ALL VETERANS ARE REQUESTED TO SEE THE WEB SITE & GIVE YOUR VALUABLE COMMENTS/SUGGESTIONSGet this Widget

Thursday, 26 January 2017

Cabinet clears Pension Scheme (VPBY 2017) for Seniors with 8% return.

Cabinet on Tuesday approved a pension scheme (VPBY 2017) for senior citizens under which insurance behemoth LIC will provide a guaranteed return of 8 per cent for 10 years, as part of government’s social security and financial inclusion programme.
The Union Cabinet chaired by Prime Minister gave its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017), an official statement said. “The scheme will provide an assured pension based on a guaranteed rate of return of 8 per cent per annum for ten years, with an option to opt for pension on a monthly/ quarterly/half yearly and annual basis,” it said.

The scheme will be implemented through Life Insurance Corporation of India (LIC) in the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.

The differential return — the difference between the return generated by state-owned LIC and the assured return of 8 per cent per annum would be borne by the government as subsidy on an annual basis. VPBY 2017 is proposed to be open for subscription for a period of one year from the date of launch, the statement said. The pension scheme, the release said is a part of government’s commitment for financial inclusion and social security.

Source: BL

Blog Archive

Disclaimer

The contents posted on these Web Site are personal reflections of the Viewers and do not reflect the views of the "Indian Military Veterans- Web" Team. Neither the "Indian Military Veterans -Web" nor the individual authors of any material on these Web accept responsibility for any loss or damage caused (including through negligence), which anyone may directly or indirectly suffer arising out of use of or reliance on information contained in or accessed through these Web.
This is not an official Web site. This forum is run by team of ex- Indian Army, Veterans for social networking of Indian Defence Veterans. It is not affiliated to or officially recognized by the MoD or the AHQ, or Government/ State.
The Indian Military Veterans Forum will endeavor to edit/ delete any material which is considered offensive, undesirable and or impinging on national security. The WebTeam is very conscious of potentially questionable content. However, where a content is posted and between posting and removal from the Web in such cases, the act does not reflect either the condoning or endorsing of said material by the Team.
Web Moderator: Capt KS Ramaswamy (Retd)

Useful links for Veterans

Resources