All about Pradhan Mantri yojana and other government schemes in India.

2018-03-09

PMVVY: Unstarred Question in Loksabha

PMVVY

(a) whether the Government has launched the Pardhan Mantri Vaya Vandana Yojana (PMVVY); 
(b) if so, the details, salient features and the objectives thereof; and 
(c) the number of persons/senior citizens benefitted under the scheme in the country including Gujarat, Punjab and Uttar Pradesh, State-wise?

GOVERNMENT OF INDIA
MINISTRY OF FINANCE

LOK SABHA

UNSTARRED QUESTION NO: 2522                                        ANSWERED ON: 09.03.2018

PMVVY

PREM SINGH CHANDUMAJRA
BHOLA SINGH
MOHANBHAI KALYANJIBHAI KUNDARIYA

Will the Minister of FINANCE be pleased to state:-

(a) whether the Government has launched the Pardhan Mantri Vaya Vandana Yojana (PMVVY); 
(b) if so, the details, salient features and the objectives thereof; and 
(c) the number of persons/senior citizens benefitted under the scheme in the country including Gujarat, Punjab and Uttar Pradesh, State-wise?

ANSWER

Minister of State in the Ministry of Finance


(a) and (b): To protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions, as also to provide social security during old age, Government launched a simplified scheme of assured pension of 8% called the Pradhan Mantri Vaya Vandana Yojana (PMVVY). This Scheme has been launched through Life Insurance Corporation (LIC) of India. As per the scheme, on payment of an initial lump sum amount ranging from a minimum purchase price of Rs. 1,50,000/- for a minimum pension of Rs 1000/- per month to a maximum purchase price of Rs. 7,50,000/- for a maximum pension of Rs. 5,000/- per month, subscribers will get an assured pension based on a guaranteed rate of return of 8% per annum, payable monthly/quarterly/half-yearly/annually. The duration of the scheme will be for a period of ten years and the scheme is open for subscription for a period of one year i.e. from 4th May, 2017 to 3rd May, 2018.

(c): LIC has provided the State-wise number of Persons/senior citizens covered under Pradhan Mantri Vaya Vandana Yojana (PMVVY) as on 28.02.2018 which is annexed.

Source: Loksabha
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