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LIC postpones pension scheme indefinitely
June 17, 2003 14:15 IST
The Life Insurance Corporation of India, who was supposed to launch the much-awaited Varishtha Pension Bima Yojana from Tuesday, has postponed the scheme indefinitely.
Official sources in Mumbai told UNI that there have been no reasons given for the indefinite postponement. They, however, said that there were no changes in the scheme.
Several investors who had gathered at the LIC offices here had to go back disappointed due to the postponement of the scheme.
The scheme offers a 9 per cent return to senior citizens between 55 to 79 years and mirrors and immediate annuity scheme.
The scheme had been announced by the Finance Minister Jaswant Singh in his Union budget 03-04. However, there had been a delay in launching the scheme because private players were lobbying for the scheme.
Another delay was because the LIC was seeking subsidy in the form of high return bonds from the government against which it would sell immediate annuities.