Government has announced the launch of the modified Pradhan Mantri Vaya Vandana Yojana 2020 PMVVY 20...........

Current GK (SBI-PO) Budgeting and Fiscal policy

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

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Explanation:

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