1 Pradhan Mantri Vaya Vandana Yojana

• PMVVY is a Pension Scheme announced by the Government of India exclusivelyfor the senior citizens aged 60 years and above which is available from 4th May, 2017 to 3rd May, 2018.
• The Scheme can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme.
• Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.
• The scheme is exempted from Service Tax/ GST.
• On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
• Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds.
• The scheme also allows for premature exit for the treatment of any critical/ 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 shall be paid to the beneficiary.

2 Pradhan Mantri Suraksha Bima Yojna

• Pradhan Mantri Suraksha Bima Yojana is available to people between 18 and 70 years of age with bank accounts.
• It has an annual premium of Rs. 12 (18¢ US) excluding service tax, which is about 14% of the premium.
• The amount will be automatically debited from the account. In case of accidental death or full disability, the payment to the nominee will be Rs.2 lakh (US$3,000) and in case of partial Permanent disability Rs.1 lakh (US$1,500).
• Full disability has been defined as loss of use in both eyes, hands or feet. Partial Permanent disability has been defined as loss of use in one eye, hand or foot.
• This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially.
• The government aims to reduce the number of such zero balance accounts by using this and related schemes.

3 Atal Pension Yojana

• Under the Atal Pension Yojna Scheme (APY), the subscribers, under the age of 40, would receive the fixed monthly pension of Rs. 1000 to Rs. 5000 at the age of 60 years, depending on their contributions.
• To make the pension scheme more attractive, government would co-contribute 50% of a subscriber's contribution or Rs. 1,000 per annum, whichever is lower to each eligible subscriber account for a period of 5 years from 2015-16 to 2019-20.
• The benefit of government's co-contribution can be availed by those who subscribe to the scheme before December 31, 2015.

4 Pradhan Mantri Jeevan Jyoti Bima Yojana

• Pradhan Mantri Jeevan Jyoti Bima Yojana is low cost life insurance policy provided by government of India.
• Maximum sum offered under this scheme is Rs. 2 Lakh Premium payable for this insurance scheme is Rs. 330 per year or less than 1 rupee per day.
• It is available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.