Name the scheme initiated to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions.

Correct option is C

The correct answer is (C) Pradhan Mantri Vaya Vandana Yojana.

Explanation:
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) provides financial security for senior citizens (60 years and above) by ensuring regular income and protection against market uncertainties. It offers a fixed pension with guaranteed returns, shielding elderly investors from fluctuating interest rates.

Information Booster:

• Launched in:2017 by the Government of India.
• Implemented by:Life Insurance Corporation (LIC) of India.
• Minimum investment: ₹1,56,658 for a ₹1,000 monthly pension.
• Guaranteed return: Initially 8% per annum, later revised as per market conditions.
• Maximum pension: ₹10,000 per month.

Additional Information:

• Varishtha Pension Bima Yojana 2003 – An earlier pension scheme but did not specifically address market fluctuations.
• Varishtha Pension Bima Yojana 2014 (VPBY-2014) – Similar to PMVVY but lacks the same level of security against market volatility.
• Atal Pension Yojana (APY) – Designed for unorganized sector workers, not specifically for senior citizens.