Understanding the Pradhan Mantri Vaya Vandana Yojana (PMVVY)

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a social security scheme and pension plan for senior citizens. It is a government-subsidized scheme administered by the Life Insurance Corporation of India (LIC). The scheme aims to provide an assured return (pension) to senior citizens, typically aged 60 years and above.

PMVVY Maximum Investment Limit Before March 31, 2020

The question asks about the maximum investment permitted per senior citizen under the Pradhan Mantri Vaya Vandana Yojana specifically on or before March 31, 2020. It is important to note that the investment limit for the PMVVY scheme has been revised over time. Before March 31, 2020, the maximum investment limit per senior citizen under this scheme was indeed higher than the previous limit.

The maximum amount that could be invested by a senior citizen under the Pradhan Mantri Vaya Vandana Yojana up to March 31, 2020, was set at ₹15 lakhs.

This limit of ₹15 lakhs per senior citizen allowed individuals to invest a lump sum amount and receive a guaranteed pension based on the investment amount and the prevailing interest rate at the time of subscription. This maximum limit was a key feature of the scheme during that period.

Subsequently, the scheme has been extended, and the maximum investment limit and other terms might have been revised for periods after March 31, 2020. However, the question specifically pertains to the period on or before this date.

Key Points about PMVVY (relevant to the period)

• Target Beneficiary: Senior Citizens (age 60 years and above).
• Scheme Type: Pension Scheme.
• Administrator: Life Insurance Corporation of India (LIC).
• Investment Nature: Lump sum investment.
• Maximum Investment per senior citizen (on or before March 31, 2020): ₹15 lakhs.

Therefore, based on the rules applicable on or before March 31, 2020, the maximum permissible investment per senior citizen under the Pradhan Mantri Vaya Vandana Yojana was ₹15 lakhs.