varishtha pension bima yojana 2003

Varishtha Pension Bima Yojana was a Government subsidized scheme announced for Indian citizens aged 55 years and above , in the Union Budget 2003-04. The Varishtha Pension BimaYojana was previously launched in July 2003 to introduce and offer pension cover to senior citizens above the age of 55, During this period, it was widely received by senior citizens as it sold over 3.16 lakh policies, amounting to around Rs 6,095 crore. The Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and Varistha Pension Bima Yojana (VPBY) 2014. The plan (Varishtha Pension Bima Yojana) was previously introduced in July 2003 by National Democcratic Alliance (NDA) to provide pension cover to senior citizens aged above 55 years. The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC for the both schemes. An Investment of Rs.1,00,000/- would give Pension of. Indian Citizens aged 55 years and above are eligible. Copyright © 2020 Savingwala. The difference between the actual yield earned by LIC on the funds invested under the schemes and the assured return committed by Union Government is paid as subsidy to LIC. Similarly, 2,84,699 annuitants are being benefited under VPBY- 2003. Both the schemes are closed for future subscriptions. All Rights Reserved. The Magazine Basic Theme by bavotasan.com. In the event of unfortunate demise of the pensioner, purchase price will be returned to the nominee / legal heir of the pensioner. The Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and Varistha Pension Bima Yojana (VPBY) 2014. Key Facts VPBY was launched on 14th July, 2003 and was open till .. (Jeevan Anand / Term / Pension / Money Back Plan), PPF and other small savings schemes set for interest rate cut, Jan Dhan Surakha (400 में 4lacs insurance), Senior Citizen Saving Schemes Offered by Different Banks. Key Facts, Topics: Cabinet Decisions • Government Schemes • Insurance • LIC • National • Social Security • Varistha Pension Bima Yojana, © Copyright 2009-2019 GKToday | All Rights Reserved, Important Days & Events in Current Affairs. The Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and Varistha Pension Bima Yojana (VPBY) 2014. The Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and Varistha Pension Bima Yojana (VPBY) 2014. Varishtha Pension Bima Yojana was a Government subsidized scheme announced for Indian citizens aged 55 years and above , in the Union Budget 2003-04. World’s largest healthcare scheme – Ayushman Bharat, Insurance cover for just Rs 100 per year w/ Claim procedure, Loan on life insurance – Good or Bad? The policies sold during currency of policy are being serviced as per the guaranteed 9% return assured by the Government. BENEFITS: Pension during the lifetime of the pensioner. VPBY was launched on 14th July, 2003 and was open till 14th August, 2015 and VPBY was launched on 14th August, 2014. Under the scheme the pensioner gets an effective yield of 9% per annum on the inves… Copyright © 2020 Savingwala. Loan facility available to the extent of 75 % of purchase price after 3 years. However, the plan was withdrawn after one year. These schemes were implemented through Life Insurance Corporation of India (LIC). The scheme offered an Annual return of 9% . VPBY (Varishtha Pension Bima Yojana) meant for senior citizens aged 55 years and above was launched on 14.7.2003. The pension is envisaged until death from the date of subscription, with payback of the subscription amount on death of the subscriber to the nominee. The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC for the both schemes. The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC for the both schemes. The Magazine Basic Theme by bavotasan.com. (. (Jeevan Anand / Term / Pension / Money Back Plan), PPF and other small savings schemes set for interest rate cut, Jan Dhan Surakha (400 में 4lacs insurance), Senior Citizen Saving Schemes Offered by Different Banks. Ahmadabad | Bangalore | Delhi | Mumbai | Pune | Tax Savings | Best Investments | Safe | Bank | Post office | Pension | Retirement. Under the scheme the pensioner gets an effective yield of 9% per annum on the investment. VPBY (Varishtha Pension Bima Yojana) meant for senior citizens aged 55 years and above was launched on 14.7.2003. The Life Insurance Corporation of India's Varishtha Pension Bima Yojana is a government subsidised scheme for Indian citizens aged 55 years and above in the Union Budget 2003 … Both are pension schemes intended to give an assured minimum pension to Senior Citizens based on an assured minimum return on the subscription amount. The annuity rates for Rs.1000/- purchase price for different modes of annuity payments are given below: Tags: assured Insurance life insurance Pension, Ahmadabad | Bangalore | Delhi | Mumbai | Pune | Tax Savings | Best Investments | Safe | Bank | Post office | Pension | Retirement. The difference between the effective yield of 9% paid to the pensioner and that earned by LIC is compensated as subsidy to LIC by the Government of India. Key Facts. All Rights Reserved. Mr. Arun Jaitley, the current finance minister of India re-launched this scheme in year 2014-2015 budget. As of March 2016, a total number of 3,17,991 annuitants are being benefited under VPBY 2014. Pension during the lifetime of the pensioner. The scheme offered an Annual return of 9% . LIC of India’s VARISHTHA PENSION BIMA YOJANA ( Table No 161 ). World’s largest healthcare scheme – Ayushman Bharat, Insurance cover for just Rs 100 per year w/ Claim procedure, Loan on life insurance – Good or Bad? Premium to be paid by cheque , demand draft or Banker’s cheque payable on the Branch of the Bank which is member of the Local Clearing House . The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC for the both schemes.

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