LIC Current Affairs - 2019
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Union Ministry of Agriculture & Farmers Welfare has rolled out registration for the PM Kisan Maan Dhan Yojana to provide old age pension cover to farmers. It is new Central Sector Scheme envisioned with an aim to improve life of small and marginal farmers of the country. It is first of its kind pension coverage scheme since independence that s has been envisioned for farmers.
Key Features of Scheme
Intended Beneficiaries: It is voluntary and contributory for small and marginal farmer in entry age group of 18 to 40 years and whose cultivable land is 2 hectares or less.
Benefits: Beneficiaries on attaining the age of 60 years will get monthly fixed pension of Rs. 3000.
Contributions: Beneficiary farmers are required to make monthly contribution of Rs.55 to Rs.200, depending on their age of entry, in Pension Fund till they reach the retirement date i.e. the age of 60 years. Central Government will also equal contribute as contributed by the eligible farmer to Pension Fund. Farmers can opt to allow his/her monthly contribution to this scheme to be made from his benefits drawn from PM-KISAN Scheme directly. Spouse of farmer is also eligible to get separate pension of Rs.3000 upon making separate contributions to this pension fund.
Implementing agency: Life Insurance Corporation of India (LIC) will be Pension Fund Manager and also responsible for Pension pay out to farmers.
Transferability: In case of death of beneficiary farmer before retirement date, the spouse may continue in scheme by paying remaining contributions till remaining age of the deceased farmer. If spouse does not wish to continue, then total contribution made by farmer along with interest will be paid to spouse. If there is no spouse, then total contribution along with interest will be paid to nominee. If the farmer dies after retirement date, the spouse will receive 50% of fixed pension as Family Pension. After death of both the farmer and the spouse, accumulated corpus will be credited back to Pension Fund.
Exit: The beneficiary farmers may opt voluntarily to exit from this scheme after minimum period of 5 years of regular contributions. On exit, their entire contribution will be returned by LIC with interest equivalent to prevailing saving bank rates.
Tags: Agriculture • Farmers Welfare • Government Schemes • LIC • Ministry of Agriculture and Farmers Welfare
The Union Cabinet has approved doubling of investment limit from Rs 7.5 lakh to Rs 15 lakh under Pradhan Mantri Vaya Vandana Yojana (PMVVY). It also extended time limits for subscription from ay 2018 to March, 2020.
These decisions were taken as part of Government commitment to financial inclusion and social security. It will boost social security initiatives for senior citizens and enable them upto Rs.10,000 pension per month.
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY aims to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. It is implemented through Life Insurance Corporation of India (LIC). The intended beneficiaries of the scheme are elderly persons aged 60 years and above.
The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on monthly, quarterly or half yearly and annual basis. The differential return, i.e. difference between return generated by LIC and assured return of 8% per annum is borne by Government as subsidy on annual basis.