The Union Cabinet on Tuesday gave its post-facto approval for the launch of the Varishtha Pension Bima Yojana 2017. “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,” according to a government statement. The scheme is meant to 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/half-yearly or annual basis. 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. — Special Correspondent
