VPBY (Varishtha Pension Bima Yojana) meant for senior citizens aged 55 years and above was launched on 14.7.2003. Under the scheme the pensioner gets an effective yield of 9% per annum on the investment. 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.
I had deposited Rs. 2,55,845/- on 25-09-2004 against Varishtha Pension Bima Yojna launched by LIC on 14-7-2003 and I am getting Rs. 24,000/- per year as interest.
I want to know whether I can continue with htis plan or have to redeem my proceeds after certain number of years.
Kala Verma; Mob. 09871145450