Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Pradhan Mantri Vaya Vandana Yojana (PMVVY) which is a pension scheme exclusively for senior citizens aged 60 years and above.Under this scheme, senior citizens will get a guaranteed interest of 8% for 10 years depending upon the investment made by them.Life Insurance Corporation of India (LIC) has been given the sole privilege to operate the scheme. It can be purchased offline as well as online through LIC.The scheme also offers loan up to 75% of the purchase price after 3 policy years (to meet the liquidity needs). Loan interest will be recovered from the pension instalments and loan will be recovered from claim proceeds.The scheme allows for premature exit for the treatment of any critical terminal illness of self or spouse.