure and for policies sold in the first financial ending March 2021, the scheme will provide an assured rate of return of 7.40% per annum (assuming monthly payout option is chosen).
(4) For policies sold during the next two financial years, the applicable assured rate of interest will be reviewed and decided at the beginning of each financial year by the government.
(5) In the case of monthly payout, the maximum pension amount can be Rs. 9,250 and maximum purchase price allowed is Rs. 15,00,000 (i.e. an effective interest rate of 7.40%). Maximum pension amount annually can be Rs. 1,11,000 and maximum purchase price allowed is Rs. 14,49,086 (i.e. an effective interest rate of 7.66%).
People with 60 years and above, can apply for Pradhan Mantri Vaya Vandana Yojana (PMVVY) for a maximum of Rs. 15,00,000/-
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