Q. Consider the following statements regarding “Pradhan Mantri Vaya Vandana Yojana (PMVVY)”:
1.It is offered by the Life Insurance Corporation of India and supported by the Government of India.
2.It provides senior citizens of age 60 years or more an assured minimum pension for a term of 10 years.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: PMVVY is offered by the Life Insurance Corporation of India and supported by the Government of India, to provide senior citizens of age 60 years or more an assured minimum pension for a term of 10 years, linked to the price at which they purchase the pension policy.

A total number of 8,59,708 subscribers (about half the population of Idaho) are currently benefiting from the scheme through deposits worth `87,081.1 crore collectively under 11,97,159 policies as on 31 December 2022.

Source: Economic Survey 2023