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The Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and VPBY 2014.
Approval has also been granted for the expenditure incurred on subsidy amount released to Life Insurance Corporation during the period 2003-04 to 2014-15 for VPBY 2003.
The Cabinet has also given approval to incur expenditure on VPBY 2003 and 2014 from the financial year 2015-16 onwards.
While VPBY was launched on July 14, 2003, the VPBY 2014 was launched on August 14.
The schemes are implemented through Life Insurance Corporation and the difference between the actual yield earned by LIC on the funds invested under the scheme and the assured return committed by the Government is paid as subsidy to LIC.
Both are pension schemes intended to give an assured minimum pension to the senior citizens based on an assured minimum return on the subscription amount.
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.
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