PM Vaya Vandana Yojana Pension Scheme-- LIC

Published on May 27, 2020
Current Context: Life Insurance Corporation of India has launched PM Vaya Vandana Yojana Pension Scheme (PMVVY) (Modified-2020). It is a social security scheme for senior citizens.
PM Vaya Vandana Yojana Pension Scheme-- LIC
  • The scheme is for those who are above 60 years of age.
  • The plan starts from May 26 for the period of three financial years i.e. up to 31st March 2023.
  • LIC is solely authorized to operate this scheme that offers a total payout not exceeding Rs 15 Lakhs.
  • The scheme works as Non-Linked, Non-Participating pension scheme subsidized by the centre
  • The tenure period for the policy is 10 years.
  • The policy sold in the first financial ending March 2021 will offer assured return of 7.40% p.a., will be paid monthly for a period of 10 years.
  • A senior citizen can withdraw a minimum pension of Rs 1000 per month depending on the amount invested in the scheme.
  • After three years of the policy, a loan up to 75% of the purchase price will be offered.
  • Static Part: 
    • HQ of LIC: Mumbai
    • Chairperson of LIC: M R Kumar

Question: 

Q.1 Which of the following financial institution launched PM Vaya Vandana Yojana Pension Scheme?
a. NIACL
b. LIC
c. ICICI Lombard
d. HDFC Ergo

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