Updated By: LatestGKGS Desk
Union Cabinet Gives approval for Varistha Pension Bima Yojana
Union Cabinet decision to Gives approval for (2003),Varistha Pension Bima Yojana (2014) & expenditure incurred on subsidy amount released
The union Cabinet importan decision, thinks highly obout the Pension Yojana and gives it’s ex-post facto approval for the " Varistha Pension Bima Yojana
The Union Cabinet gives approval for Varistha Pension bima Yojana and along with this it's also gives approval for expenditure incurred on subsidy amount released to LIC for the both schemes.
About the Given Approval by Union Cabinet to Both of the Scheme:
. VPBY launched on 14th July, 2003 and open till 14th August, 2015 and VPBY launched on 14th August, 2014.
. Both the schemes are closed for future subscriptions.
. These schemes implemented through Life Insurance Corporation of India (LIC).
. Both are pension schemes intended to give an assured minimum pension to Senior Citizens based on an assured minimum return on the subscription amount.
.The pension is envisaged until death from the date of subscription, with payback of the subscription amount on death of the subscriber to the nominee.
. The difference between the actual yield earned by LIC on the funds invested under the schemes and the assured return committed by Union Government is paid as subsidy to LIC.
. The policies sold during currency of policy are being serviced as per the guaranteed 9% return assured by the Government.
. As of March 2016, a total number of 3, 17,991 annuitants are being benefited under VPBY 2014. Similarly, 2, 84,699 annuitants are being benefited under VPBY- 2003.
