During the financial year 2017–18, which organisation was designated to implement the Varishtha Pension Bima Yojana scheme for senior citizens?

Introduction / Context:
Varishtha Pension Bima Yojana is a social security scheme targeted at senior citizens in India. It provides an assured pension based on a guaranteed return on the amount invested. Implementation details, such as which organisation runs the scheme, are common topics in banking and insurance related competitive exams, especially for the financial year 2017–18 when the scheme was relaunched.

Given Data / Assumptions:
- The question clearly mentions the financial year 2017–18.
- It asks which organisation implemented Varishtha Pension Bima Yojana during that period.
- The options list several insurance companies, both public sector and private sector.

Concept / Approach:
The Government of India often selects a major public sector life insurer as the implementing agency for pension schemes that offer assured returns. For Varishtha Pension Bima Yojana, the implementation responsibility was given to the Life Insurance Corporation of India, commonly known as LIC. The scheme was subsidised by the government to ensure the promised returns, but LIC handled the operational aspects such as selling policies and paying pensions.

Step-by-Step Solution:
Step 1: Recall that Varishtha Pension Bima Yojana is a pension scheme specifically for senior citizens, backed by the Government of India. Step 2: Remember that LIC, being the largest public sector life insurer, frequently implements such government backed pension products. Step 3: Compare the options and identify Life Insurance Corporation of India among them. Step 4: Eliminate other companies such as National Insurance, New India Assurance, SBI Life and United India Insurance, which are either general insurers or private and not the designated implementing agency for this scheme. Step 5: Conclude that Life Insurance Corporation of India implemented the Varishtha Pension Bima Yojana during 2017–18.

Verification / Alternative check:
Government notifications and LIC official documents from that period clearly mention that Varishtha Pension Bima Yojana is being implemented through Life Insurance Corporation of India. The government provides subsidy to LIC to make up the difference between the guaranteed return promised and the actual market yield. Exam guides covering pension and insurance schemes also repeat this fact, confirming LIC role as the implementing agency.

Why Other Options Are Wrong:
National Insurance Company Limited: This is a general insurance company and not the designated implementer of this pension scheme.
New India Assurance Company Limited: Another general insurer that deals mainly with non life insurance products.
SBI Life Insurance Company Limited: A joint venture with a significant private component; it was not chosen to implement this government backed senior citizen pension scheme during 2017–18.
United India Insurance Company Limited: Again a general insurer rather than the public sector life insurer selected for this role.

Common Pitfalls:
Candidates sometimes confuse life insurance and general insurance companies, or they assume that any large public sector insurer might be involved. Another mistake is to overlook the specific year mentioned and mix up Varishtha Pension Bima Yojana with other pension schemes. Keeping a clear mental map that LIC implements most government backed life and pension schemes for individuals helps avoid confusion.

Final Answer:
During the financial year 2017–18, the Varishtha Pension Bima Yojana scheme was implemented by the Life Insurance Corporation of India.