Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched

Solution

The ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been launched by the Government to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions, as also to provide social security during old age. The scheme is implemented through the Life Insurance Corporation of India (LIC) and open for subscription up to 31st March, 2023. It was launched in 2017 with an aim to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions.