Varishtha Pension Bima Yojana 2017 – The Old Age Pension Scheme

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Now the senior citizen will get more benefits under the pension scheme, because the Cabinet has approved the Varishtha Pension Bima Yojana 2017 to provide a guaranteed minimum interest rate to senior citizens. Prime Minister Narendra Modi addressed the launch of Old Age Pension Scheme on New Year Eve 2017 and now the scheme got the approval from the cabinet.

Features of Varishtha Pension Bima Yojana 2017

  • The Old Age Pension Scheme would be implemented by LIC (Life Insurance Corporation of India) for current financial year, however the launch of VPBY 2017 has not been declared yet.
  • From launch date, the scheme will be opened for the subscription period of one year.
  • The scheme will provide income security to old persons aged 60 years and above against uncertain market falls.
  • VPBY will provide an assured pension based on a guaranteed interest rate of 8% for 10 years.
  • The scheme will come up with an option of monthly/quarterly/half-yearly or annual basis benefits so that the beneficiary can choose any of the options under Varishtha Pension Bima Yojana 2017.
  • The maximum amount to deposit under Varishtha Pension Bima Yojana 2017 has not been mentioned, however PM had addressed in his New Year Eve speech that upto Rs. 7.5 lakh could be invested in Old Age Pension Scheme.

Varishtha Pension Bima Yojana 2017: How it Works?

The differential returns of VPBY 2017 would be paid to LIC by government and this process of distributing returns is different from the returns generated by the insurer. This process assured a return of 8 percent, as a subsidy on an annual basis.

The first old age pension scheme of Varishtha Pension Bima Yojana was introduced by the government in July 2003 and the withdrawn in August 2004. The scheme was offered with an effective yield of 9% per annum on the investment. Later, the scheme was again launched in August, 2014 to August, 2015.

The complete information about the Varishtha Pension Bima Yojana 2017 would be available once the scheme is launched.

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13 thoughts on “Varishtha Pension Bima Yojana 2017 – The Old Age Pension Scheme”

  1. IT IS WONDERFUL TO SEE THAT OUR BELOVED PRIME MINISTER HAS BEEN SO CONCERN ABOUT THE WELL BEING OF THE CITIZENS SPECIALLY THE LOWER INCOME GROUP.
    HOWEVER DOES THE PMO KNOW OR HAVE ANY MECHANISM TO ASSES WHETHER THE PEOPLE ARE AWARE OF SUCH SCHEME!!
    THE AREA WHERE I LIVE HARDLY ANY ONE KNOWS ABOUT SUCH SCHEME TO TAKE BENEFIT OF THOSE SCHEME.
    RECENTLY I WAS LISTENING TO THE ‘PRADHAN MANTRY’S MON KI BATT’ AND RADIO BROADCAST BY FM RAINBOW WITH ONE MR.BIPLAB CHATERJI.
    I WAS DEEPLY TOUCHED TO HEAR ABOUT THE “PRADHAN MANTRY JANA AUSHADHI SCHEME”. IT WAS HIGHLY DEPRESSING THAT PEOPLE OF THIS AREA ARE DEPRIVED OF SUCH SCHEME WHERE MILLIONS OF POOR PEOPLE COULD BE BENEFITED.
    IT WOULD HAVE BEEN GREAT HELP TO THE PEOPLE WHO CAN NOT AFFORD TO BUY COSTLY MEDICINE FOR THEIR TREATMENT IF SUCH FACILITIES ARE MADE AVAILABLE IN THIS AREA.

    B.BASU
    KARBALLA T.E.
    BANARHAT.
    DST.-JALPAIGURI
    PIN-735202

    Reply
  2. IWANT TO ENROLL IN THIS YUJANA.PLHELPIN WITH APPLICATION FORMA AND GUIDEME IN FILLING .IAMTOO OLD TO GO TO LIC OFFICE AT CHIRALA.

    Reply
  3. want to apply online senior citizen pension scheme please give me details its start or not how to apply for our parents

    Reply
  4. Batista Bhima Yojana announced by the prime minister of India and incorporated in the budget and also cleared by the cabinet for implementation go LIC is yet to take off. Many senior citizens are waiting to participate. Request LIC quick implementation.

    Reply

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