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).