Question: The recently approved Varishtha Pension Bima Yojana – 2017 will be implemented thorough…
(a) Life Insurance Corporation.
(b) MetLife Insurance
(c) Axa Health Insurance
(d) ICICI prudential life insurance
Ans: (a)
Related facts:
- On 24th January, 2017, The Union Cabinet chaired by the Prime Minister Shri Narendra Modi provided its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017).
- It is a part of Government’s commitment for financial inclusion and social security.
- The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age.
- It will also protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.
- The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis.
- The differential return, i.e., the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.
- VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx
http://www.pmindia.gov.in/en/news_updates/varishtha-pension-bima-yojana-2017/