Explanation:

The scheme will be implemented through Life Insurance Corporation of India (LIC).
It aims 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.
The scheme is meant to provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for the pension on a monthly/quarterly/halfyearly or annual basis.