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As on Jul 20, 2017 12:00 AM Your results on : Economy News    
PMVVY is a Pension Scheme announced by the GOI exclusively for the senior citizens available from 4th May 2017 to 3rd May 2018
20-Jul-2017 (17:34)
The Union Minister for Finance, Defence and Corporate Affairs will formally launchthe Pradhan Mantri Vaya Vandana Yojana (PMVVY) tomorrow in the national capital. PMVVY is a Pension Scheme announced by the Government of India (GOI) exclusivelyfor the senior citizens aged 60 years and above which is available from 4th May 2017 to 3rdMay 2018. The Scheme can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme.

Following are the major benefits under thePradhan Mantri Vaya Vandana Yojana (PMVVY):

· Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.

· Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.

· The scheme is exempted from Service Tax/ GST.

· On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.

· Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds.

· The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded.

· On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary.

· Minimum / Maximum Purchase Price and Pension Amount:

Mode of PensionMinimum
Purchase Price
Maximum
Purchase Price
Minimum
Pension amount
Maximum
Pension amount
YearlyRs. 1,44,578/-Rs. 7,22,892/-Rs. 12,000/-Rs. 60,000/-
Half-yearlyRs. 1,47,601/-Rs. 7,38,007/-Rs. 6,000/-Rs. 30,000/-
QuarterlyRs. 1,49,068/-Rs. 7,45,342/-Rs. 3,000/-Rs. 15,000/-
MonthlyRs. 1,50,000/-Rs. 7,50,000/-Rs. 1,000/-Rs. 5,000/-

· The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependants.

· The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration shall be subsidized by the Government of India and reimbursed to the Corporation.

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Draft Guidelines for implementation of Pradhan Mantri Matru Vandana Yojana have been prepared by WCD Ministry
20-Jul-2017 (17:20)
Rs. 3653 Crore of Amount Received from Allocation of Coal Blocks
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Inclusion of more holidays in national calendar
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About 85,000 candidates placed after skill training in DDU-GKY IN 2016-17
20-Jul-2017 (15:49)
Relax bank guarantee norms for ship construction orders by Navy: ASSOCHAM
20-Jul-2017 (14:34)
Ministry of Rural Development to launch Aajeevika Grameen Express Yojana
20-Jul-2017 (13:31)
Cabinet approves alternative mechanism for creation and launch of a New Exchange Traded Fund
20-Jul-2017 (12:41)
Cabinet approves revision of Indian Community Welfare Fund guidelines
20-Jul-2017 (12:09)
Cabinet approves revalidation of permission to raise EBRs of Rs. 660 crore as Government of India Bonds by IWAI in 2017-18
20-Jul-2017 (11:37)
Cabinet approves Central Goods and Services Tax (Amendment) Bill, 2017
20-Jul-2017 (10:34)
Cabinet approves IRDAI's admission as a signatory to IAIS, MMOU
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Cabinet apprised of MoU between India and Netherlands on cooperation in space technology
20-Jul-2017 (09:07)
Cabinet approves Cadre Review of Indian Defence Accounts Service (IDAS)
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Cabinet approves MOC in respect of tax matters between India and BRICS countries - Brazil, Russia, China and South Africa
20-Jul-2017 (09:44)
A total of 25 '50-bedded' hospitals with an outlay of Rs. 145 cr. approved in the year 2016-17
19-Jul-2017 (18:12)
NERAMAC has engaged with some Self-Help Groups and farmers groups to serve as an aggregator and provide marketing support to them
19-Jul-2017 (17:56)
Bamboo policy on the anvil: Nitin Gadkari
19-Jul-2017 (15:30)
The growth rate in Foreign Exchange Earnings (FEEs) in rupee terms in June 2017 over June 2016 was 22.6%
19-Jul-2017 (12:46)
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