NEW DELHI: Finance Minister Arun Jaitley will tomorrow launch a pension scheme for elederly with 8 per cent fixed rate of interest on their savings.
It can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this scheme, the finance ministry said in a statement today.
PMVVY is a pension scheme announced by the Government exclusively for the senior citizens aged 60 years and above which is available from May 4, 2017 to May 3, 2018.
“Scheme provides an assured return of 8 per cent per annum payable monthly (equivalent to 8.30 per annum effective) for 10 years,” it said.
Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly, quarterly, half-yearly, yearly as chosen by the pensioner at the time of purchase, it said. (AGENCIES)
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