<h1>Indian Government Approves Varistha Pension Bima Yojana, Ensures 9% Return for Existing Senior Citizen Policies via LIC.</h1> The Union Cabinet of India approved the Varistha Pension Bima Yojana (VPBY) schemes of 2003 and 2014, which provide senior citizens with a guaranteed minimum pension. These schemes, implemented through the Life Insurance Corporation (LIC) of India, offer an assured return on investments, with the government subsidizing the difference between actual yields and promised returns. Both schemes are closed to new subscriptions, but existing policies continue to be serviced with a guaranteed 9% return. As of March 31, 2016, VPBY 2014 and VPBY 2003 benefit 317,991 and 284,699 annuitants, respectively.