LIC of India’s VARISHTHA PENSION BIMA YOJANA ( Table No 161 )
Alert: This plan is closed for sales
Varishtha Pension Bima Yojana was a Government subsidized scheme announced for Indian citizens aged 55 years and above , in the Union Budget 2003-04. The scheme offered an Annual return of 9% .
- Pension during the lifetime of the pensioner.
- In the event of unfortunate demise of the pensioner, purchase price will be returned to the nominee / legal heir of the pensioner.
- Exit option available after 15 years.
- Loan facility available to the extent of 75 % of purchase price after 3 years. (Note :The rate of interest on loan is 10.5 %.The interest rate on loan would be decided by LIC from time to time.)
- Minimum & Maximum pension:
|Mode of Pension||Minimum (Rs)||Maximum (Rs)|
- PREMIUM:Only Single Premium was payable.
|Mode of Pension||Minimum Premium (Rs)||Maximum Premium (Rs)|
- Indian Citizens aged 55 years and above are eligible.
- Age proof required.
- Premium to be paid by cheque , demand draft or Banker’s cheque payable on the Branch of the Bank which is member of the Local Clearing House .
An Investment of Rs.1,00,000/- would give Pension of
|Mode of Pension||Pension (Rs)|
The annuity rates for Rs.1000/- purchase price for different modes of annuity payments are given below:
Note : These rates are not age specific.