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
Any Indian citizen who have completed 60 year age are eligible to apply for Varishtha Pension Bima Yojana 2017. As the being part of old age pension bima yojana 2017. So the senior citizen will not affect on market fall. Therefore the senior citizen pension bima yojana may be available from current financial year. The scheme will be open for a year from the date of launch.
Varishtha Pension Bima Yojana 2017 Features
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.