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eServe Newsletter September 2014
Varishtha Pension Bima Yojana (VPBY)
a pension scheme for senior citizens
Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana. Excerpts from budget speech by Honrable Finance Minister are, "NDA Government during its last term in office had introduced the Varishtha Pension Bima Yojana (VPBY) as a pension scheme for senior citizens. Under the scheme a total number of 3.16 lakh annuitants are being benefited and corpus amounts to Rs.6,095 Crore. I propose to revive the scheme for a limited period from 15th August 2014 to 14th August 2015 for the benefit of citizens aged 60 years and above"
LIC of India has been given the sole privilege to operate this scheme.
Benefits
Pension Payment:
During the lifetime of Pensioner, a pension in the form of immediate annuity as per mode chosen by the Pensioner shall be payable.
Death Benefit:
On death of the Pensioner the Purchase Price shall be refunded.
Read details of Varishtha Pension Bima Yojana (VPBY) (PDF)>>>
Why you should insure yourself?
As an individual you work hard to earn the money at the end of every month after putting in long working hours every day and sometimes even by working on holidays. You can do a lot of things with the money you earn like investing or spending it on shopping for clothes, jewellery, luxuries etc.
By investing in life insurance you are indeed using up some of your funds which you could have used to buy a car or something else that you always wanted. However none of those things will bring the security that you are able to provide to your family in your absence. The money that you would invest in insurance will be paid back to you in some form or the other. The policy that you purchase will ensure that your family can stay in the house, which you worked so hard to buy and also take care of your child's marriage and education costs.