Life Insurance Corporation of India announced the launch of the PMVVY Scheme for those over and above 60 years. What will be interest rate in PMVVY account?

Life Insurance Corporation of India announced the launch of the Pradhan Mantri Vaya Vandana Yojana-PMVVY Scheme for those over and above 60 years. The sale will be available from May 26 for 3 financial years(up to March 31, 2023). This scheme can be purchased offline as well as online from LIC website.The policy has a 10-year tenure and for policies sold in the 1st financial year March 2021, the scheme will offer an assured rate of return of 7.40% per annum, but will be paid monthly for the entire 10 year period.