Q. Which new pension scheme has been launched by the Union Government for the senior citizens?
Answer: Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Notes: The Union Finance Minister Arun Jaitley has launched a new pension scheme Pradhan Mantri Vaya Vandana Yojana (PMVVY) for the senior citizens in New Delhi on July 21, 2017. The scheme can be purchased offline as well as online through LIC and is exempted from Service Tax or GST. The PMVVY scheme will be available till 3rd of May next year and will provide an assured return of 8% per annum payable monthly for 10 years. Loan upto 75% of purchase price will be allowed after 3 policy years to meet the liquidity needs. The scheme also allows for premature exit for the treatment of any critical or terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded. On death of the pensioner during the policy term of 10 years, the purchase price will be paid to the beneficiary.
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