Mumbai, June 17: Life Insurance Corporation on Tuesday postponed the launch of `Varishtha Pension Bima Yojana', a government subsidised scheme for citizens aged between 55-79 years. The launch has been postponed and the government (Ministry of Finance) is now likely to formally inaugurate the scheme within a month, LIC sources said here.
However, they refused to divulge the reason for the postponement but stated that details of the scheme were ready and even some customers had come forward to purchase the same.

The scheme, which was announced by the Union Finance Minister Jaswant Singh in his budget speech for fiscal 2003-04, assured a return of 9 per cent per annum.
Singh had said that the difference between the actual yield earned by LIC, on the funds invested under the scheme, and the assured return of nine per cent, would be reimbursed to the LIC annually, by the government. Bureau Report