The Cabinet gave its approval to Varishtha Pension Bima Yojana (VPBY), 2017 last week. The scheme will be implemented through Life Insurance Corporation of India (LIC), and aims to provide social security to senior citizens. It will give an assured pension, offering an 8% per annum guaranteed rate of return for 10 years, with an option for pension on a monthly, quarterly, half-yearly or annual basis.
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