CURRENT AFFAIRS

Detailed explanation-1: -The last date to purchase LIC PMVVY (Plan No. 856) is 31st March 2023. Unless the Government decides to extend the last date in the upcoming Budget 2023, this assured pension plan will not be available for subscription in the new financial year starting April 1, 2023.

Detailed explanation-2: -This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023."

Detailed explanation-3: -The Pradhan Mantri Vaya Vandana Yojana was launched by the Government on 4th May 2017. This is a government pension scheme with an aim to provide social security to senior citizens and for the protection of the elderly against a fall in the interest income due to unfavourable market conditions in the future.

Detailed explanation-4: -The PMVVY scheme comes with policy term of 10 years and the maximum investment permitted under the scheme is Rs. 15 lakh. Moreover, the subscriber can opt for monthly/quarterly/ half-yearly or yearly payment of the pension.