The 2017 Varishtha Pension Bima Yojana (VPBY) will be implemented through which insurance company?
[A]ICICI Prudential Life Insurance
[B]Life Insurance Corporation of India
[C]New India Assurance
[D]HDFC Standard Life Insurance
Life Insurance Corporation of India
Recently, the Union Cabinet chaired by the Prime Minister Narendra Modi has given its post-facto approval for launching of 2017 Varishtha Pension Bima Yojana (VPBY). It is a part of Government’s commitment for financial inclusion and social security. The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. 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.