Opinion - Letters to the Editor   

New scheme

Sir, — The Varishta Pension Bima Yojana launched by the Prime Minister, for people aged 55 years and above, is a boon to senior citizens whose fixed income is being eroded by inflation and falling interest rates on their investments. Many have invested in the Monthly Income Plan of UTI-II and the interest rates have come down considerably. The UTI is reportedly thinking of foreclosing some of the high interest bearing MIPs. The low interest bearing MIPs are maturing in three years.

The pension scheme of the LIC carrying 9 per cent interest will offer solace to the senior citizens whose MIP investments are in the low interest category if the Finance Minister can favourably consider transfer of low interest MIP investments of UTI-II to the pension scheme of LIC.

P. Ramakrishnan,

Chennai

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