Current Context: Life Insurance Corporation of India has launched PM Vaya Vandana Yojana Pension Scheme (PMVVY) (Modified-2020). It is a social security scheme for senior citizens.
- The scheme is for those who are above 60 years of age.
- The plan starts from May 26 for the period of three financial years i.e. up to 31st March 2023.
- LIC is solely authorized to operate this scheme that offers a total payout not exceeding Rs 15 Lakhs.
- The scheme works as Non-Linked, Non-Participating pension scheme subsidized by the centre
- The tenure period for the policy is 10 years.
- The policy sold in the first financial ending March 2021 will offer assured return of 7.40% p.a., will be paid monthly for a period of 10 years.
- A senior citizen can withdraw a minimum pension of Rs 1000 per month depending on the amount invested in the scheme.
- After three years of the policy, a loan up to 75% of the purchase price will be offered.
- Static Part:
- HQ of LIC: Mumbai
- Chairperson of LIC: M R Kumar
Question:
Q.1 Which of the following financial institution launched PM Vaya Vandana Yojana Pension Scheme?
a. NIACL
b. LIC
c. ICICI Lombard
d. HDFC Ergo
a. NIACL
b. LIC
c. ICICI Lombard
d. HDFC Ergo
