FM formally launched Pradhan Mantri Vaya Vandana Yojana

• The Union Minister for Finance, Defence and Corporate Affairs has formally launched the Pradhan Mantri Vaya Vandana Yojana (PMVVY) in the national capital.

• PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4^th May, 2017 to 3^rd May, 2018.

• The Scheme 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.

• Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.

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