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Varishtha Pension Bima Yojana

Varistha Pension Bima Yojana was closed on 14th August 2015.
Please choose from other LIC plans below:



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Varishtha Pension Bima Yojana

(This plan is closed now)


Varishtha Pension Bima Yojana 


Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana as a pension scheme for senior citizens.

 This plan is available for a limited period from 15th August 2014 to 14th August 2015 for the benefit of citizens aged 60 years and above.

Features

  • Assured returns of 9% in monthly pension (9.38% in annual pension)
  • Better returns from Bank Fixed Deposits and Post Office Schemes
  • Pension is credit to pensioner's bank account through NEFT
  • Loan Facility Available after completion of 3 policy years
  • Tax free returns (No TDS is deducted)
  • Policy can be surrendered after 15 yrs and 100% deposit is refunded
  • On demise of the pensioner, nominee will receive the 100% deposit
  • No service tax is applicable in this policy




Eligibility Conditions


Minimum age at entry
60 years (completed)
Maximum age at entry
No Limit
Minimum Deposit Amount
Rs 66,665/-
Maximum Deposit Amount
Rs 6,66,665/-




Sample Pension 


Deposit Amount
Monthly Pension (9%)
Yearly Pension (9.38%)
     Rs 66,665/- (Min.)
Rs 500/-
Rs 6,253/-
Rs 2,00,000/-
Rs 1,500/-
Rs 18,760/-
Rs 4,00,000/-
Rs 3,000/-
Rs 37,520/-
         Rs 6,66,665/- (Max.)
Rs 5,000/-
Rs 62,533/-

* Any deposit amount can be chosen between Rs 66,665/-  and Rs 6,66,665/- 

Tax Benefit

Pension received under this scheme is tax free

Surrender of Policy


Varishtha Pension Bima Yojana is a life long pension scheme, however there is an option to surrender the policy anytime after completion of 15 years and withdraw the 100% deposit amount.

Under exceptional cases, if the pensioner requires money for the treatment of any critical/terminal illness of self or spouse then the policy can be surrendered before the completion of 15 years and the Surrender Value payable shall be 98% of Deposit Amount.

On Death of the Pensioner

If the pensioner dies his/her nominee will receive the 100% deposit amount.


*** To buy a new LIC plan call Vikas 99111-70785 ***

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