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Varishtha Pension Bima Yojana 2017 with 8% Guaranteed Pension for Senior Citizens

In the times when, deposit rates are on declining trend, Government of India has approved Varishtha Pension Bima Yojana which will provide 8% Guaranteed Return for 10 Years to senior citizens. This plan will be implemented through Life Insurance Corporation (LIC) of India to provide financial security to senior aged 60 and above. The current market rates for senior citizen is around 7.5% for 5-7 Year deposit and banks are expecting rate cut in future, so this scheme will definitely help senior citizens to secure a fixed guaranteed income.

Why this Scheme is important:

  • It will provide financial security to elderly against future fall of interest rates.
  • The Pension will be guaranteed at 8% rate of return for 10 years.
  • Pension can be availed Monthly, Quarterly, Half Yearly and Yearly Modes.
  • The plan will be guaranteed by Government of India and difference amount between return generated by LIC of India and Assured Return will paid be Government of India in the form of subsidy.

This plan has been launched as Pradhan Mantri Vaya Vandana Yojana (LIC Plan No: 842).

Comments & Reviews

Wrote : 06-10-2017 03:08:19

As I am superannuated from military service,our retirement age being 57 yrs,plz confirm the provision of consideration as equal to sinior citizen for us. It is considered in the nationalized banks as well.

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Wrote : 23-05-2017 20:19:42

Pls let me know this Sr. Citizens Savings scheme has been launched or not. I am interested.

Replied : 24-05-2017 10:27:44
Yes, it is launched as Pradhan Mantri Vaya Vandana Yojana, please read all details here. For purchase visit nearest LIC branch.

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Wrote : 04-05-2017 22:10:49

Its a great opportunity for senior citizen.

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Wrote : 23-04-2017 08:46:51

The scheme is good for Sr.Citizens. But The Govt. has to consider IT rebate under Sec 80C and to avoid service tax. If the Govt.consider this case sympeahetically,, will get good response Write CommentReply

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Wrote : 09-03-2017 20:26:11

This plan is good but only Sn.citizen why

Replied : 09-03-2017 21:02:05
This is a kind of social scheme with government subsidy that is why it is limited to Senior citizens.

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Wrote : 06-02-2017 10:48:57

The scheme is good for Sr.Citizens. But The Govt. has to consider IT rebate under Sec 80C and to avoid service tax. If the Govt.consider this case sympeahetically,, will get good response

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Wrote : 27-01-2017 08:37:40

at the age of 38years how can i plan for pension.

Replied : 27-01-2017 11:26:20
For pension planning, it is advisable to plan for generating a lump-sum amount in the year of expected retirement and for the same, you can divide your investment in to long term SIP, PPF and LIC Jeevan Labh (836) for 21(16) year.

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