Features of Varishtha Pension Bima Yojana are 1 The Varishta Pension Bima Yojana VPBY is a scheme fo...........

Finance (Phase -I & II) Financial Inclusion

Features of Varishtha Pension Bima Yojana are-

1.The Varishta Pension Bima Yojana (VPBY) is a scheme for the benefit of senior citizens aged 60 years and above. The scheme is being administered through Life Insurance Corporation of India (LIC).

2.The senior citizens will be able to make an investment of up to Rs 7.5 lakh in the scheme.

3.The scheme will provide an assured pension based on a guaranteed rate of return of 8 percent per annum for ten years, with an option to opt for pension on a monthly/ quarterly/half yearly and annual basis.

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Explanation:

Varishtha Pension Bima Yojana-

Beneficiaries :- Senior citizens (above 60 years of age).

Objective & Key Features :-

Post demonetisation banks were slashing interest rate on fixed deposits. Therefore, to guard the interest of the senior citizens (above 60 years of age) in case of falling interest rates.
The scheme will provide an assured pension based on a guaranteed rate of return of 8 percent per annum for ten years, with an option to opt for pension on a monthly/ quarterly/half yearly and annual basis.
The scheme was launched by Life Insurance Corporation of India.(LIC).
If there is a shortfall between LIC generated return and the guaranteed 8 per cent return, it would be borne by the government.
The scheme will remain open for subscription for one year from the date of launch.
The senior citizens will be able to make an investment of up to Rs 7.5 lakh in the scheme.
The scheme will provide an assured pension for ten years and was available for subscription only in 2017.