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.
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
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.
Main purpose of the Varishtha Pension Bima Yojana 2017 to give the income security to old age persons. The government will give 8 percent guaranteed return for 10 year without any market affect.
Although, there are no minimum deposit confirmed for Varishtha Pension Bima Yojana (VPBY) 2017. However Prime Minister has said that up to Rs 7.5 lakh could be invested in this scheme.
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.