Consider the following regarding Varishtha Pension Bima Yojana VPBY 1 Senior citizens...........

Economic Affairs Pension and Insurance

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Consider the following regarding Varishtha Pension Bima Yojana (VPBY):

1) Senior citizens employed only in public sector would be eligible.

2) LIC would administer the scheme.

3) Immediate loan facility would be available after the subscription of the scheme.

Select the correct statement/s using codes given below.

1 and 2

2 and 3

2 only

1, 2 and 3

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Explanation:

2nd statement is incorrect. LIC would not administer the scheme.

Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana (VPBY). Varishtha Pension Bima Yojana (VPBY) will benefit the vulnerable section of society with limited resources as it will provide monthly pension ranging from Rs 500/ to Rs 5,000/ per month to senior citizens of the country. VPBY is like reverse of a normal insurance policy as in case of VPBY, the beneficiary gets an income at the overall rate of 9.38 % per annum on their deposits as they are being paid on monthly basis.