The Central Board of Trustees of Employees Provident Fund Organisation on Tuesday approved a scheme allowing subscribers to withdraw up to 90 per cent of the accruals to invest in Varishtha Pension Bima Yojana.
The country's largest insurer Life Insurance Corporation will get about Rs 280 crore (Rs 2.8 billion) from the government for hiking its capital base and carrying out expansion.
Life Insurance Corporation has mopped up over Rs 5,200 crore (Rs 52 billion) from Varishtha Pension Bima Yojana, but its market share from other products dipped further to 87.76 per cent till January.
Finance Minister Jaswant Singh has indicated that the proposed 'Dada-Dadi' bonds for pensioners, scheduled to be launched on April, will run side-by-side with Life Insurance Corporation's Varishtha Pension Bima Yojana.
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.\n\n
Unfazed by competition from private players, state-owned Life Insurance Corporation of India on Tuesday said it has attained yet another landmark by bringing in 2.05 crore (20.5 million) lives under insurance cover till March 15.
Life insurance industry grew by over 65 per cent to Rs 5,436 crore in September compared to Rs 3,291 crore premium income from new business in July, mainly due to the success of LIC's Varishtha Pension Bima Yojana.
Life Insurance Corporation of India on Thursday said it has crossed the 1-crore (10-million) mark in sales of new policies for the current fiscal on November 15.
The finance ministry on Sunday highlighted its achievements during the past six months, including the Jan-Dhan Yojana, Varishtha Pension Bima Yojana, and actions taken to curb black money.
Indian economy about to take-off
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