Pension Scheme PMVVY: Investment Limit Doubled, Now Get Rs. 10,000 Per Month Pension

Pension Scheme PMVVY: Investment Limit Doubled, Now Get Rs. 10,000 Per Month Pension

The Union Cabinet, in a meeting chaired by Prime Minister Narendra Modi, on Wednesday approved the doubling of investment limit in Pradhan Mantri Vaya Vandan Yojana (PMVVY) to Rs. 15 lakh, from the current level of Rs. 7.5 lakh. This will help senior citizens earn a pension of up to Rs. 10,000 per month. The Cabinet also approved the time period for subscription of this scheme to March 31, 2020, from May 4, 2018. In Budget 2018, Finance Minister Arun Jatiley had proposed to increase the investment limit in PMVVY or Pradhan Mantri Vaya Vandana Yojana to Rs. 15 lakh. Financial planners say PMVVY offers more avenues to senior citizens to earn a steady regular income at times when fixed deposit interest rates are not that attractive.

Here are 10 things to know about new PMVVY (Pradhan Mantri Vaya Vandan Yojana) scheme:

9) The PMVVY scheme also allows for premature exit for treatment of any critical/terminal illness of self or spouse.

10) On such premature exit, 98 per cent of the purchase price will be refunded.

Source by:-ndtv
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