Cabinet has given its post-facto approval for launching of Varishtha Pension Bima Yojana as part of government's commitment for financial inclusion and social security. <br/><br/>The scheme will be implemented through Life Insurance Corporation during the current financial year. It will provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. <br/><br/>The scheme will provide an assured pension based on a guaranteed rate of return of 8 percent per annum for ten years, with an option to opt for pension on a monthly, quarterly, half yearly or annual basis. <br/><br/>The difference between the return generated by LIC and the assured return of 8 percent per annum would be borne by the government as subsidy on an annual basis. The scheme is proposed to be open for subscription for a period of one year from the date of launch. <br/><br/>