Lic Pension Scheme Launch Put Off For Pm

The Centre on Tuesday forced the Life Insurance Corporation of India (LIC) to postpone the launch of the Varishtha Pension Bima Yojna offering 9 per cent assured returns to senior citizens.

LIC, which invited the media for simultaneous press conferences in Mumbai and Delhi on Tuesday morning, was forced to call off the launch at the behest of the finance ministry. The government wanted the policy to be launched by Prime Minister Atal Bihari Vajpayee.

Officials said with elections round the corner, the government wanted to take credit for the initiative, announced by Finance Minister Jaswant Singh in the Budget for 2003-04.