In May 2020, the ‘Pradhan Mantri Vaya Vandana Yojana’ (PMVVY) was launched by the Government to protect elderly persons aged 60 years and above against ______.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. a future fall in their interest income due to uncertain market conditions.
In May 2020, the Government of India launched the ‘Pradhan Mantri Vaya Vandana Yojana’ (PMVVY) to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. This pension scheme, implemented through the Life Insurance Corporation (LIC) of India, provides a guaranteed return on investment in the form of regular pension payouts for ten years. It aims to offer financial security and stability to senior citizens by shielding them from fluctuating interest rates and ensuring a steady income during their retirement years.