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Government has announced the launch of the modified Pradhan Mantri Vaya Vandana Yojana- 2020 (PMVVY- 2020) Scheme for those over and above 60 years. Which is not correct about the scheme?
.
LIC is solely authorised to operate this scheme that offers a total payout not exceeding Rs 15 lakhs.
The scheme is a Non-Linked, Non-Participating, Pension Scheme subsidised by the Centre.
The policy has a 20-year tenure and for policies sold in the 1st financial year March 2021
The scheme will offer an assured rate of return of 7.40% per annum
The maximum pension amount is limited at Rs 10,000 per month
The Union Cabinet has recently extended the pension plan till 31 March 2023 which is a social security scheme for senior citizens. • LIC is solely authorised to operate this scheme that offers a total payout not exceeding Rs 15 lakhs. • The scheme is a Non-Linked, Non-Participating, Pension Scheme subsidised by the Centre. • The policy has a 10-year tenure and for policies sold in the 1st financial year March 2021, the scheme will offer an assured rate of return of 7.40% per annum, but will be paid monthly for the entire 10 year period. Hence option 3 is correct
By: Munesh Kumari ProfileResourcesReport error
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