Indian Government is going to launch Varishtha Pension Bima Yojana 2017 (VPBY-2017). Government pension scheme for senior citizen is the part of financial inclusion programme.
Since government has decided to give guaranteed return of 8 percent for 10 year to old age citizens. The beneficiary will have option to opt pension on a monthly, quarterly, half yearly or annual basis.
Varishtha Pension Bima Yojana Details
Varishtha Pension Bima Yojana 2017 Features
Here’s many more benefits to opt the Varishtha Pension Bima Yojana 2017 by LIC. After the demonetization, the bank has reduced the interest on fixed the deposit.
Therefore, this scheme has launched to give the guaranteed interest rate to senior citizens. Life Insurance Corporation of India (LIC) will give guaranteed interest rate to senior citizens.
The return difference of VPBY-2017 between LIC and guaranteed income will be born by Indian Government as part of subsidy on an annual basis.
The procedure how to apply for senior citizen pension scheme will be available soon on the lic official website. However you can check details about VPBY 2017 on Press Information Bureau from here.