Cabinet approves doubling of Investment Limit for senior citizens from Rs. 7.5 lakh to Rs.15 lakh under PMVVY
New Delhi, May 2 (IBNS): The Union Cabinet chaired by chaired by Prime Minister Narendra Modi on Wednesday gave its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from May 4, 2018 to Mar 31, 2020 under the Pradhan MantriVayaVandanYojana (PMVVY) as part of Government's commitment for financial inclusion and social security.
"Further, as a boost to the Social Security initiatives for senior citizens, the investment limit of Rs 7.5 lakh per family in the existing scheme is enhanced to Rs 15 lakh per senior citizen in the modified PMVVY, thereby providing a larger social security cover to the Senior citizens. It will enable upto Rs.10000 Pension per month for Senior Citizens," read a government statement.
As of March, 2018, a total number of 2.23 lakh senior citizens are being benefited under PMVVY. In the previous scheme of Varishtha Pension Bima Yojana-2014, a total number of 3.11 lakh senior citizens are being benefited.
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