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Government re-launched Varishtha Pension Bima Yojana

Aug 19, 2014 11:50 IST

The Union Government on 14 August 2014 re-launched the Varishtha Pension Bima Yojana (VPBY) for the benefit of citizens aged 60 years and above. This re-launched scheme would provide financial security to almost half a million people by ensuring regular income during their advancing year.

The scheme was re-launched in New Delhi by Union Finance Minister Arun Jaitely. The Scheme will be administrated by the Life Insurance Corporation, LIC. The scheme will be open between 15 August 2014 and 14 August 2015 (1 year period).


Benefit of the Yojna for the citizens aged 60 years and above and some key features of the scheme are
• The scheme would help the senior citizens across the country by providing monthly pension ranging from 500 to 5000 rupees per month (which is an overall rate of 9.38 percent per annum on their deposits)
• The scheme is available to citizens aged 60 years and above
• A beneficiary can take loan (up to 75% of subscribed amount), which will be availed after 3 years from the Date of Commencement
• On death, the full purchase price will be refunded to nominee
• Exit/surrender would be allowed after 15 years or earlier in special circumstances like critical / terminal illness of self or spouse
• Payment will be through ECS or NEFT

Background
The Finance Minister Shri Jaitley in his Budget Speech 2014-15 announced the revival of the Varishtha Pension Bima Yojana (VPBY), which was introduced by previous NDA Government in 2003-04. The pensions at that time ranged between 250 rupees to 2000 rupees per month, which was based on their subscriptions.

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