Which of the following schemes has been implemented by the Indian Government through the Life Insurance Corporation of India to protect elderly persons aged 60 years and above against a future fall in their interest income?

Atal Pension Yojana
Pradhan Mantri Jan-Dhan Yojana
Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Vaya Vandana Yojana

LohaHridoy

4 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 4 : Pradhan Mantri Vaya Vandana Yojana

The correct answer is Pradhan Mantri Vaya Vandana Yojana.

In July 2017, the Union Finance Ministry had launched Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme exclusively for senior citizens aged 60 years and above.
Under this scheme, senior citizens will get a guaranteed interest of 8% for 10 years depending upon the investment made by them.
Life Insurance Corporation of India (LIC) has been given the sole privilege to operate the scheme.
This scheme provides an assured return of 8% per annum payable monthly for 10 years on a single lumpsum premium ranging from Rs. 150000 (minimum) to Rs.750000 (maximum).
Pension (minimum: Rs.1000/ month; maximum: Rs.5000/month) will be payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly, quarterly, half-yearly, yearly as chosen by the pensioner at the time of purchase.
The scheme also offers loans up to 75% of the purchase price after 3 policy years (to meet the liquidity needs).

4 views Answered 2022-09-04 04:29

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