Cabinet given Post-Facto Approval for Launching Varishtha Pension Bima Yojana 2017
Cabinet given Post-Facto Approval for Launching Varishtha Pension Bima Yojana 2017 Press Information Bureau Government of India Cabinet 24-January-2017 14:12 IST Varishtha Pension Bima Yojana - 2017 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017). It is a part of Government’s commitment for financial inclusion and social security. The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year 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 will 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 / halfyearly and annual basis. The differential return, i.e., the difference b...