Varishtha Pension Bima Yojana LIC 2017 (VPBY) – Income Tax Benefits

By | January 27, 2017

Varishtha Pension Bima Yojana LIC 2017 (VPBY) – Income Tax Benefits, Pradhan Mantri Varishtha Pension Bima Yojana 2017, PM Modi Varishtha Pension Bima Yojana Benefits, Varishtha Pension Bima Yojana Tax Benefits.

Varishtha Pension Bima Yojana 2017

Varishtha Pension Bima Yojana 2017

On this new year eve, the Union Cabinet meeting was held with the Honorable Prime Minister of India, Mr. Narendra Modi. On this meeting, the Prime Minister announced to launch a scheme in which the senior citizens of the country will get a guaranteed rate of interest. This Varishtha Pension Bima Yojana scheme was named as the Varishtha Pension Bima Scheme.

He said that due to demonetization the banks of the country flushes out and they cut down the rate of interest on the bank deposits. This process affected many people who completely depends on the income coming from the bank interest. This mainly affects the senior citizens and had an adverse effect on their income. As senior citizens are the only one who depends on the income coming from the bank interest on their deposits.

Varishtha Pension Bima Yojana

Scheme Name Varishtha Pension Bima Yojana
Short NameVPBY
Launched by PM Narendra Modi
Guaranteed Return 8%
Time Interval10 Years
Age60 or More

So our PM, Mr. Narendra Modi decided to launch up a new scheme which will help out the senior citizens in getting up the bank interest rates. This scheme is Varishtha Pension Bima Yojana. The main focus of this Yojana is to help the senior citizens in getting bank interest at higher rates. Under this scheme, all the senior citizens will get a high rate of interest on their pensions or on their bank deposits. The main key points and benefits of this scheme are as follows.

Varishtha Pension Bima Yojana LIC

– the upcoming scheme Varishtha Pension Bima Yojana will be implemented with the help of Life Insurance Corporation of India from this current financial year.

– the scheme is implemented only to benefit the senior citizens i.e. People above the age of 60 years.

– the people with the age of 60 years or above will get a benefit of increased income interest in their future due to the uncertain fall of the market conditions.

– under this scheme, the senior citizens will get guaranteed rate of return on their pension.

– they will get an interest rate of 8 % to 10 % on their assured pension for years.

– under this scheme, the senior citizens are also assured of a power that they opt for their pension on any basis such as monthly, quarterly, half-yearly or annually.

– the differential returns will be paid to the LIC by the government, as it will be generated by the insurer and will be assured of the 8 % assured return annually, as a subsidy.

Varishtha Pension Bima Yojana Income Tax Benefits

– from the date of its launch, the scheme will be opened for the subscription for 1 year only.

– the government has not mentioned the maximum amount to be invested under this Vrishtha Pension Bima Scheme.

– whereas on the other hand, the prime minister said that Rs. 7.5 lakh can be invested as the maximum amount.

– some other payment and withdrawal modes are yet to be mentioned by the government but the survey says that this scheme is a great option for senior citizens to invest.

– the fixed deposits for 5 to 10 years will be charged with the 7 % of interest rate.

– there is a very little risk in this scheme as this scheme is being implemented by the Central Government of India.

The above are some benefits of this upcoming Varishtha Pension Bima Yojana scheme and we can say that it is a very amazing step taken by the government for the senior citizens. The senior citizens must be happy after knowing about this scheme. So all the pensionaries or the senior citizens must apply for this scheme. The time period to apply for this scheme is 1 year, so keep in touch to get the date of launching of this scheme.

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