2017-05-12

Senior Citizen Pension Bima Yojana: Unstarred Question in Rajyasabha

Senior Citizen Pension Bima Yojana

(a) whether Government has launched a new Varisht Pension Bima Yojana as a social security scheme for the senior citizens of the country, if so, the details thereof; and 
(b) how it will be beneficial to senior citizens?


GOVERNMENT OF INDIA
MINISTRY OF  FINANCE
RAJYA SABHA
UNSTARRED QUESTION NO-2957
ANSWERED ON-28.03.2017
Senior Citizen Pension Bima Yojana
2957 . Shri T.G. Venkatesh

(a) whether Government has launched a new Varisht Pension Bima Yojana as a social security scheme for the senior citizens of the country, if so, the details thereof; and 
(b) how it will be beneficial to senior citizens?

ANSWER

Minister of State in the Ministry of Finance



(a) and (b): The Government has approved a scheme for senior citizens to protect elderly persons aged 60 and above against a future fall in their interest income due to the uncertain market conditions, as also to provide social security during old age. The scheme will be implemented through Life Insurance Corporation (LIC) of India. As per the scheme, on payment of an initial lump sum amount ranging from a minimum purchase price of Rs. 1,50,000/- for a minimum pension of Rs 1000/- per month to a maximum purchase price of Rs. 7,50,000/- for maximum pension of Rs. 5,000/- per month, subscribers will get an assured pension based on a guaranteed rate of return of 8% per annum, payable monthly/quarterly/half-yearly/annually.

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Source: Rajyasabha
{http://164.100.47.234/question/annex/242/Au2957.doc}

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