The LIC Varishtha Pension Bima Yojana Plan is an insurance plan that was brought back by the Government of India in the Union Budget 2014-2015. This plan was introduced in order to offer excellent protection and a source of regular income to senior citizens who are 60 years old and above. Life Insurance Corporation of India has the right to offer this particular scheme. This plan is specifically designed for a retired individual. It offers pension as well as a death benefit.
Every insurance company typically has certain eligibility criteria that need to be met by anybody who is interested in obtaining the benefits of an insurance plan. You need to fulfill the following eligibility criteria to purchase an LIC Varishtha Pension Bima Yojana Plan:
|Minimum entry age||60 years (as on last birthday)|
|Maximum entry age||There is no limit.|
|Minimum maturity age||Information not provided|
|Maximum maturity age||Information not provided|
With the LIC Varishtha Pension Bima Yojana Plan, you will receive large amounts as pension. You will get different amounts for a month, a quarter, 6 months, and 1 year.
|Minimum pension||Rs.500 for each month Rs.1,500 for each quarter Rs.3,000 for each half-year Rs.6,000 for each year|
|Maximum pension||Rs.5,000 for each month Rs.15,000 for each quarter Rs.30,000 for each half-year Rs.60,000 for each year|
|Minimum purchase price||Annually: Rs.63,960 Half-yearly: Rs.65,430 Quarterly: Rs.66,170 Monthly: Rs.66,665|
|Maximum purchase price||Annually: Rs.6,39,610 Half-yearly: Rs.6,54,275 Quarterly: Rs.6,61,690 Monthly: Rs.6,66,665|
The premiums or purchase price for this plan are reasonably priced. You can check with your insurance advisor regarding the premiums that you need to pay for this plan.
Premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
The LIC Varishtha Pension Bima Yojana Plan offers excellent benefits to the policyholder as well as his or her family members. The government revived this plan to offer a pension scheme to help senior citizens. With this scheme, lakhs of annuitants have been enjoying the benefits of this plan.
|Type of benefit||Features of the benefit|
|Death benefit||When the pensioner/annuitant/life insured passes away suddenly due to some reason, then the nominee chosen by the pensioner will receive a death benefit.|
|Pension benefit||With the LIC Varishtha Pension Bima Yojana Plan, the pensioner/life insured will receive a pension benefit for full life. It will be paid as an immediate annuity according to the pension payment mode selected by the annuitant. The mode can be annual, half-yearly, monthly, and once a month.|
You will receive your pension through ECS or NEFT only.
Insurance plans generally offer riders or add-on plans in order to offer additional protection to policyholders. A policyholder will have to pay an additional premium to receive the benefits of this plan. With the LIC Varishtha Pension Bima Yojana Plan, there are no rider plans as of now.
Most insurance policies come with certain exclusions. Exclusions refer to certain incidents that are not covered by an insurance plan. You can ask your insurance advisor if there are any exclusions that come with the LIC Varishtha Pension Bima Yojana Plan.
The LIC Varishtha Pension Bima Yojana Plan offers a plethora of salient features for benefitting you and your near and dear ones. Apart from the pension benefit and death benefit, you can enjoy a wide range of other significant features.
|Surrender value||You can surrender the LIC Varishtha Pension Bima Yojana Plan after you complete a policy period of 15 years. Under this plan, the surrender value will be the refund of purchase price. If you need money urgently for treating any terminal or critical illness, then you can surrender your plan before the completion of 15 years. In this case, the surrender value will be 98% of purchase price.|
|Free-look period||This plan will provide you with a free-look period of 15 days. During this period, you can review your plan’s terms and features. If you are not satisfied with any of this plan’s features, you can return it within this period. Within the free-look period, the company will return the purchase price that you would have paid.|
|Policy loan||With the LIC Varishtha Pension Bima Yojana Plan, you are allowed to apply for a loan after a period of 3 policy years is completed. You will receive a loan amount of up to 75% of the purchase price. The rate of interest for your loan will be fixed by the company and it will change on a regular basis. The interest for this loan will be deducted from the pension amount.|
With the LIC Varishtha Pension Bima Yojana Plan, you can save on taxes efficiently. You will get tax benefits and tax deductions according to the Income Tax Act, 1961. These tax benefits are offered under Section 80C and Section 10(10D) under this act. You will typically get tax benefits when you make your premium payments.
You will receive an amazing array of benefits with LIC Varishtha Pension Bima Yojana Plan that will help you save productively:
Why should you buy the Varishtha Pension Bima Yojana Plan from LIC of India?
Life Insurance Corporation of India is a top-notch public life insurance company that has been providing outstanding life insurance services for a number of years. You can count on the company to give you tailor-made insurance solutions as per your specific needs and preferences.
With the Varishtha Pension Bima Yojana Plan from Life Insurance Corporation of India, you can be assured that you will have a steady source of income even after you retire. You do not have to be stressed about depending on your children, relatives or friends for financial support. You can instead stand on your own feet with this plan and make all your dreams come true even after you retire from your job.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.