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India: LIC Postpones Pension Plan for Senior
Citizens
Business Standard
June 17, 2003 Mumbai, India - Life Insurance
Corporation (LIC) today postponed the launch of Varishtha Pension Bima
Yojana - a government-subsidised scheme for citizens aged between 55-79
years. The launch has been postponed
and the government (ministry of finance) is now likely to formally
inaugurate the scheme within a month, LIC sources said in Mumbai today. They, however, refused to
divulge the reason for the postponement, but stated that details of the
scheme were ready and some customers had come forward to purchase the
plan. The scheme, which was announced
by finance minister Jaswant Singh in his budget speech for fiscal 2003-04,
assures a return of 9% per annum. Singh had said that the
difference between the actual yield earned by LIC on the funds invested
under the scheme and the assured return of 9% would be reimbursed to the
LIC by the government. The minimum and maximum pension
per month would be Rs 250 and Rs 2,000, payable on monthly, quarterly,
half-yearly and yearly basis. The scheme also has a provision of return of purchase price to the nominee in the event of pensioner's death. Copyright
© 2002 Global Action on Aging
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