LIC's Pension Plan: LIC launches pension scheme that offers Rs 10,000/month for senior citizen

LIC Pension Plan: Life Insurance Corporation of India (LIC), India's largest insurer has launched Pradhan Mantri Vaya Vandana Yojana (PMVVY) for senior citizens aged 60 years and above. LIC's PMVVY pension scheme is non-linked and non-participating subsidized by the Centre. The finance ministry had recently modified PMVYY pension scheme and extended the pension plan till 31 March, 2023 with an assured interest rate of 7.40% p.a. for FY 2020-21. According to LIC, Pradhan Mantri Vaya Vandana Yojana offers a guaranteed monthly income of up to ₹10,000 for 10 years.

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