<h1>Indian Cabinet Approves Varishtha Pension Bima Yojana 2017, Offering 8% Pension Returns for Seniors Aged 60.</h1> The Union Cabinet, led by the Prime Minister, approved the Varishtha Pension Bima Yojana 2017 to enhance financial inclusion and social security for seniors. Implemented by the Life Insurance Corporation of India, the scheme targets individuals aged 60 and above, offering an assured pension with an 8% annual return for ten years. Participants can receive pensions monthly, quarterly, half-yearly, or annually. The government will subsidize any shortfall between LIC's generated return and the guaranteed 8%. The scheme is available for subscription for one year from its launch.