Union Govt launches Pradhan Mantri Vaya Vandana Yojana
July 21st, 2017
Union Finance Minister Arun Jaitley formally launched the Pradhan Mantri Vaya Vandana Yojana (PMVVY). PMVVY is a pension scheme announced by the Union Government exclusively for the senior citizens aged 60 years and above. The scheme is available from 4 May 2017 to 3 May 2018. The scheme can be purchased offline as well as online through Life Insurance Corporation of India which has been given the sole privilege to operate this scheme. The scheme provides an assured return of 8 per cent per annum and is payable monthly for 10 years. The pension is payablle at the end of each period during th policy term of 10 years, as per the frequency of monthly/ quarterly/ half-early/ yearly as chosen by the pensioner. This scheme is exempted form Service Tax or GST.