Varishtha Pension Bima Yojana was launched by LIC of India on

Solution (By Examveda Team)

The NDA Government during its last term in office had introduced the Varishtha Pension BimaYojana (VPBY) as a pension scheme for senior citizens. Under the scheme a total number of 3.16 lakh annuitants are being benefited and the corpus amounts to Rs. 6,095 crore. For the benefit of citizens aged 60 years and above, the Honourable Finance Minister in his Budget Speech for the year 2014 - 15 proposed to revive the scheme for a limited period from 15^th August, 2014 to 14^th August, 2015. Accordingly, the revived Varishtha Pension Bima Yojana (VPBY) was formally launched by the Finance Minister on 14^th August 2014 and has been opened during the window stretching from 15^th August, 2014 to 14^th August, 2015.