PMVVY: Cabinet approves Doubling of Investment Limit for Senior Citizens
December 10, 2023
  • Circulation
  • Advertise
  • Careers
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
    • Global Commons
  • Editorial
  • Analysis
  • Opinion
  • International
  • More
    • G20
    • Sports
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • Politics
    • Vocal4Local
    • Business
    • Economy
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
    • Podcast
MAGAZINE
No Result
View All Result
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
    • Global Commons
  • Editorial
  • Analysis
  • Opinion
  • International
  • More
    • G20
    • Sports
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • Politics
    • Vocal4Local
    • Business
    • Economy
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
    • Podcast
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • G20
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • International Edition
  • RSS in News
  • Magazine
Home Bharat

PMVVY: Cabinet approves Doubling of Investment Limit for Senior Citizens

Cabinet approves Doubling of Investment Limit for Senior Citizens from Rs. 7.5 lakh to Rs.15 lakh under Pradhan Mantri Vaya Vandan Yojana (PMVVY)

by
May 3, 2018, 02:53 pm IST
in Bharat
FacebookTwitterWhatsAppTelegramEmail

Cabinet approves Doubling of Investment Limit for Senior Citizens from Rs. 7.5 lakh to Rs.15 lakh under Pradhan Mantri Vaya Vandan Yojana (PMVVY)

 

 

 

The Union Cabinet chaired by chaired by Prime Minister Shri 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 May 4 2018 to March 31, 2020 under the Pradhan Mantri Vaya Vandan Yojana (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.
 
The PMVVY is 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.
ShareTweetSendShareSend
Previous News

Vanvasis Must Get Opportunity to Make Progress: Sarsanghachalak

Next News

Padmanabha Swamy Temple Set to Become Global Pilgrim Centre

Related News

BJP names former Union Minister Vishnu Deo Sai as new Chhattisgarh Chief Minister 

BJP names former Union Minister Vishnu Deo Sai as new Chhattisgarh Chief Minister 

UN Special Rapporteur Richard Bennett denounces lack of accountability for crimes in Afghanistan

UN Special Rapporteur Richard Bennett denounces lack of accountability for crimes in Afghanistan

Bharatiya Majdoor Sangh to hold protest in support of scheme workers in New Delhi

Bharatiya Majdoor Sangh to hold protest in support of scheme workers in New Delhi

Assam Rifles and police commandos conduct joint operation, recover arms and ammunition in Manipur’s  Thoubal

Assam Rifles and police commandos conduct joint operation, recover arms and ammunition in Manipur’s  Thoubal

Madhya Pradesh: Shivraj Singh Chouhan announces ‘Mission 29’ to secure all Lok Sabha seats in the State

Madhya Pradesh: Shivraj Singh Chouhan announces ‘Mission 29’ to secure all Lok Sabha seats in the State

Political buzz in Northeast as ‘saffron seizure’ takes centre stage; Assam CM Biswa confident of winning 25 seats 

Political buzz in Northeast as ‘saffron seizure’ takes centre stage; Assam CM Biswa confident of winning 25 seats 

Load More

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

BJP names former Union Minister Vishnu Deo Sai as new Chhattisgarh Chief Minister 

BJP names former Union Minister Vishnu Deo Sai as new Chhattisgarh Chief Minister 

UN Special Rapporteur Richard Bennett denounces lack of accountability for crimes in Afghanistan

UN Special Rapporteur Richard Bennett denounces lack of accountability for crimes in Afghanistan

Bharatiya Majdoor Sangh to hold protest in support of scheme workers in New Delhi

Bharatiya Majdoor Sangh to hold protest in support of scheme workers in New Delhi

Assam Rifles and police commandos conduct joint operation, recover arms and ammunition in Manipur’s  Thoubal

Assam Rifles and police commandos conduct joint operation, recover arms and ammunition in Manipur’s  Thoubal

Madhya Pradesh: Shivraj Singh Chouhan announces ‘Mission 29’ to secure all Lok Sabha seats in the State

Madhya Pradesh: Shivraj Singh Chouhan announces ‘Mission 29’ to secure all Lok Sabha seats in the State

Political buzz in Northeast as ‘saffron seizure’ takes centre stage; Assam CM Biswa confident of winning 25 seats 

Political buzz in Northeast as ‘saffron seizure’ takes centre stage; Assam CM Biswa confident of winning 25 seats 

Birth Anniversary Of Chakravarti Rajagopalachari: India’s illustrious statesman, scholar, and advocate for Peace

Birth Anniversary Of Chakravarti Rajagopalachari: India’s illustrious statesman, scholar, and advocate for Peace

Book Review: Where Hindu lives don’t seem to matter

Book Review: Where Hindu lives don’t seem to matter

Domestic air passenger traffic increased 2.5 times since we came to power: BJP MP GVL Narasimha Rao

Domestic air passenger traffic increased 2.5 times since we came to power: BJP MP GVL Narasimha Rao

International Human Rights Day: Barren without Bharatiya wisdom

International Human Rights Day: Barren without Bharatiya wisdom

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Africa
    • North America
    • South America
    • Europe
    • Australia
    • Global Commons
  • Editorial
  • Opinion
  • Analysis
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Entertainment
  • More ..
    • Sci & Tech
    • Vocal4Local
    • Special Report
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Politics
    • Law
    • Economy
    • Obituary
    • Podcast
  • Subscribe Magazine
  • Advertise
  • Circulation
  • Careers
  • About Us
  • Contact Us
  • Policies & Terms
    • Privacy Policy
    • Cookie Policy
    • Refund and Cancellation
    • Terms of Use

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies