Lok Sabha Question No. 2522 (UNSTARRED), answered on 2018-03-09
Subject: PMVVY
Ministry: FINANCE
Asked by: PREM SINGH CHANDUMAJRA, BHOLA SINGH, MOHANBHAI KALYANJIBHAI KUNDARIYA

Government of India Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. 2522

Friday, March 09, 2018/Phalguna 18, 1939 (Saka)

## PMVVY

2522. Prof. Prem Singh Chandumajra:

Shri Bhola Singh:

Shri Kundariya Mohan Bhai Kalyanji Bhai :

## Will the Minister of FINANCE

be pleased to state:

- (a) whether the Government has launched the Pardhan Mantri Vaya Vandana Yojana (PMVVY);
- (b) if so, the details, salient features and the objectives thereof; and
- (c)  the  number of persons/senior citizens benefitted under the scheme in the country including Gujarat, Punjab and Uttar Pradesh, State-wise?

## Answer Minister of State in the Ministry of Finance (Shri Shiv Pratap Shukla)

- (a) and (b): To protect elderly persons aged 60 years and above against a future fall in their interest  income due to the uncertain  market conditions, as also to provide social security during old age, Government launched a simplified scheme of assured pension of 8% called the Pradhan Mantri Vaya Vandana Yojana (PMVVY). This Scheme has been launched through Life  Insurance  Corporation  (LIC)  of  India. As  per  the  scheme,  on payment of  an  initial  lump  sum  amount  ranging  from  a  minimum  purchase  price  of  Rs. 1,50,000/- for a minimum pension of Rs 1000/- per month to a maximum purchase price of Rs.  7,50,000/-  for  a  maximum  pension  of  Rs.  5,000/-  per  month,  subscribers  will  get  an assured  pension  based  on  a  guaranteed  rate  of  return  of  8%  per  annum,  payable monthly/quarterly/half-yearly/annually. The duration of the scheme will be for a period of ten years and the scheme is open for subscription for a period of one year i.e. from 4 th May, 2017 to 3 rd May, 2018.
- (c):  LIC  has  provided  the  State-wise  number  of  Persons/senior  citizens  covered  under Pradhan Mantri Vaya Vandana Yojana (PMVVY) as on 28.02.2018 which is annexed.

Annexure referred to in reply to Lok Sabha Unstarred Question No. 2522 for 9 th March 2018

## Number  of  Persons/senior  citizens  covered  under  Pradhan  Mantri  Vaya  Vandana Yojana (PMVVY) for the period from 04.05.2017 to 28.02.2018

| Name of the States/Union Territories   | No. of Senior Citizens   | Purchase Price of Pension (Rs in Crore)   |
|----------------------------------------|--------------------------|-------------------------------------------|
| Andhra Pradesh                         | 4,550                    | 249.54                                    |
| Arunachal Pradesh                      | 5                        | 0.30                                      |
| Assam                                  | 1,148                    | 72.30                                     |
| Bihar                                  | 1,830                    | 113.78                                    |
| Chhattisgarh                           | 1,852                    | 127.36                                    |
| Goa                                    | 981                      | 55.44                                     |
| Gujarat                                | 27,960                   | 1440.94                                   |
| Haryana                                | 2,714                    | 165.06                                    |
| Himachal Pradesh                       | 556                      | 31.94                                     |
| Jammu &Kashmir                         | 406                      | 25.98                                     |
| Jharkhand                              | 2,974                    | 205.62                                    |
| Karnataka                              | 12,795                   | 742.75                                    |
| Kerala                                 | 4,716                    | 243.24                                    |
| Madhya Pradesh                         | 5,498                    | 321.27                                    |
| Maharashtra                            | 39,694                   | 2204.55                                   |
| Manipur                                | 12                       | 0.72                                      |
| Meghalaya                              | 45                       | 2.86                                      |
| Mizoram                                | 1                        | 0.06                                      |
| Nagaland                               | 9                        | 0.49                                      |
| Orissa                                 | 3,009                    | 191.81                                    |
| Punjab                                 | 2,503                    | 148.48                                    |
| Rajasthan                              | 4,178                    | 245.23                                    |
| Sikkim                                 | 17                       | 1.11                                      |
| Tamil Nadu                             | 12,973                   | 710.35                                    |
| Telangana                              | 5,713                    | 350.78                                    |
| Tripura                                | 170                      | 10.36                                     |
| Uttar Pradesh                          | 14,153                   | 857.28                                    |
| Uttarakhand                            | 1,671                    | 106.58                                    |
| West Bengal                            | 41,073                   | 2268.41                                   |
| Andaman &Nicobar Islands               | 7                        | 0.40                                      |
| Chandigarh                             | 563                      | 35.55                                     |
| NCT OF Delhi                           | 8,813                    | 576.74                                    |
| Puducherry                             | 152                      | 8.32                                      |
| Total                                  | 2,02,741                 | 11,515.60                                 |