LIC Mops-up 7000 Cr. from Relaunched Senior Citizens Pension Scheme

Life Insurance Corporation of India (LIC) today said it has so far collected over Rs 7,000 Crore under its senior citizen pension scheme 'Varishth Pension Bima Yojana'. 
 

The country's largest life insurer has sold over 2.5 lakh policies of this scheme which offers an annual return of 9.38%. The scheme was relaunched a year ago and will be closed tomorrow. 
 

"We have already collected over Rs 7,000 Crore under the scheme," LIC managing director Vijay Kumar Sharma told reporters on the sidelines of an event organised by Dun & Bradstreet. 

Sharma said, "We have already sold over 2.5 lakh policies under the scheme so far." 

The NDA government during its last term in office, had introduced the Varishtha Pension Bima Yojana. 

Previously, when the scheme was launched, 3.16 lakh annuitants had been benefited and corpus amounts to Rs 6,095 Crore was generated. 

The country's top insurer is all set to launch Ulip this month. 

The private sector players have already several Ulip products and are able to provide better option to their customers. 

But, LIC which had revamped its products to meet the regulations didn't have any Ulip product for last one and half years. 

LIC hopes that with the launch of new Ulip product, it can be able to grow its marketshare.