Consider the following statements regarding Pradhan Mantri Vaya Vandana Yojana PMVVY 1 It is exclusi...........

Economic Affairs Pension and Insurance

Consider the following statements regarding 'Pradhan Mantri Vaya Vandana Yojana (PMVVY)'

1) It is exclusively for differently abled people.

2) There is no maximum age for entry.

3) The scheme allows premature exit during the policy term under exceptional circumstances like for the treatment of any critical/ terminal illness of self or spouse.

Select the correct code

1 and 2

2 and 3

1 and 3

1, 2 and 3

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Explanation:

1st statement is incorrect because PMVVY is a pension scheme for senior citizens (60 years and above) being implemented by Life Insurance Corporation of India.
There is no maximum age for entry. The scheme is currently open and those interested can invest in it till 3 May 2018.
The scheme is at par with other schemes for senior citizens such as Senior Citizens Savings Scheme (SCSS), which offers a similar return of 8.3% per annum currently.