The Pradhan Mantri Vaya Vandana Yojana (PMVVY) the government-backed pension scheme offered by LIC for senior citizens, has now been extended to 31 March 2023. It was earlier open till 31 March 2020 only.
In a tweet, K.S. Dhatwalia, Principal Director General of the Press Information Bureau said, "#Cabinet approves extension of 'Pradhan Mantri Vaya Vandana Yojana' (#PMVVY) up to 31st March, 2023 for further period of three years beyond 31st March, 2020; This to enable old age income security and welfare of Senior Citizens."What is Pradhan Mantri Vaya Vandana Yojana?
The Indian government's PMVVY is a pension scheme that offers guaranteed pension payout at a specified rate for a period of 10 years. For financial 2020-21, the government has fixed the annual rate of return at 7.4 percent. It also provides a death benefit to the nominee in the form of a return of purchase price.Benefits of PMVVY
Minimum entry age is 60 years. There is no maximum limit.Taxes
There are no tax benefits like those given to other popular government-backed schemes.How to apply for PM Vaya Vandana Yojana?
LIC of India is the sole operator of this scheme. One can apply for the PM Vaya Vandana Yojana scheme online on licindia.in with copies of PAN, address proof (Aadhaar or passport) and the first page of bank passbook/cheque leaf of the account to which the pension would be credited.