Govt launches Varishtha Pension Bima Yojana
The Union Cabinet has given its post-facto
approval for the launch of the Varishtha Pension Bima Yojana 2017.
Key facts:
- The scheme will be implemented through Life
Insurance Corporation of India (LIC) during the current financial year.
- It aims to provide social security during old age
and protect elderly persons aged 60 years and above against a future fall
in their interest income due to uncertain market conditions.
- The scheme is meant to provide an assured pension
based on a guaranteed rate of return of 8% per annum for ten years, with
an option to opt for pension on a monthly/quarterly/half-yearly or annual
basis.
- The difference between the return generated by LIC
and the assured return of 8% per annum would be borne by Government of
India as subsidy on an annual basis.
- VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.
