The government has re-launched the Varishtha Pension Bima Yojana, for the benefit of citizens aged 60 years and above. The scheme will provide financial security to almost half a million people by ensuring regular income during their advancing year. After re-launching the scheme in New Delhi yesterday, Finance Minister Arun Jaitely said it will benefit the vulnerable section of society with limited resources as it will provide monthly pension ranging from 500 to 5,000 rupees per month to senior citizens of the country. The Scheme will be administrated by the Life Insurance Corporation, LIC.