The Cabinet also approved the senior pension insurance scheme
January 24, 2017, the Cabinet approved the senior pension insurance scheme. Prime Minister in the presence of senior pension insurance scheme in 2017. The Union Cabinet has approved to start.
Financial inclusion and social protection as part of a plan approved by senior pension insurance scheme.
This fiscal Life Insurance Corporation (LIC) will be implemented through.
Under this scheme, the guaranteed annual returns of 8 percent per annum for 10 years with a pension will provide monthly, quarterly, half yearly or yearly pension will be given the option to take.
The scheme of 60 years or above is to provide social security to the elderly.
2017 Senior pension insurance scheme for a period of one year from the date of launch will be open for membership. The plan of the government is a part of social security and financial inclusion program.
LIC will invest the money received under this scheme, the returns on this investment if it is less than 8 percent on an annual basis as subsidy will compensate.
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