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?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Pradhan Mantri Vaya Vandana Yojana.
The scheme implemented by the Indian Government through the Life Insurance Corporation of India to protect elderly persons aged 60 and above against a future fall in their interest income is called the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
PMVVY is a pension scheme designed specifically for senior citizens, offering a guaranteed pension payout for a fixed period (usually 10 years) with a assured rate of return, aiming to provide stability and income during their retirement.