Varishtha Pension Bima Yojana 2017
Cabinet has approved a pension scheme for Senior Citizens Savings Scheme..! This New Year is very much special to everyone right. Prime Minster Shri Narendra Modi has given approval for launching Varishtha Pension Bima Yojana 2017. This Scheme will be applicable to Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against an eventual fall in their interest income due to uncertain market conditions. Known 10 Facts on New 8% Pension VPBY Plan from this article and this is especially for you.
Cabinet Approves Varishtha Pension Bima Yojana
The Scheme is going to launch by Life Insurance Corporation of India on April 1st as per the availability. Senior Citizens Savings Scheme (SCSS) is going to offer an interest rate of 8.5 percent, but the return on SCSS is linked to the government securities yield of the same maturity and is subject to revision every quarter and have a maturity of five years. If you want to reinvest after the term is over, you will have to do it at the prevailing market rates. The Cabinet Approves Varishtha Pension Bima Yojana for all Senior Citizens only. This Varishtha Pension Bima Yojana 2017 is going to more benefits to all so know more details.
Benefits of Varishtha Pension Bima Yojana
- Pension Payable
- Death Benefits
- High Rate of Returns
- Options- Pension monthly, quarterly, half yearly, and yearly
- Loan Facility- The policy holder can use up to maximum of 75% of their invested amount.
8% on Varishtha Pension Bima Yojana
Varishtha Pension Bima Yojana 2017 is proposed to be open for subscription for a period of one year from the date of launch. Coming to the eligibility to participate in the scheme is minimum entry age should be 60 years and there is no maximum limit. Moreover, the customer can get minimum pension of Rs. 500 per month. 8% on Varishtha Pension Bima Yojana is one of the trusty and safety scheme but you people need to choose LIC to operate. In this web we have shared 10 Facts on New 8% Pension VPBY Plan, please do collect it and get more benefits.
Name of Scheme: Varishtha Pension Bima Yojana (VPBY)
Launched by: PM Narendra Modi
Interest Rate: 8%
Age Limit: 60 and Above
10 Facts on New 8% Pension VPBY Plan
- Varishtha Pension Bima Yojana 2017 will be implemented through Life Insurance Corporation of India (LIC) during the current financial year.
- The aim is to provide security to the Senior Citizens of 60 years and above.
- It will provide an assured pension based on a guaranteed rate of return of 8 per cent for 10 years.
- Senior citizens can opt for pension on a monthly/quarterly/half-yearly or annual basis under the Varishtha Pension Bima Yojana 2017.
- The government will pay to LIC the differential return, which is the difference between the return generated by the insurer and the assured return of 8 per cent per cent, as subsidy on an annual basis.
- It will be open for subscription for a period of one year from the date of launch.
- The government’s statement on Varishtha Pension Bima Yojana 2017 does not mention the maximum amount that can be invested under the scheme.
- PM Modi in his New Year addressed and said that up to Rs 7.5 lakh could be invested in such a scheme.
- Financial planners say that with interest rate is the 8 per cent Varishtha Pension Bima Yojana qualifies as a good investment option for senior citizens, though some details on pre-mature withdrawal options are yet to be released.
- Hence, Varishtha Pension Bima Yojana 2017 is a pension plan from the central government