Varishtha pension Bima Yojana: LIC Varishtha pension Bima Yojana is for senior citizens of a state. Cabinet approved in this pension scheme for senior citizen under LIC provide a guaranteed return of 8% for 10 year as a part of government social security and financial inclusion programs. The plan was last known again by the government of India for a limited. In his budget speech mentioned at the success of the LIC Pension Bima Yojana plan. The NDA government during its last term in office had introduced the Varishtha pension Bima Yojana as a pension scheme for senior citizens.
This scheme is administrative by Life Insurance Corporation of India. Under the skin the subscriber on payment of a lump sum amount get pension at a granted rate of 90 % per annum. This scheme also allows withdrawal of deposit amount by the annuitant after 15 year of purchase of the policy. Under the schemes government provide 10000 rupees pension for the senior citizens. NDA government during its last term in office has introduced the process the pension Bima Yojana for senior citizens.
LIC Varishtha pension Bima Yojana
- This policy premium term is a single premium.
- Starting of this premium you have to pay the premium of your choice.
- There is no life risk covered under this plan as it is your annuity plan and whatever you invest you will get it as a pension.
- This is an immediate pension plan.
- If you pay one shot of your choice then the annual payment will start from that moment.
- For this plan you don’t need to submit any medical certificate for this plan as it does not cover media claim for life risk.
An official statement,” the scheme will provide an insured pension based on and guarantee rate of return of 8% per annum for 10 years which an option to opt for pension on a monthly, quarterly, half yearly and annually. The scheme will be implemented through Life Insurance corporations of India. Under the scheme it provides social security during 60 years and above against a future for India interest income due to uncertain market condition.
- The policy premium from the age of 60 year as long as you want, we can say that the minimum entry is 60 years completed.
- In this case there is no maximum entry age limits.
- It is a single premium Term plan.
- There is no age of policy maturity.
- You will get the benefit as money back.
- This policy continued even after your death on your wish.
- Your spouse will be benefited out of it.
- The minimum premium is 63960 and the maximum you can pay under this policy is 639 610.
lic varishtha pension bima yojana form pdf
Amounts of a pension benefits installments as mentioned in the schedule shall be payable during lifetimes of the pensioner as per the mode chosen by the pensioner. This benefit also provide on death of the pensioner. Total amount of pension under all the policies issued to the family under this plan shall not exceed rupees 60000 per annum. On death of the variation the purchase price shall be refunded to the beneficiary. If any citizens want to get the benefits of this Yojana then there is 60 years or above the 60 years. For this plan the law has been passed by Pradhanmantri Narendra Modi and cabinet in the month of January 2017. This scheme is totally beneficial for the senior citizens.
Benefits of this plan
- Text benefits
- Policy surrender
- Loan facility
- During the lifetime of the pensioner pension in the form of an immediate annuity as per Mode chosen by the petitioner shall be payable.
- Define schema so provide death benefits, on death of the pensioner the purchase price shall be return.
- 60 year age of the pensioner at the time of commencement of the policy in completed year.
- Beneficiary means the pension who is entitled to receive benefits under this policy.
- Date of commencement of policy is the start date of policy.
This plan depend on you on what use like to you can select yearly pension, half yearly pension and quarterly pension and also monthly pension. The pension amounts of annually will be 6000 approximately. This LIC plan also provides benefits in income tax. Only the pension is received is taxable. So you need not pay any tax on your premium. The policy should be more than three months old for the free look period of the policy should be over.
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The maximum loan you can get against the policy is 75% of the single premium paid. The policy is Surrendering within 15 years of policy opening then the policyholder will get up to 98% of single premium paid. After completing 15 years the holder surrender the policy then he will get up to 100% return on the single premium paid. This can be calculated using online calculator.
Pension type is a yearly.
Rate of interest-9.38%
According to notification by the Finance ministry for pension vima Yojana Aadhar card is necessary. Aadhar Card has been made mandatory for getting benefits of VPBY. This is come announced into version in union budget 2003-04 and 2014-15.
How to buy by the scheme?
- Candidate can buy this patient came from Life Insurance Corporation of India.
- You can purchase the scheme either online and offline mode.
- If you want to purchase it offline then you must visit the nearest LIC Office.
- However if you want to purchase online then you need to visit the official website of LIC.