Varishtha Pension Bima Yojana VPBY 2017
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Category - Senior Citizen Money and Taxes
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
Pension PayableDeath BenefitsHigh Rate of ReturnsOptions- Pension monthly, quarterly, half yearly, and yearlyLoan Facility- The policy holder can use up to maximum of 75% of their invested amount. The
scheme will be implemented through 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 a future fall in their interest income due to uncertain market
conditions. The
scheme will provide an assured pension based on a guaranteed rate of
return of 8% per annum for ten years, with an option to opt for pension
on a monthly / quarterly / halfyearly and annual basis. The
differential return, i.e., the difference between the return generated
by LIC and the assured return of 8% per annum would be borne by
Government of India 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.
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