7.4% interest rate locked in for 10 years: Who should buy LIC's PMVVY

SCSS, which offers 80C benefit, allows you to lock in at 7.6% for five years

Senior citizens have slightly over three months left to subscribe to the Pradhan Mantri Vaya Vandana Yojana (PMVVY). This scheme, administered by the Life Insurance Corporation of India, is a government-backed pension scheme for senior citizens which provides an interest rate of 7.4 per cent per annum, payable monthly. This assured rate of pension will be payable for the full term of 10 years for all policies purchased until March 31, 2023.

Mrin Agarwal, founder-director, Finsafe, says, “Seniors can use PMVVY to lock into returns for the long term.” Adds Maneet Pal Singh, partner, IP Pasricha & Co, says, “The