For the financial year 2022-23, which of the following schemes of the Central Government provides an assured pension rate of 7.40% per annum, payable monthly?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Pradhan Mantri Vaya Vandana Yojana .
The scheme that provides an assured pension rate of 7.40% per annum, payable monthly, for the financial year 2022–23 is the Pradhan Mantri Vaya Vandana Yojana (PMVVY). This scheme is operated by the Life Insurance Corporation of India (LIC) and is exclusively available to senior citizens aged 60 years and above. PMVVY offers a 10-year policy term with flexible pension payment options: monthly, quarterly, half-yearly, or annually. The maximum pension under the monthly mode is ₹9,250, and the maximum investment allowed is ₹15 lakh. The assured rate of 7.40% per annum remains fixed for the entire policy term for policies purchased until March 31, 2023.