CURRENT AFFAIRS

Detailed explanation-1: -The scheme is administered through Life Insurance Corporation of India (LIC).

Detailed explanation-2: -The Varishta Pension Bima Yojana (VPBY) is a scheme for the benefit of senior citizens aged 60 years and above. The scheme is being administered through Life Insurance Corporation of India (LIC). It will remain open for a period of one year from the date of launch.

Detailed explanation-3: -VBPY is an insurance policy-cum-pension scheme that provides security to senior citizens. This pension plan is provided by Life Insurance Corporation (LIC) which caters to ones need for the post-retirement financial Planning.

Detailed explanation-4: -This plan was revived by the Government of India in 2014-2015 as the finance ministry clearly stated the popularity of this plan in the recent past. The Varishtha Pension Bima Yojana plan attracted a sellout of ₹6095 crore plus 3.16 lakhs policies.

Detailed explanation-5: -The LIC Varishtha Pension Bima Yojana is available for citizens aged above 60 years. There is no maximum age limit under this yojana.