To ensure social security in old age and protect people over 60 against future decline in interest income due to uncertain market conditions, the government in January 2017 announced Varishtha Pension Bima Yojana 2017.
The main focus of this Yojana is to help the senior citizens in getting bank interest at higher rates. Under this scheme, all the senior citizens will get a high rate of interest on their pensions or on their bank deposits.
Varishtha Pension Bima Yojana
· Scheme Name : Varishtha Pension Bima Yojana
· Short Name: VPBY
· Launched by : PM Narendra Modi
· Guaranteed Return : 8%
· Time Interval: 10 Years
· Age: 60 or More
Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojan
· Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
· Premium: Rs.330 per annum. It will be auto-debited in one installment.
· Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.
· Risk Coverage: Rs.2 Lakh in case of death for any reason. Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
Benefits of Varishtha Bima Yojana Pension Plan
· Death Benefit.
· Pension Payable.
On the death of the pensioner, the purchase price will be refunded to the nominees/ legal & heirs.
Pension Payable:
On Survival of the Pensioner, a pension in the form of an immediate annuity will be payable as per mode is chosen by the Pensioner.
Benefit of Varishtha Pension Bima Yojana
· The scheme is implemented only to benefit the senior citizens i.e. People above the age of 60 years.
· The people with the age of 60 years or above will get a benefit of the increased income interest in their future due to the uncertain fall of the market conditions.
· Under this scheme, the senior citizens will get guaranteed rate of return on their pension.
· They will get an interest rate of 8 % to 10 % on their assured pension for years.
· Under this scheme, the senior citizens are also assured of a power that they opt for their pension on any basis such as monthly, quarterly, half-yearly or annually.
· the differential returns will be paid to the LIC by the government, as it will be generated by the insurer and will be assured of the 8 % assured return annually, as a subsidy.
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