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The National Pension System (NPS) is a voluntary defined contribution pension system administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA), created by an Act of the Parliament of India. The NPS started with the decision of the Government of India to stop defined benefit pensions for all its employees who ...
The "LIC's Bima Sakhi Yojana" [27] scheme is a significant program introduced by the Life Insurance Corporation of India (LIC) under the guidance of the Government of India [28]. The scheme was officially inaugurated by Prime Minister Narendra Modi [29] [30] [31] on December 9, 2024, in Panipat, Haryana. The program aims to empower women by ...
Civil Servants who joined service before 2004 are entitled to the Civil Service Pension Scheme and the General Provident Fund. These were established in 1972 and 1981 respectively. It was a defined benefit system that the employees did not contribute to and the pension was funded through the general state budget.
The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the ...
The scheme was announced by the Finance Minister in Budget 2010–11. It was funded by grants from the Government of India. [4] [5] This scheme has been replaced with Atal Pension Yojana, [6] in which all subscribing workers below the age of 40 are eligible for pension of up to ₹ 5,000 (US$58) per month on attainment of 60 years of age.
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental ...
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. [11]
By 2017, it was the country's third-largest private sector life insurance company [6] with a 16.5 percent share of total private-sector premiums for the Financial Year 2017 and fourth largest in the life insurance industry based on premium earned and had 66,372 individual agents across India, comprising 6.8 percent of total private agents in ...