Lok Sabha Question No. 1778 (UNSTARRED), answered on 2018-07-27
Subject: PMVVY
Ministry: FINANCE
Asked by: PREM SINGH CHANDUMAJRA

Government of India Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. 1778

Friday, July 27, 2018/Shravana 5, 1940 (Saka)

## PMVVY

## 1778. PROF. PREM SINGH CHANDUMAJRA:

## Will the Minister of FINANCE

be pleased to state:

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

## Answer

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

(a) and (b): Government has launched a scheme namely 'Pradhan Mantri Vaya Vandana Yojana ' 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. The scheme is being implemented through Life Insurance Corporation of India  (LIC)  and  provides  an  assured  return  of  8%  per  annum  for  10  years.  The differential return i.e. the difference between return generated by LIC and the assured return  of  8%  per  annum  is  borne  by  Government  of  India  as  subsidy  on  annual basis. Mode of pension payment is monthly, quarterly, half-yearly and annually based on option exercised by the subscriber. The scheme was open initially for subscription for a period  of  one  year  i.e.  from  4 th May, 2017 to 3 rd May, 2018. The minimum purchase price under the scheme was Rs.1.5 lakh per family for a minimum pension of Rs. 1,000/per month and the maximum purchase price was Rs.7.5 lakh per family for a maximum pension of Rs.5,000/- per month.

In pursuance to Budget Announcement 2018-19, Pradhan Mantri Vaya Vandana Yojana has  been  extended  up  to  31 st March,  2020  and  the  limit  of  maximum  purchase  price of  Rs. 7.5 lakh per family under the scheme has also been enhanced to  Rs 15 lakh per senior citizen.

(c): The state-wise number of senior citizens benefitted under the scheme, provided by LIC, is detailed at Annexure.

## State-wise number of persons covered under PMVVY from 04.05.2017 to 24.07.2018

| States                   |   Number of Senior Citizens |
|--------------------------|-----------------------------|
| Andaman &Nicobar Islands |                          15 |
| Andhra Pradesh           |                        6564 |
| Arunachal Pradesh        |                           6 |
| Assam                    |                        1804 |
| Bihar                    |                        2690 |
| Chandigarh               |                         819 |
| Chhattisgarh             |                        2830 |
| Goa                      |                        1420 |
| Gujarat                  |                       42464 |
| Haryana                  |                        4062 |
| Himachal Pradesh         |                         849 |
| Jammu &Kashmir           |                         620 |
| Jharkhand                |                        4639 |
| Karnataka                |                       18318 |
| Kerala                   |                        6538 |
| Madhya Pradesh           |                        7926 |
| Maharashtra              |                       56110 |
| Manipur                  |                          16 |
| Meghalaya                |                          73 |
| Mizoram                  |                           1 |
| Nagaland                 |                          12 |
| NCT OF Delhi             |                       13123 |
| Orissa                   |                        4597 |
| Puducherry               |                         219 |
| Punjab                   |                        3573 |
| Rajasthan                |                        6050 |
| Sikkim                   |                          24 |
| Tamil Nadu               |                       18559 |
| Telangana                |                        8376 |
| Tripura                  |                         270 |
| Uttarakhand              |                        2352 |
| Uttar Pradesh            |                       19993 |
| West Bengal              |                       60722 |
| Total                    |                      295634 |