2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Below-Poverty-Line Women
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Senior Citizens
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MSMEs
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School Students
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Detailed explanation-1: -The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
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: -If we consider the interest earned on a regular fixed deposit account in India for the current financial year, it is anywhere between 5% to 6.35% for a public sector bank on one-year deposits, while the PM Vaya Vandana Yojana is giving investors a 7.4% return per annum.