{"id":75121,"date":"2016-10-03T10:37:17","date_gmt":"2016-10-03T05:07:17","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=75121"},"modified":"2016-10-03T10:37:17","modified_gmt":"2016-10-03T05:07:17","slug":"cabinet-gives-ex-post-facto-approval-to-varistha-pension-bima-yojana-2003-and-varistha-pension-bima-yojana-2014","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/03\/cabinet-gives-ex-post-facto-approval-to-varistha-pension-bima-yojana-2003-and-varistha-pension-bima-yojana-2014\/","title":{"rendered":"Cabinet gives ex post facto approval to Varistha Pension Bima Yojana, 2003 and Varistha Pension Bima Yojana, 2014\u00a0"},"content":{"rendered":"

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 launched on 14th July, 2003 and Varistha Pension Bima Yojana (VPBY) 2014 launched on 14th August, 2014. The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC during the period of 2003-04 to 2014-15 for VPBY, 2003 and approval to incur expenditure on VPBY, 2003 and 2014 from the financial year 2015-16 onwards.<\/p>\n

The Schemes are implemented through Life Insurance Corporation (LIC) of India, and the difference between the actual yield earned by LIC on the funds invested under the Scheme and the assured return committed by the Government is paid as subsidy to LIC.\u00a0Both are pension schemes intended to give an assured minimum pension to the Senior Citizens based on an assured minimum return on the subscription amount. The pension is envisaged until death from the date of subscription, with payback of the subscription amount on death of the subscriber to the nominee.<\/p>\n

Both the schemes VPBY – 2003 and VPBY – 2014 are closed for future subscriptions. However, policies sold during the currency of policy are being serviced as per the commitment of guaranteed 9% return assured by the Government under the schemes. VPBY-2014 was open from 14th August, 2014 to 14th August, 2015. As on 31sl March, 2016, a total number of 3,17,991 annuitants are being benefited under VPBY 2014. Similarly, a total number of 2,84,699 annuitants are being benefited under VPBY- 2003 as on 31st March, 2016.<\/p>\n

Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Varishtha Pension <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-75121","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"\nCabinet gives ex post facto approval to Varistha Pension Bima Yojana, 2003 and Varistha Pension Bima Yojana, 2014\u00a0 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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limit for Senior Citizens doubled from Rs. 7.5 lakh to Rs.15 lakh under Pradhan Mantri Vaya Vandan Yojana","author":"Saba","date":"May 4, 2018","format":false,"excerpt":"The Union Cabinet has given its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from 4thMay 2018 to 31stMarch, 2020 under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) as part of Government's commitment for financial\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/09\/security-investment.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/09\/security-investment.jpg?resize=350%2C200&ssl=1 1x, 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The salient features of the Policy are as under: Inclusion of Domestic Workers\u00a0 in the existing legislations Domestic workers will have the right to register as workers with the State Labour Department. 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These farmers are registered under the Pradhan Mantri Fasal Bima Yojana (PMFBY) and were entitled to compensation but payments have not yet been made to them.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"2017 kharif crop damage case","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/2017-kharif-crop-damage-case.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/2017-kharif-crop-damage-case.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/2017-kharif-crop-damage-case.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/2017-kharif-crop-damage-case.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":314792,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/21\/freedom-fighters-pension-madras-high-court-mha-pension-ex-army-imprisonment-rangoon-jail-1945-scctimes\/","url_meta":{"origin":75121,"position":5},"title":"[Freedom Fighters Pension] Madras HC directs MHA to provide pension to ex-Army personnel who suffered imprisonment in Rangoon Jail in 1945","author":"Apoorva","date":"February 21, 2024","format":false,"excerpt":"Madras High Court, while noting that the respondent is 94 years old, directed MoHA to comply with the order within a period of two months from the date of receipt of a copy of this Judgment.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Madras High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Madras-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Madras-High-Court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Madras-High-Court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Madras-High-Court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/75121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=75121"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/75121\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=75121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=75121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=75121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}