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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.




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