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24
January 2017
The Union Cabinet on Tuesday gave
its post-facto approval for Varishtha Pension Bima Yojana 2017 (VPBY 2017) as a
part of financial inclusion and social security programme. The Total Investment
& Insurance Solutions
"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 Finance Ministry said in a statement. The Total Investment
& Insurance Solutions
The scheme would provide an assured
pension based on a guaranteed rate of return of 8 per cent per annum for 10
years, with an option to opt for pension on a monthly, quarterly, half-yearly
or annual basis.
The Total Investment & Insurance Solutions
"The differential return, i.e.
the difference between the return generated by LIC and the assured return of 8
per cent per annum, would be borne by the government as subsidy on an annual
basis," it added. The Total Investment & Insurance Solutions
VPBY-2017 is proposed to be open for
subscription for a period of one year from the date of launch.The Total Investment
& Insurance Solutions
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