Consider the following statements regarding Varishta Pension Bima Yojana 1 This will ...........

Economic Affairs Pension and Insurance

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Consider the following statements regarding Varishta Pension Bima Yojana:

1. This will be implemented through Life Insurance Corporation of India (LIC).

2. The Varishtha Pension Bima Yojana 2017 is aimed at providing income security to persons aged 60 years and above.

3. It will provide an assured pension based on a guaranteed rate of return of 8 per cent for 10 years.

Which of the above statement are incorrect?

1 and 2 only

1 and 3 only

1,2 and 3

2 and 3 only

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Explanation:

The Varishtha Pension Bima Yojana 2017 will be implemented through Life Insurance Corporation of India (LIC) in the current financial year.
This yojana will be open for subscription for a period of one year from the date of launch.
The Varishtha Pension Bima Yojana 2017 is aimed at providing income security to persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.
It will provide an assured pension based on a guaranteed rate of return of 8 per cent for 10 years. Senior citizens can opt for pension on a monthly/quarterly/half-yearly or annual basis under the Varishtha Pension Bima Yojana 2017.
Under this scheme, government will pay to LIC the differential return, which is the difference between the return generated by the insurer and the assured return of 8 per cent, as subsidy on an annual basis.