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Consider the following statements on PM Vaya Vandana Yojana, and identify the correct statements as per scheme: (1 mark) Statements: 1. The tenure of policy is set at 10 years. 2. One can invest a maximum amount of Rs. 70,000 under PMVVY scheme. 3. Pension will be payable as per the frequency of monthly, quarterly, half-yearly, yearly as per the preference given by the pensioner at the time of purchase.

1. Only 1
2. Both 1 & 3
3. Only 3
4. All 1, 2 & 3

Correct answer: Both 1 & 3

Solution

PM Vaya Vandana Yojana (PMVVY): Tenure = 10 years (Statement 1 ✓). Maximum purchase price = Rs. 15 lakh per family (Statement 2 is WRONG — ₹70,000 is incorrect). Pension payable monthly/quarterly/half-yearly/yearly (Statement 3 ✓). Therefore only 1 and 3 are correct.

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