Pradhan Mantri Vaya Vandana Yojana (PMVVY) Limit increased to 15 Lakh
The maximum limit to invest in Government backed Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been increased from 7,50,000 to 15,00,000. Now a senior citizen can avail maximum pension up to 10,000 per month which was earlier 5,000 per month. Apart from limit increment, the purchase window which was closing on 03-May-2018, has been extended to 31-March-2020.
This plan is central government's subsidized social scheme plan availed through Life Insurance Corporation (LIC) of India. It provides financial security to elderly above 60 years of age and guarantees pension at 8% interest rate for 10 years and the above deposited amount would be returned after 10 years. The pension amount can be availed monthly, quarterly, half yearly or yearly.
To know more about this plan with help of an example and calculate pension as per your amount, please Click Here