Contents
- 1 LIC Varishtha Pension Bima Yojana(Plan No 828) Review
- 2 Varishtha Pension Bima Yojana Plan 828 Eligibility Conditions
- 3 LIC Varishtha Pension Bima Yojana Rebates
- 4 LIC Varishtha Pension Bima Yojana Calculator
- 5 Lic Varishtha Pension Bima Yojana (VPBY) Benefits
- 6 Other Varishtha Pension Bima Yojana details
- 7 Related Lic Pension Plans
LIC Varishtha Pension Bima Yojana(Plan No 828) Review
LIC Varishtha Pension Bima Yojana is a pension plan released by Life Insurance Corporation of India (LIC) in association with Government of India. Varishtha Pension Bima Yojana (uin: 512g291v01) is a Pension plan for the welfare of Senior Citizens of the India. Above 60 Years Senior Citizens can take the policy. Some Subsidy Provided by Government of India. Varishtha Pension Bima Yojana lic scheme will be available from 16th August 2014 to 14th August 2015.
The government initiated the LIC to take a step in order to make its senior citizen independent by providing a scheme that was only for them, to give them a monthly pension when the monthly income would stop. The Government of India recently announced LIC Varishtha Pension Bima Yojana scheme on 15th August. LIC of India Varishtha Pension Bima Yojana plan falls under the group of the immediate pension Plan, as is an exclusive plan designed only for the senior citizens.
Varishtha Pension Bima Yojana Plan 828 Eligibility Conditions
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The pension payment to the pensioner is done through ECS / NEFT only.
Minimum Pension payable is:
500 Rs./- per month.
1,500 Rs./- Per Quarter.
3,000 Rs./- Per Half Year.
6,000 Rs./- Per Year.
Maximum Pension payable is:
5,000 Rs./- per month.
15,000 Rs./- Per Quarter.
30,000 Rs./- Per Half Year.
60,000 Rs./- Per Year.
Maximum Pension is applicable for the whole family. Total Pension Received under all the policies of LIC Varishtha Pension Bima Yojana scheme issued to a family shall not exceed the maximum pension limit. Family in this plan means pensioner, his or her spouse and dependents.
VPBY Interest Rates:
VPBY Pension rates are not based on the age.
Based on the different modes of pension payment, Interest rates per 1000 Rs./- Purchase Price are
Yearly: Rs. 93.8069 per annum.
Half-Yearly: Rs. 91.7045 per annum.
Quarterly: Rs. 90.6767 per annum.
Monthly: Rs. 90.0000 per annum.
Pension Payment Mode:
The pension will be payable monthly, quarterly, half yearly and annually based on the mode of pension option chosen by the pensioner.
First Pension payment to the pensioner done after 1 year if they opt for the yearly mode. After 6 months if they choose for half yearly mode, after 3 months if the opt for quarterly mode, after 1 month if they opt for a monthly mode.
Purchase Price:
Varshitha Pension Bima Yojana Plan can be purchased by paying lump sum amount at a time. One time payment in this plan. No regular payment option in this VPBY plan. Pensioners have the option to choose either the amount of pension needed or the purchase price means lump sum amount they want to invest.
| Mode of Pension | Minimum Purchase Price | Maximum Purchase Price |
| Yearly | Rs. 63,960 /- | Rs. 6,39,610 /- |
| Half-Yearly | Rs. 65,430 /- | Rs. 6,54,275 /- |
| Quarterly | Rs. 66,170 /- | Rs. 6,61,690 /- |
| Monthly | Rs. 66,665 /- | Rs. 6,66,665 /- |
LIC Varishtha Pension Bima Yojana Rebates
No Rebates is available under this Lic Varishtha Pension Bima Yojana plan.
Lic Varishtha Pension Bima Yojana Agent Commission:
0.1% of the Purchase Price to the agents as it is a government social welfare scheme and for the well-being of lower-income people so no Good Bonus to agents.
No bonus commission payable. Do credit 0.3 % on the purchase price.
Varishtha Pension Bima Yojana Tax Benefit:
As per Tax Laws, Taxes including service tax is applicable. The Present year tax rate is 3.09 %.
The policyholder has to pay the tax amount also while taking the policy. Tax amount which you pay on the purchase price is not considered for calculation of pension. For information about Tax on Insurance Policies refer www.taxqueries.in
Surrender value:
The VPBY Pension plan can be surrendered after 15 years. The surrender value payable is 100% Purchase Price means what we invested will be returned if we want to withdraw after 15 years.
If any medical emergency exists for self or spouse then pension plan can be surrendered under exceptional circumstances, 98% of the Purchase Price will be refunded back to the customer.
LIC Varishtha Pension Bima Yojana Calculator
You can Calculate the Premium that has to be paid to get all the benefits available in this plan and maturity amount that you will get after completion of the policy period using Lic Varishtha Pension Bima Yojana Premium calculator.
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Lic Varishtha Pension Bima Yojana (VPBY) Benefits
Pension Payable: Pension in the form of Annuity is payable to the pensioner during the lifetime of the pensioner as per the mode (yearly, half-yearly, quarterly, monthly) chosen by the pensioner.
Death Benefits: If Death Occurs, Nominee gets Purchase Price.
Loan Facility:
Loan facility is available. The loan can be taken after completion of 3 years from the date of making the policy. Maximum loan amount granted under this Varishtha Pension Bima Yojana is 75% of the purchase Price.
Loan Interest is recovered from Pension amount paid to the customer. Lic decides the interest rate for the loan from time to time. The present interest rate is 9% compounded half yearly.
Other Varishtha Pension Bima Yojana details
suicide clause: Not applicable.
Locking period: 15 days. Policy Holder can return the policy if not satisfied with policy terms and conditions.
Assignments and Nominations: Possible.
Requirements for claim:
1. On the death of the Pensioner: Lic Varishtha Pension Bima Yojana claim form, Original Policy Bond, NEFT mandate form for bank deposit, Bank Passbook or cancelled cheque as a proof of Bank details and Proof of the death. If age not provided at the time of taking the policy. Age proof also needs to be submitted.
2. Payment of Pension: Policy Holder Existence certificate to stop frauds. It will be given at the time of taking the policy.
3. Surrender before 15 years: Discharge form, Policy original Document, proof medical treatment to self or spouse, NEFT mandate form for bank transfer, Bank Passbook or cancelled cheque, Proof of age if age not admitted at the time of taking the policy.
Lic Varishtha Pension Bima Yojana proposal form
Form No 470 (Revised) to be used.
For more details, please refer the given below official link,
Click here for LIC Varishtha Pension Bima Yojana Policy