In May 2020, the ‘Pradhan Mantri Vaya Vandana Yojana’ (PMVVY) was launched by the Government to protect elderly persons aged 60 years and above against ______.
- Aa future rise in the cost of living due to inflation
- Ba future rise in medical treatment cost for elderly persons
- Ca future rise in the insurance premium due to unforeseen risks
- Da future fall in their interest income due to uncertain market conditions
Solution & Step-by-step Explanation
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme managed by LIC, designed specifically for senior citizens aged 60 years and above. It intends to provide social security and protect them against a future fall in their interest income due to uncertain market conditions by assuring a guaranteed minimum return/pension.