The Pradhan Mantri Vaya Vandana Yojana (PMVVY) was formally launched on 21 July by Arun Jaitley, the Union Minister for Finance, Defence and Corporate Affairs . Who can buyPMVVY is a pension scheme exclusively for senior citizens—aged 60 years or more. The maximum purchase price for monthly pension is Rs7.5 lakh, which will fetch Rs5,000 per month. On death of the pensioner during the policy term of 10 years, the purchase price shall be paid to the beneficiary. The scheme is at par with other schemes for senior citizens such as Senior Citizens Savings Scheme (SCSS), which offers a similar return of 8.3% per annum currently.

Source: Mint July 26, 2017 11:26 UTC