Consider the following statements about a scheme launched by the Government of India: It was launched to provide social security during old age and to protect elderly persons aged 60 years and above against a future fall in their interest income due to un

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Q: (CDS-I/2019)
Consider the following statements about a scheme launched by the Government of India: It was launched to provide social security during old age and to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension / return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LICI). Identify the scheme.

question_subject: 

Economics

question_exam: 

CDS-I

stats: 

0,57,48,18,57,11,19

keywords: 

{'assured pension': [0, 0, 0, 1], 'old age income security': [0, 0, 0, 1], 'pradhan mantri swasthya suraksha yojana': [0, 0, 0, 1], 'social security': [0, 0, 0, 1], 'pradhan mantri vaya vandana yojana': [0, 0, 0, 1], 'rashtriya vayoshri yojana': [0, 0, 0, 1], 'life insurance corporation': [0, 0, 4, 1], 'elderly persons': [0, 0, 0, 1], 'senior citizens': [0, 0, 2, 4], 'government guarantee': [0, 0, 0, 1], 'scheme': [0, 0, 1, 0], 'provision': [5, 0, 10, 23], 'old age': [0, 0, 0, 1], 'liveability index programme': [0, 0, 0, 1], 'interest income': [0, 0, 0, 1], 'government': [5, 0, 0, 1], 'subscription amount': [0, 0, 0, 1], 'india': [8, 1, 7, 13]}

The scheme mentioned in the question is Pradhan Mantri Vaya Vandana Yojana, which was launched by the Government of India. The objective of this scheme is to provide social security during old age and protect elderly individuals aged 60 years and above against a potential decrease in their interest income due to uncertain market conditions.

Under this scheme, senior citizens are offered old age income security through an assured pension/return that is linked to the subscription amount. The scheme is based on a government guarantee to the Life Insurance Corporation of India (LICI). This means that the government guarantees the payment of pension/return to the senior citizens who have subscribed to the scheme through the Life Insurance Corporation of India.

It is important to note that options 1, 3, and 4 are not the correct answers for the given question. These options represent other schemes launched by the Government of India, but they are not related to providing social security during old age and protecting elderly persons against a fall in their interest income.