CURRENT AFFAIRS

Detailed explanation-1: -’’ is being implemented through Life Insurance Corporation (LIC) of India. As per the scheme, on payment of an initial lump sum amount ranging from a minimum purchase price of Rs. 1, 50,000/- for a minimum pension of Rs 1000/- per month to a maximum purchase price of Rs.

Detailed explanation-2: -PMVVY is an insurance policy-cum-pension scheme that provides security to senior citizens. This pension plan is provided by Life Insurance Corporation (LIC) which caters to one’s need for post-retirement financial planning.

Detailed explanation-3: -Pradhan Mantri Vaya Vandana Yojana is a pension scheme for senior citizens which has been introduced by the Government of India. The scheme was launched officially on 21st July 2017 by Finance Minister of India Arun Jaitley, although it has been available for purchase since its soft launch on 4th May 2017.

Detailed explanation-4: -Under the PM Vaya Vandana Yojana, policyholders can get up to 75% of the deposit as loan amount after completing three years from the date of purchase. As per the policy document, the applicable interest rate is 9.5% per annum for the loan sanctioned till Apr. 30, 2021.