Concept:The scheme aims to provide old-age income security to senior citizens through an assured pension/return backed by a government guarantee.
Explanation:The description mentions protecting elderly persons aged 60+ against a fall in interest income due to uncertain market conditions.
It provides an assured pension/return on the subscription amount, with a government guarantee to Life Insurance Corporation of India (LIC).
Among the given options, only Pradhan Mantri Vaya Vandana Yojana offers an assured return of
8% p.a. payable monthly (equivalent to
8.30% p.a. effective) for a period of 10 years.
Other schemes serve different purposes:
• Pradhan Mantri Swasthya Suraksha Yojana: setting up new AIIMS and upgrading medical colleges.
• Pradhan Mantri Ujjwala Yojana: providing LPG connections to BPL women.
• Rashtriya Vayoshri Yojana: providing physical aids and assisted-living devices to senior citizens below the poverty line.
Thus, the correct scheme is Pradhan Mantri Vaya Vandana Yojana.
Answer:B. Pradhan Mantri Vaya Vandana Yojana