Pradhan Mantri Vaya Vandana Yojana : Investment limit for Senior Citizens Doubled

The Union Cabinet has approved doubling of investment limit from Rs 7.5 lakh to Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana (PMVVY).

• This scheme will help senior citizens to get a pension of up to Rs. 10,000 per month. 
• The time limits for subscription were also increased from 4th May 2018 to 31st March 2020.
• This was announced by the Finance Minister Arun Jaitley while presenting the Union Budget 2018-19.
• The PMVYY has been implemented through Life Insurance Corporation of India (LIC) to provide social security to elderly persons aged 60 years and above.
• The scheme provides an assured pension based on a guaranteed rate of return of 8 per cent per annum for ten years.
• The differential return is borne by the Central Government as subsidy on annual basis. Differential return is the difference between return generated by LIC and the assured return (8% per annum).

Expected Questions

Question 1. Name the scheme launched by the Govt. to provide social security to senior citizens above 60 years of age.
PMVYY (Pradhan Mantri Vaya Vandana Yojana)

Question 2. Who is the current Finance Minister of India?
Arun Jaitley

Question 3. Who is the current Chairman of LIC?
V K Sharma

Question 4. The investment limit for the PMVYY has been increased to?
15 Lakh