Money & Banking

LIC launches modified PM Vaya Vandana Yojana

Our Bureau Mumbai | Updated on May 25, 2020 Published on May 25, 2020

Life Insurance Corporation of India (LIC) on Monday announced the launch of the Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme.

“This plan will be available for sale commencing from May 26 for three financial years – up to March 31, 2023. This scheme can be purchased offline as well as online from LIC of India,” it said in a statement.

The Union Cabinet had earlier this month extended the PMVVY or Pradhan Mantri Vaya Vandana Yojana, which is a social security scheme for senior citizens.

LIC is solely authorised to operate this scheme, which works as a Non-Linked, Non-Participating, Pension Scheme subsidised by the Centre.

“The policy term is of 10 years and for policies sold during the first financial year -- up to March 31, 2021, the scheme will provide an assured rate of return of 7.40 per cent per annum payable monthly (which is equivalent to 7.66 per cent per annum) for the entire duration of 10 years,” LIC said.

Published on May 25, 2020
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