CCEA has approved Doubling of Investment Limit for Senior Citizens from Rs. 7.5 lakh to Rs. 15 lakh under Pradhan Mantri Vaya Vandan Yojana (PMVVY). Cabinet Committee of Economic Affairs meeting on 2 May 2018 was presided over by PM Narendra Modi. Central government also approves extension of time limit for subscription of PMVVY 2018 from 4 May 2018 to 31 March 2020. This scheme will enable senior citizens to get upto Rs. 10,000 per month as pension.
This is a major step of central govt. towards financial inclusion and social security of senior citizens. Previously, the maximum investment limit was Rs. 7.5 lakh which enables a person above 60 years of age to get Rs. 5000 as monthly pension. Life Insurance Corporation (LIC) of India implements PMVVY 2018 Scheme.
Now the enhanced coverage will boost this social security initiative – modified PMVVY and ensure a larger security cover to Senior Citizens. Candidates can purchase this scheme both through offline and online modes. For online mode, visit the website www.licindia.in
Investment Limit for Senior Citizens Doubled – PMVVY 2018
The important features and highlights of CCEA decision of extending investment and time limit under Pradhan Mantri Vaya Vandana Yojana 2018 scheme are as follows:-
- To boost social security for senior citizens, central govt. has doubled the investment limit from Rs. 7.5 lakh to Rs. 15 lakh under PMVVY 2018.
- Accordingly, this larger social security cover will enable the senior citizens to avail up to Rs. 10,000 as monthly pension (previously Rs. 5,000).
- Till March 2018, there are total 2.23 lakh beneficiaries (senior citizens) under PMVVY 2018. The previous Varishtha Pension Bima Yojana 2014 scheme has total 3.11 lakh beneficiaries / senior citizens.
LIC of India implements this scheme to provide security cover to the senior citizens and to protect the elder ones. To fill the Pradhan Mantri Vaya Vandana Yojana 2018 Online Application Form – Click Here
Pradhan Mantri Vaya Vandana Yojana 2018
PMVVY 2018 is a senior citizen welfare scheme to protect the citizens above 60 years of age against a future fall in their interest income due to uncertain market conditions. This scheme provides an assured guaranteed return of 8% per annum for 10 years. In this modified PMVVY Scheme, senior citizens can also opt for pension on monthly / quarterly / half-yearly and yearly basis. Candidates can see the policy document of Pradhan Mantri Vaya Vandana Yojana 2018 – Policy Document (PDF)
The difference in returns as provided by LIC and the assured return of 8% per annum is borne by the central government. Central govt. provides this differentiated amount as subsidy on an annual basis. For more details on the Pradhan Mantri Vaya Vandana Yojana, click the link – PMVVY 2018.
Other Decisions in Cabinet Meeting (2 May 2018)
— CCEA approves Krishonnati Yojana 2018 for Farmers to ensure Green Revolution in Agriculture Sector – View Details
— Union Cabinet approves Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) to continue beyond 12th Five Year Plan i.e till 2020 – View Details
— CCEA has also launched Pradhan Mantri Jan Vikas Karyakram 2018 – Restructured Multi-sectoral Development Programme (MsDP) for minorities – View Details