Economics · Economy

Consider the following statements: Statement 1: The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers a life cover of 2 lakh rupees for an annual premium of 436 rupees, which is automatically debited from the insured's bank account. This premium amount is shared between the insurance company, the bank as an administrative fee, and the insurance agent or business correspondent as a commission. The scheme is open to all savings bank account holders whose age is between 18 and 50 years, with the risk cover continuing until the age of 55. Statement 2: Under the Credit Linked Subsidy Scheme (CLSS) of PMAY-Urban, the interest subsidy for the Economically Weaker Section (EWS) and Low Income Group (LIG) is calculated at a rate of 6.5 percent for a loan tenure of 20 years or the actual tenure of the loan, whichever is lower. The maximum loan amount eligible for this specific interest subsidy rate is 6 lakh rupees, though the beneficiary can take a higher loan amount at market interest rates. The subsidy is provided for the purchase, construction, or even the enhancement of an existing house, provided the carpet area limits are strictly maintained. Statement 3: In the context of Retail Asset Valuation, the Income Approach is primarily used for properties that are expected to generate regular rental income, such as commercial complexes or multi-unit residential buildings. This method involves estimating the potential gross income, deducting operating expenses to arrive at the net operating income, and then applying a capitalization rate. The capitalization rate reflects the expected rate of return for the investor and is influenced by prevailing market interest rates and the perceived risk of the property. Which of the above statements are correct?