 "What is Pradhan Mantri Vaya Vandana Yojana?")
Pradhan Mantri Vaya Vandana Yojana
What is Pradhan Mantri Vaya Vandana Yojana?
Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme provides social security cover to those aged 60 and above through an assured sum of pension every month. The scheme was launched in 2017 by the Government of India to provide an 8% pension to senior citizens against the lump sum amount deposited by an individual. The scheme is operated by the Life Insurance Corporation of India. It caters to the needs of post-retirement planning.
- The holder must be 60 years or above; with no bar on the upper age limit
- The minimum purchase price of the policy is Rs 1,50,000
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Latest Updates on Pradhan Mantri Vaya Vandana Yojana
7.4% interest rate locked in for 10 years: Who should buy LIC's PMVVY
SCSS, which offers 80C benefit, allows you to lock in at 7.6% for five years
 "7.4% interest rate locked in for 10 years: Who should buy LIC's PMVVY")
Strategies to protect your income in a scenario of falling interest rates
Several products offer better rates, especially for seniors; that said, never try to optimise returns when you need money in the short term
 "Strategies to protect your income in a scenario of falling interest rates")
Senior citizens should lock-in their returns at 8% for 10 years
For those concerned with the certainty of return, the Pradhan Mantri Vaya Vandana Yojana is a better option than Senior Citizens Savings Scheme; but the latter is more liquid
 "Senior citizens should lock-in their returns at 8% for 10 years")
PMVVY: Jaitley launches pension plan for elderly with 8% assured return
Loan up to 75% of the subscription amount shall be allowed after three policy years
 "PMVVY: Jaitley launches pension plan for elderly with 8% assured return")
