Question
For Financial Year 2022-23, it has been decided that the
Pradhan Mantri Vaya Vandana Yojana shall provide an assured pension of 7.40% p.a. payable monthly. What is the minimum age for enrolling into the Scheme?Solution
Explanation: The ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been launched by the Government to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions, as also to provide social security during old age. The scheme is implemented through the Life Insurance Corporation of India (LIC) and open for subscription up to 31st March, 2023.
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