With reference to quot Varishtha Pension Bima Yojana quot which of the following statements is are c...........

Economic Affairs Pension and Insurance

With reference to "Varishtha Pension Bima Yojana" which of the following statements is/ are correct?

1. It protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.

2. This scheme is to be implemented through LIC of India.

Codes:

Only 1

Only 2

Both

None

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Explanation:

The Varishta Pension Bima Yojana (VPBY) is a scheme for the benefit of senior citizens aged 60 years and above. The scheme is being administered through Life Insurance Corporation of India (LIC). It will remain open for a period of one year from the date of launch.

The Scheme will be implemented during the current financial year to provide social security during old age and protect elderly 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 annum for ten years, with an option to opt for pension on a monthly / quarterly / halfyearly and annual basis.