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Name the scheme, which is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017. 
  • a)
    Pradhan Mantri Mudra Yojana
  • b)
    Pradhan Mantri Vaya Vandana Yojana
  • c)
    Pradhan Mantri Jan Dhan Yojana
  • d)
    Pradhan Mantri Suraksha Bima Yojana
  • e)
    Pradhan Mantri Jeevan Jyoti Bima Yojana
Correct answer is option 'B'. Can you explain this answer?
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Name the scheme, which is a Pension Scheme announced by the Government...
Answer : b)
Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which was available from 4th May, 2017 to 31st March, 2020.
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Name the scheme, which is a Pension Scheme announced by the Government...
Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above. The scheme was launched on 4th May, 2017.

Features of PMVVY

- The scheme provides an assured return of 7.40% per annum payable monthly for 10 years.
- The scheme is exempted from Goods and Services Tax (GST).
- The minimum purchase price for the scheme is Rs. 1,56,658 for a minimum pension of Rs. 1,000 per month and the maximum purchase price is Rs. 14,49,086 for a maximum pension of Rs. 10,000 per month.
- The pensioner has the option to choose either monthly, quarterly, half-yearly or annual mode of payment of pension.
- The pensioner can opt for the loan up to 75% of the purchase price after completion of three policy years.
- The scheme provides for the payment of the purchase price along with the final pension installment on maturity.
- The scheme allows for premature exit during the policy term under exceptional circumstances such as the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of the Purchase Price.
- The scheme can be purchased offline as well as online through the Life Insurance Corporation of India (LIC) and other Insurance companies.

Benefits of PMVVY

- The scheme provides financial security to the senior citizens during their retirement.
- The scheme provides an assured return of 7.40% per annum payable monthly for 10 years, which is higher than the returns provided by most of the other investment options available to senior citizens.
- The scheme is exempted from Goods and Services Tax (GST), which makes it more attractive to senior citizens.
- The scheme allows for premature exit during the policy term under exceptional circumstances such as the treatment of any critical/terminal illness of self or spouse, which provides flexibility to the senior citizens.

Conclusion

Pradhan Mantri Vaya Vandana Yojana is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above. The scheme provides an assured return of 7.40% per annum payable monthly for 10 years, which makes it attractive to senior citizens. The scheme also provides financial security to the senior citizens during their retirement.
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Name the scheme, which is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017.a)Pradhan Mantri Mudra Yojanab)Pradhan Mantri Vaya Vandana Yojanac)Pradhan Mantri Jan Dhan Yojanad)Pradhan Mantri Suraksha Bima Yojanae)Pradhan Mantri Jeevan Jyoti Bima YojanaCorrect answer is option 'B'. Can you explain this answer?
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Name the scheme, which is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017.a)Pradhan Mantri Mudra Yojanab)Pradhan Mantri Vaya Vandana Yojanac)Pradhan Mantri Jan Dhan Yojanad)Pradhan Mantri Suraksha Bima Yojanae)Pradhan Mantri Jeevan Jyoti Bima YojanaCorrect answer is option 'B'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Name the scheme, which is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017.a)Pradhan Mantri Mudra Yojanab)Pradhan Mantri Vaya Vandana Yojanac)Pradhan Mantri Jan Dhan Yojanad)Pradhan Mantri Suraksha Bima Yojanae)Pradhan Mantri Jeevan Jyoti Bima YojanaCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Name the scheme, which is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017.a)Pradhan Mantri Mudra Yojanab)Pradhan Mantri Vaya Vandana Yojanac)Pradhan Mantri Jan Dhan Yojanad)Pradhan Mantri Suraksha Bima Yojanae)Pradhan Mantri Jeevan Jyoti Bima YojanaCorrect answer is option 'B'. Can you explain this answer?.
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