Varishtha Pension Bima Yojana – 2017. We are here to make sure students get what they deserve. 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 / half yearly and annual basis. For more keep visiting Raj Malhotra IAS Academy, Your email address will not be published. Copyright@IAS Abhiyan-2020 I All Rights Reserved. The scheme will provide financial security to almost half a million senior citizens of the country by ensuring regular income during old age. 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). 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). A team of Dedicated Mentors are at work to help you through Revision, Current Affairs, Test Series, Standard Notes to ace Your Dream to became an IAS ! The differential return, i.e., 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. Pensioner can choose between the pension amount and the purchase price. The Union Finance Minister Shri Arun Jaitley said in his Budget Speech, "NDA Government during its last term in office had introduced the Varishtha Pension Bima Yojana (VPBY) as a pension scheme for senior citizens. Click here for Reading Mode. The Union Cabinet gave its post-facto approval for the launch of the Varishtha Pension Bima Yojana 2017. The first pension will be paid after 1 month, 3 months, 6 months … Varishtha Pension Bima Yojana | Details 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. Spotlight News Analysis by All India Radio-UPSC, Explained: How attack on Saudi Arabia’s oil facility could impact Indian and world economies, India Declares itself Free from Avian Influenza (H5N1)-Prelims-2017. How to Study Ancient History for UPSC Civil Services Examination. Guaranteed benefits: Pension will be paid depending on the mode of pension payment selected. 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 LIC Varishtha Pension Bima Yojana provides you with the following key benefits: Policies can be purchased by payment of a lump sum known as Purchase Price. Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana (VPBY). Distance Learning and Mentoring Programme, Near Salwan Public School Gate No 2, Delhi 60. Prelims-and-Mains IAS Comprehensive Course.