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Details about LIC's VPB Yojana

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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.

  • 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:

Entry Age (Last Birthday)
60 Years
No Limit
Purchase Price (RS.)
63, 960
Yearly Payment
Payout Frequency
Monthly / Quarterly / Half yearly and Annual basis

Mode of Pension
Minimum Premium Amount
Maximum Premium Amount
Rs. 63,960
Rs. 6,39,610
Half yearly
Rs. 65,430
Rs. 6,54,275
Rs. 66,170
Rs. 6,61,690
Rs. 66,665
Rs. 6,66,665
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