A bill to make available to veterans of the Vietnam war all benefits available to World War II and Korean conflict veterans.

Makes available to the veterans of the Vietnam War all benefits available to World War II and Korean conflict veterans.

Entitles veterans of the Vietnam era to veterans' home, farm, and business loan benefits, except that such entitlement may not be in addition to benefits derived by the Vietnam veteran because of World War II or Korean conflict service.

Provides that entitlement to benefits will expire as follows: (1) 10 years from the date of discharge or release from the last period of active duty of the veteran after August 5, 1964, except that 1 additional year will be granted for duty; and (2) 20 years from the date of release for service-connected disability from active duty occurring after August 5, 1964. Specifies that direct loans shall not be made after January 31, 1980. Provides for the payment of a fee by each veteran obtaining a guaranteed loan.

Permits qualified Vietnam veterans to obtain life insurance from the United States without meeting any requirement of good health, so long as application for such insurance is made within the specified time. Prescribes the plans on which the insurance may be issued and allows the conversion or exchange of an insurance policy for any other type insurance issued under these provisions. Sets forth the terms and conditions under which the insurance will be issued.

Permits any person in the active military, naval, or air service to surrender his insurance contract for its cash value.

Creates in the Treasury a permanent trust fund known as the Vietnam Era Veterans' Life Insurance Fund, wherein all premiums paid for Vietnam veterans' insurance will be deposited.