varishtha pension bima yojana wikipedia

Pradhan Mantri Suraksha Bima Yojana (PMSBY, translation: Prime Minister's Safety Insurance Scheme) is a government-backed accident insurance scheme in India.It was originally mentioned in the 2015 Budget speech by Finance Minister Late Arun Jaitley in February 2015. The Life Insurance Corporation of India's Varishtha Pension Bima Yojana is a government subsidised scheme for Indian citizens aged 55 years and above in the Union Budget 2003-04. As per the scheme, on payment of an initial lump sum amount ranging from a minimum purchase price of Rs. [6], This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be deducted automatically. It was applicable to all citizens in the unorganised sector who joined the National Pension Scheme (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013. Ceiling of maximum premium applies for family as a whole. For a monthly pension of Rs 250, a one-time premium (payable in lump sum) of Rs 33,355 will have to be made. The pension earned, however, is not tax-free. Indian citizens aged 55 years and above are eligible. The benefit was available only to people who joined the NPS with a minimum contribution of ₹1,000 (US$14) and maximum contribution of ₹12,000 (US$170) per annum. Under the scheme a total no. 6,095 crore. Minimum pension will be Rs 250 and maximum pension will be Rs 2,000 per month. Premium to be paid by cheque, demand draft or banker's cheque payable on the branch of the bank which is member of the local clearing house. LIC Varishtha Pension Bima Yojana is a plan designed specifically for senior citizens. of 3.16 lakh annuitants are being benefited and the corpus amounts to Rs. If any of the standard methods of proving age is not available, then a self-declaration of one's age can be made on a stamp paper before a notary. [6][citation needed] This scheme was named after Atal Bihari Vajpayee, former prime minister of India. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015. Based on the success and popularity of Varishtha Pension Bima Yojana 2003 (VPBY-2003), Varishtha Pension Bima Yojana 2014 (VPBY-2014) schemes, and to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions, as also to provide social security during old age, it is decided to launch a simplified scheme of assured pension … The proposal form for the old-age pension scheme can be obtained at: http://www.licindia.com/lichome2/161proposalform.pdf, http://www.licindia.com/lichome2/161proposalform.pdf. T he Life Insurance Corporation of India's Varishtha Pension Bima Yojana is a government subsidised scheme for Indian citizens aged 55 years and above in … Varishtha Pension Bima Yojana 2017 is a guaranteed pension scheme by the Government of India for senior citizens, aged 60 years and above. It is a pure retirement plan which provides lifetime pension in the form of immediate annuity to the pensioner. Pension will be paid on a monthly -- or quarterly or half yearly or yearly -- basis, as desired by the pensioner. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.[8][9]. The Pension plan provides annuity payouts like an Immediate Annuity plan for senior citizens. In the case of senior citizens on pension the effective exemption limit would become Rs 183,000 because of the standard deduction of Rs 30,000. Tax payable by the pensioner will depend on the income slab s/he belongs to. This pension will be added to the other income, if any, and tax, if applicable, will be levied thereon. [7], In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or ₹1,000 (US$14) per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. The scheme was announced by the Finance Minister in Budget 2010–11. The scheme will provide an annual return of 9 per cent. LIC Varishtha Pension Bima Yojana LIC Varishtha Pension Bima Yojana is a senior citizen pension scheme as advocated by the Government and incorporated by LIC. [1] It was launched by Prime Minister Narendra Modi on 9 May in Kolkata. The Cabinet also granted approval for expenditure incurred on subsidy amount released to … The Union Budget for 2003-04 raised the tax rebate for senior citizens to Rs 20,000. The minimum eligible age for a person joining APY is 18 years and the maximum is 40 years. It was mentioned in the 2015 Budget speech by the then Finance Minister Arun Jaitley. Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. 1, 50,000/- for a minimum pension of Rs 1000/- per month to a maximum purchase price of Rs. The pensioner will get pension during his entire lifetime. Subscribers are required to opt for a monthly pension from ₹1,000 (US$14) to ₹5,000 (US$70) and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). 7, 50,000/- for maximum pension of Rs. Varishtha Pension Bima Yojana The NDA Government during its last term in office had introduced the Varishtha Pension BimaYojana (VPBY) as a pension scheme for senior citizens. Relaunched on 9 May 2015, This page was last edited on 21 October 2020, at 19:50. It was funded by grants from the Government of India. Based on the success and popularity of Varishtha Pension Bima Yojana 2003 (VPBY-2003), Varishtha Pension Bima Yojana 2014 (VPBY-2014) schemes, and to protect elderly persons aged 60 years and above against a future fall in their interest income due to the uncertain market conditions, as also to provide social security during old age, it is decided to launch a simplified scheme of assured pension of 8% called the ‘प्रधानमंत्रीवयवन्दनायोजना’. As a result, their annual income of up to Rs 153,000 is now exempt from income tax. If one opts for the maximum pension of Rs 2,000 a month, the one-time premium is reduced to Rs 266,670, a benefit of Rs 11,000. The much-awaited scheme was finally unveiled on July 14. Pradhan Mantri Jeevan Jyoti Bima Yojana (english translation: Prime Minister Jeevan Jyoti Insurance Scheme) is a government-backed Life insurance scheme in India. [3][4], Under the scheme, the Government of India contributed ₹1,000 (US$14) per year to each NPS account opened in the year 2010-11 and for the next three years, that is, 2011–12, 2012–13 and 2013–14. An investment of Rs 100,000 would give a pension of Rs 750 monthly. For a monthly pension of Rs 2,000, a one-time premium of Rs 277,490. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more. Self-declaration filed by senior citizens in regard to no deduction of tax at source is also accepted. ‘प्रधानमंत्रीवयवन्दनायोजना’ is being implemented through Life Insurance Corporation (LIC) of India. Atal Pension Yojana (APY, translation: Atal's Pension Scheme), formerly known as Swavalamban Yojana (SY, translation: Self-Support Scheme) is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was formally launched by Prime Minister Narendra Modi on 8 May in Kolkata. However, the option to switch is only provided once a year during the month of April. An annuity is a series of payments made to an annuitant over regular intervals. For proof of address, an individual may submit a copy of their ration card or bank passbook. In the event of the pensioner's demise, the premium paid by him will be returned to the nominee. What is VBPY 2017? [10][7] An enrolled person would start receiving pension on attaining the age of 60 years. It was launched by Prime Minister Narendra Modi on 9 May in Kolkata. [11] The national Aadhaar ID number is the primary "know your customer" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. (Family comprises spouse, minor children and dependents). They could get further relief by taking advantage of the tax rebate available under Section 88 of the Income Tax Act. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. 5,000/- per month, subscribers will get an assured pension based on a guaranteed rate of return of 8% per annum, payable monthly. [12], "Jan Suraksha: Social security for masses, pricing woes for insurers", "Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out", Swavalamban Scheme: Operational Guidelines, "FM to launch Swavalamban pension scheme tomorrow", "Atal Pension Yojana (APY)1 – Details of the Scheme", "Atal Pension Yojana eligible for same tax benefits as National Pension System", "Atal Pension Yojana | National Portal of India", Heritage City Development and Augmentation, Remunerative Approach for Agriculture and Allied sector Rejuvenation, https://en.wikipedia.org/w/index.php?title=Atal_Pension_Yojana&oldid=984734727, Articles with dead external links from June 2020, Articles with permanently dead external links, All Wikipedia articles written in Indian English, Articles with unsourced statements from September 2018, Creative Commons Attribution-ShareAlike License, Original launch in 2010-11.

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