Q:
Consider the following statements about a scheme launched by the Government of India:
It was launched to provide social security during old age and to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension / return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LICI).Identify the scheme.
Answer & Explanation
Answer: B) Pradhan Mantri Vaya Vandana Yojana
Explanation: Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017 to 31st March, 2020.
This is a simplified version of the VPBY and will be implemented by the Life Insurance Corporation (LIC) of India.
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