Life Insurance Corporation of India (LIC) on Monday announced the launch of the Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme.

“This plan will be available for sale commencing from May 26 for three financial years – up to March 31, 2023. This scheme can be purchased offline as well as online from LIC of India,” it said in a statement.

The Union Cabinet had earlier this month extended the PMVVY or Pradhan Mantri Vaya Vandana Yojana, which is a social security scheme for senior citizens.

LIC is solely authorised to operate this scheme, which works as a Non-Linked, Non-Participating, Pension Scheme subsidised by the Centre.

“The policy term is of 10 years and for policies sold during the first financial year -- up to March 31, 2021, the scheme will provide an assured rate of return of 7.40 per cent per annum payable monthly (which is equivalent to 7.66 per cent per annum) for the entire duration of 10 years,” LIC said.

Published on May 25, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism