Consider the following statements regarding Varishth Pension Bima Yojana 1 The yojana is part of gov...........

Economic Affairs Pension and Insurance

Consider the following statements regarding Varishth Pension Bima Yojana.

1.The yojana is part of government’s effort to provide social security and financial inclusion to elderly persons aged 60 years and above.

2.It will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years.

3.It will have an option to opt for pension on a monthly/quarterly/half yearly and annual basis.

Select the correct statements from the codes given below:

1 only

1 and 3 only

2 and 3 only

All of the above

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Explanation:

All the statements are correct.

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
Salient features

The scheme provides pension in the form of immediate annuity during the lifetime of the pensioner with return of purchase price to the family/nominee on his/her death.
The mode of payment of pension can be monthly, quarterly, half-yearly or yearly.
The pension payment shall be through ECS or NEFT.