<p>The Union Cabinet on Wednesday extended the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a social security scheme for senior citizens, for three years till March, 2023, but reduced the rate of interest on the scheme to 7.40% in 2020-21 from 8% per annum until now.</p>.<p>PMVVY scheme, implemented through the Life Insurance Corporation (LIC), is intended to give an assured minimum pension to senior citizens (60 years and above) based on their subscription amount.</p>.<p>The scheme was announced in Union Budget of 2017-18 and 2018-19. In 2018-19 Budget, the maximum investment limit under PMVVY was doubled to Rs 15 lakh per senior citizen.</p>.<p>Pension is payable at the end of each period during the policy term of 10 years, as per monthly, quarterly, half-yearly, yearly frequency, as chosen by the pensioner at the time of purchase, an official statement said after the cabinet meeting chaired by Prime Minister Narendra Modi.</p>
<p>The Union Cabinet on Wednesday extended the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a social security scheme for senior citizens, for three years till March, 2023, but reduced the rate of interest on the scheme to 7.40% in 2020-21 from 8% per annum until now.</p>.<p>PMVVY scheme, implemented through the Life Insurance Corporation (LIC), is intended to give an assured minimum pension to senior citizens (60 years and above) based on their subscription amount.</p>.<p>The scheme was announced in Union Budget of 2017-18 and 2018-19. In 2018-19 Budget, the maximum investment limit under PMVVY was doubled to Rs 15 lakh per senior citizen.</p>.<p>Pension is payable at the end of each period during the policy term of 10 years, as per monthly, quarterly, half-yearly, yearly frequency, as chosen by the pensioner at the time of purchase, an official statement said after the cabinet meeting chaired by Prime Minister Narendra Modi.</p>