Increase in PMVVY limit can enables upto Rs. 10000 Pension per month for Senior Citizens
Seen in the File Picture: Union Minister for Social Justice and Empowerment, Thaawar Chand Gehlot along with the Minister of State for Social Justice & Empowerment,  Krishan Pal at the flag-off ceremony of a “Morning Walkathon” for Senior citizens, organised by the Ministry of Social Justice and Empowerment, on the occasion of the International Day of Older Persons (IDOP), in Delhi on October 02, 2017.
Increase in PMVVY limit can enables upto Rs. 10000 Pension per month for Senior Citizens Seen in the File Picture: Union Minister for Social Justice and Empowerment, Thaawar Chand Gehlot along with the Minister of State for Social Justice & Empowerment, Krishan Pal at the flag-off ceremony of a “Morning Walkathon” for Senior citizens, organised by the Ministry of Social Justice and Empowerment, on the occasion of the International Day of Older Persons (IDOP), in Delhi on October 02, 2017.

PMVVY ceiling doubled to 15 Lakhs; to help elderly against fall in interest income

The Pradhan MantriVayaVandanYojana (PMVVY) being implemented through Life Insurance Corporation of India (LIC) to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis. The differential return, i.e. the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

The Union Cabinet chaired by chaired by Prime Minister Narendra Modi has given its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from 4thMay 2018 to 31stMarch, 2020 under the Pradhan MantriVayaVandanYojana (PMVVY) as part of Government’s commitment for financial inclusion and social security.

Further, as a boost to the Social Security initiatives for senior citizens, the investment limit of Rs 7.5 lakh per family in the existing scheme is enhanced to Rs 15 lakh per senior citizen in the modified PMVVY, thereby providing a larger social security cover to the Senior citizens.  It will enable upto Rs.10000 Pension per month for Senior Citizens.

As of March, 2018, a total number of 2.23 lakh senior citizens are being benefited under PMVVY. In the previous scheme of Varishtha Pension Bima Yojana-2014, a total number of 3.11 lakh senior citizens are being benefited.

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