Sagar 31 Questions 177 Answers 34 Best Answers 572 Points View Profile Sagar Asked: January 6, 20212021-01-06T22:27:24+05:30 2021-01-06T22:27:24+05:30In: UPSC PRELIMS What is the Pradhan Mantri Vaya Vandana Yojana? Describe Pradhan Mantri Vaya Vandana Yojana (PMVVY). economicsgeneral knowledge Share Facebook 1 Answer Recent Arpit 87 Questions 25 Answers 17 Best Answers 219 Points View Profile Best Answer Arpit 2021-01-06T23:37:23+05:30Added an answer on January 6, 2021 at 11:37 pm Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme initiated in 2017 specifically for senior citizens aged 60 years by the Ministry of Finance. Key features of PMVVY- This is a scheme provided by India’s Life Insurance Corporation (LIC) that offers a guaranteed 10-year pension payout at a defined rate. In the context of the return of the purchase price to the nominee, it often provides a death benefit Depending on the sum invested in the programme, senior citizens will receive a minimum pension of 1,000 per month. The annual pension is limited to approximately 10,000 a month. Under the PMVVY scheme, one can spend a maximum sum of 15 lakh. After 3 policy years, loans up to 75 percent of the purchase price are permitted. The scheme is excluded from GST and aadhar has been made compulsory to benefit from the scheme. The minimum age for applying for PMVVY is 60 and there is no upper entry age limit. 1 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Cancel the best answer Leave an answerCancel replyYou must login or register to add a new answer. Related Questions Tell us about the Global Gender Gap Report 2021. Tell us about the Global Hunger Index 2020.