Consider the following statements about the Varishtha Pension Bima Yojana 2017:

  1. The scheme will be implemented through Life Insurance Corporation of India (LIC)
  2. The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years

  Which of the above statements is/are correct?

Answer: [C] Both 1 & 2

Both are correct statements
The scheme will be implemented through Life Insurance Corporation of India (LIC). The scheme will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly / quarterly / half yearly and annual basis. The differential return, i.e., the difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

This question is a part of GKToday's Integrated IAS General Studies Module