Senior citizens can now invest up to Rs 15 lakh in Pradhan Mantri Vaya Vandana Yojana (PMVVY) offered by Life Insurance Corporation of India and get a fixed monthly payout of up to `10,000 for 10 years.
The cabinet has now approved to double the investment limit from `7.5 lakh to `15 lakh under PMVVY, a pension scheme with 8% assured returns. The decision, which follows a Budget announcement on February 1, will help senior citizens to park their retirement corpus in the assured return scheme. With this, PMVVY is now on par with Senior Citizen Savings Scheme (SCSS) of banks and post offices where the investment limit is `15 lakh. The time limit for subscription under PMVVY scheme has been extended from May 4, 2018 to March 31, 2020. The scheme, launched in May last year has benefited 2.2 lakh senior citizens.
