social security benefits is one of the most important aspect of welfare state. In this context discuss the provisions of Pradhan mantrivayavandanda yojana.( Schemes)

with the rise in average life expectancy there is a need to provide the senior citizens with social security. Hence government of India came up with PMVVY to provide pension and hence income security.

Eligibility

A senior citizen above the age of 60 years of age will fall under the scheme.

Available for one year from the date of launch.

Features

• Will provide interest of over 8% for 10 years.
• NEFT of amount to pensioner at the end of selected time period.
• IF a pensioner dies during the policy term of 10 years, the purchase price would be refunded to the nominee.
• Minimum pension is of Rs. 1000 and maximum of Rs. 5000.
• After completion of 3 year , loan facility will also be available capped at 75% of the invested amount.
• The policy can be purchased by paying lum sum amount.
• No medical examination is required to buy the policy.