"VARISHTHA PENSION BIMA YOJANA"
For Bank Exams-Railways-SSC CGL-CS
Introduction:
Prime
Minster Narendra Modi launched a
new scheme named “The Varishtha Pension
Bima Yojana (VPBY) 2017” on January
24, 2017. As a part of government’s commitment for financial insertion and
social security the Union Cabinet has given its approval to launch this scheme.
It is a
part of Government’s commitment for financial inclusion and
social security. The scheme will be launched by Life Insurance Corporation of India (LIC) during the current
financial year and 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 unstable market conditions.
Objectives:
- The scheme aims to provide social security to elderly persons aged 60 years during their old age;
- Under this scheme, an assured pension with rate of return of 8% per annum would be provided for a period of ten years. Besides, the nominee would have an option for pension on a monthly / quarterly / half yearly and annual basis;
- The Life Insurance Corporation of India (LIC) would be the implementing body of the scheme during the current financial year.
Features of
this scheme:
- This scheme will be implemented through LIC of India. Therefore, a big boost to those who feel security;
- This scheme provides the GUARANTEED return of 8%.
- During the falling interest rate, this seems to be an eye-catching headline.
- No medical checkups required for this scheme;
- This scheme provides for early availability of Surrender Value if the annuitant is diagnosed with any critical or terminal illness;
- This is a single premium product like LIC's Jeevan Akshay VI.
- You can opt for the pension on a monthly/quarterly/half-yearly or annual basis under the Varishtha Pension Bima Yojana 2017.
- Minimum investment is not yet specified. However, the maximum investment limit is Rs.7, 50,000 (As per PM Modi in his New Year Eve’s address).
- Varishtha Pension Bima Yojana 2017 will be available for subscription from FY 2017-18. It will be available for investment for a year from the date of launch. As of now, the date of launch is not available;
- You will receive the pension directly into your bank account.
- Eligible for those whose age is 60 years and above;
LIC Varishtha
Pension Bima Yojana (VPBY) – Product Specification:
|
|
Minimum
|
Maximim
|
|
Entry Age (Last Birthday)
|
60 Years
|
No Limit
|
|
Purchase Price (RS.)
|
63, 960
|
6,39,610
|
|
Yearly Payment
|
6,000
|
60,000
|
|
Payout Frequency
|
Monthly / Quarterly / Half yearly and Annual
basis
|
|
|
Mode of Pension
|
Minimum Premium Amount
|
Maximum Premium Amount
|
|
Yearly
|
Rs. 63,960
|
Rs. 6,39,610
|
|
Half yearly
|
Rs. 65,430
|
Rs. 6,54,275
|
|
Quarterly
|
Rs. 66,170
|
Rs. 6,61,690
|
|
Monthly
|
Rs. 66,665
|
Rs. 6,66,665
|
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