The NDA Government launched a special pension scheme VPBY (Varishtha Pension Bima Yojana) for senior citizens aged 60 and above in year 2003. They guaranteed a return of 9% each year. The scheme was managed by the Life Insurance Corporation of India and the government of India would give an extra payment if the return is lower than expected.
The Government has a special scheme that helps senior citizens get a pension. It is called the Varishtha Pension BimaYojana. It has already helped over three million people and it will give them a guaranteed return of 9%. It is managed by the Life Insurance Corporation of India and it allows people to withdraw their money after 15 years.
Note: All information given here is related to LIC Varishtha Pension Bima Yojana (VPBY 2014-15 withdrawn by LIC). All trademarks, logos and brand names are the property of their respective owners.