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Investment limit for PMVVY
May 9 , 2018
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- The Union Cabinet Committee, chaired by Prime Minister approved extending the investment limit from Rs 7.5 lakh to Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
- The PMVVY is being implemented through Life Insurance Corp (LIC) to provide social security during old age and protect the elderly aged 60 years and above against a future fall in their interest income due to uncertain market conditions.
- The scheme provides an assured pension based on a guaranteed rate of return of 8 percent per annum for 10 years.
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