Source: News Bharati English24 Jan 2017 18:49:46
New Delhi, Jan 24 : Safeguarding the future of senior citizen, Union Cabinet has approved the social security scheme Varishtha Pension Bima Yojana 2017 as a part of financial inclusion for persons aged 60 years and above.
According to the official statement of Finance Ministry the scheme would be implemented through Life Insurance Corp (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 would provide an assured pension with guaranteed rate of return of 8% per annum for 10 years, with an option to opt for pension on a monthly, quarterly, half-yearly or annual basis. VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.