All About Pradhan Mantri Vaya Vandhana Yojana (PMVVY)

Pradhan Mantri Vaya Vandhana Yojana (PMVVY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension plan run by Life Insurance Corporation LIC for senior citizens aged minimum of 60 years. An assured return of 8% per annum is provided monthly (equivalent to 8.3% per annum) for 10 years. However, the investor can choose for monthly/quarterly/ half-yearly or yearly payment of his pension.

• Tenure is 10 years
• Minimum Investment amount- Rs 1,000
• Maximum limit on investment- Rs 15 lakh
• Tax deduction on Principal is allowed
• Interest earned is tax-exempt