November 05, 2024 16:26 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
Cabinet gives ex-post facto approval to Varistha Pension Bima Yojana, 2003 and Varistha Pension Bima Yojana, 2014

Cabinet gives ex-post facto approval to Varistha Pension Bima Yojana, 2003 and Varistha Pension Bima Yojana, 2014

| | 28 Sep 2016, 05:39 pm
New Delhi, Sept 28 (IBNS): The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 launched on July 14, 2003 and Varistha Pension Bima Yojana (VPBY) 2014 launched on Aug 14, 2014.

The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC during the period of 2003-04 to 2014-15 for VPBY, 2003 and approval to incur expenditure on VPBY, 2003 and 2014 from the financial year 2015-16 onwards.

The Schemes are implemented through Life Insurance Corporation (LIC) of India, and the difference between the actual yield earned by LIC on the funds invested under the Scheme and the assured return committed by the Government is paid as subsidy to LIC.

Both are pension schemes intended to give an assured minimum pension to the Senior Citizens based on an assured minimum return on the subscription amount, read a government statement.

The pension is envisaged until death from the date of subscription, with payback of the subscription amount on death of the subscriber to the nominee.

Both the schemes VPBY - 2003 and VPBY - 2014 are closed for future subscriptions. However, policies sold during the currency of policy are being serviced as per the commitment of guaranteed 9% return assured by the Government under the schemes.

VPBY-2014 was open from 14th August, 2014 to 14th August, 2015.

As on Mar 31, 2016, a total number of 3,17,991 annuitants are being benefited under VPBY 2014. Similarly, a total number of 2,84,699 annuitants are being benefited under VPBY- 2003 as on 31st March, 2016.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.