SRINAGAR: A total of 1,890 senior citizens in Jammu and Kashmir had enrolled under the Pradhan Mantri Vaya Vandana Yojana (PMVVY) by March 31, 2023, with Rs 21.34 crore mobilised as premium, according to data placed before the Lok Sabha on Monday.
The figures, provided by the Ministry of Finance in response to an unstarred question, show that the number of PMVVY subscribers in Jammu and Kashmir increased from 468 in March 2018 to 748 in 2019, 944 in 2020, 1,300 in 2021, 1,652 in 2022 and 1,890 in 2023.
The premium amount mobilised in the Union Territory rose correspondingly from Rs 2.83 crore in 2018 to Rs 6.24 crore in 2019, Rs 8.78 crore in 2020, Rs 13.44 crore in 2021, Rs 18.23 crore in 2022 and Rs 21.34 crore by March 2023.
Nationally, PMVVY had 8,08,923 subscribers by March 31, 2023, with a cumulative premium amount of Rs 8,46,064.18 lakh, or about Rs 8,460.64 crore.
The Finance Ministry said PMVVY policies were issued from 2017 with a fixed term of 10 years and would start maturing from 2027. The scheme, implemented through the Life Insurance Corporation of India with pan-India coverage, was available for subscription until March 31, 2023.
The scheme provided assured pension to eligible senior citizens and was intended to protect them against fluctuations in interest income during old age. The Government said awareness campaigns and outreach activities were undertaken during the scheme’s operational period from 2017 to 2023, including efforts to improve coverage among women and senior citizens.
The data also records premature exits through surrender and deaths of policyholders. In Jammu and Kashmir, two deaths and nine surrenders were recorded in 2017-18, followed by two deaths and 18 surrenders in 2018-19, one death and 44 surrenders in 2019-20, and further exits in subsequent years.
The Government said the details of premature exits, surrenders and deaths, along with benefits paid, had been compiled state-wise and year-wise. PMVVY’s 10-year policy term means policies issued during the scheme’s initial years will begin reaching maturity from 2027.
