NEW DELHI: The Indian Cabinet on Wednesday approved doubling the investment limit to Rs 15 lakh under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) to provide increased social security cover to senior citizens.
“As a boost to 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,” an official statement said on Wednesday.
The Cabinet headed by India’s Prime Minister Narendra Modi also approved the extension of time limits for subscription from May 4, 2018, to March 31, 2020 under PMVVY as part of government’s commitment for financial inclusion and social security, it added.
It will enable up to Rs 10,000 pension per month for senior citizens, the release said.
As of March, 2018, a total number of 2.23 lakh senior citizens are being benefited under the pension scheme which guarantees a minimum pension of Rs 1,000 per month for a period of 10 years.
In the previous scheme of Varishtha Pension Bima Yojana-2014, a total of 3.11 lakh senior citizens are being benefited.