Insurance Current Affairs - 2019
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Union Cabinet gives approves Varistha Pension Bima Yojana, 2003 and Varistha Pension Bima Yojana, 2014
The Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and Varistha Pension Bima Yojana (VPBY) 2014.
The Cabinet also granted approval for expenditure incurred on subsidy amount released to LIC for the both schemes.
- VPBY was launched on 14th July, 2003 and was open till 14th August, 2015 and VPBY was launched on 14th August, 2014.
- Both the schemes are closed for future subscriptions. These schemes were implemented through Life Insurance Corporation of India (LIC).
- Both are pension schemes intended to give an assured minimum pension to Senior Citizens based on an assured minimum return on the subscription amount.
- The pension is envisaged until death from the date of subscription, with payback of the subscription amount on death of the subscriber to the nominee.
- The difference between the actual yield earned by LIC on the funds invested under the schemes and the assured return committed by Union Government is paid as subsidy to LIC.
- The policies sold during currency of policy are being serviced as per the guaranteed 9% return assured by the Government.
- As of March 2016, a total number of 3,17,991 annuitants are being benefited under VPBY 2014. Similarly, 2,84,699 annuitants are being benefited under VPBY- 2003.
India and United Arab Emirates (UAE) have signed 9 bilateral agreements covering cooperation in the various sectors.
These agreements were signed during the second day of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi official visit to India.
Some Agreements are
- MoU on Technical Cooperation in Cyber Space and Combating Cyber Crime: Provides common platforms for both countries for technical cooperation in Cyber Space and in the area of Combating Cyber Crime.
- MoU for Participation institutional investors in Infrastructure Investments: It will help to establish a framework to facilitate participation of UAE institutional investors in Infrastructure Investments in India.
- General Framework Agreement on Renewable Energy Cooperation: Provides for bilateral cooperation through investments, extensive projects, cooperation in R & D in renewable, knowledge sharing platforms and clean energy.
- MoU in the Exploration and use of Outer Space for Peaceful Purposes: Framework for cooperation in space technology, science and applications including satellite communication, remote sensing and satellite based navigation.
- MoU on Bilateral Currency Swap Arrangement: Promotes currency swap arrangement between the RBI & Central Bank of UAE for bilateral financial relations.
- MoU on Trade: Facilitates both parties to exchange information on trade and business opportunities. It further facilitates procurement of Indian goods and services by UAE.
- MoU for bilateral cooperation in Insurance sector: Aims at promoting cooperation between in the field of insurance supervision and increasing mutual understanding through regulatory and relevant supervisory information exchange.
- Executive Programme for Cultural Cooperation (EPCC): Provides range of cultural exchange activities under the new EPCC from 2016 to 2018.
- Letter of Intent for skill development and recognition of qualifications: Provides collaboration on mutual recognition of qualifications and skill developments.