Varishtha Pension Bima Yojana

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% .

BENEFITS:

  • 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)
Monthly 250 2,000
Quarterly 750 6,000
Half-Yearly 1,500 12,000
Yearly 3,000 24,000
  • PREMIUM:Only Single Premium was payable.
Mode  of Pension Minimum Premium (Rs) Maximum Premium (Rs)
Monthly 33,335 2,66,665
Quarterly 33,085 2,64,675
Half-Yearly 32,715 2,61,710
Yearly 31,980 2,55,845

ELIGIBILITY:

  • 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 .

BENEFIT ILLUSTRATION:

An Investment of Rs.1,00,000/- would give Pension of

Mode of Pension Pension (Rs)
Monthly 750
Quarterly 2,267
Half-Yearly 4,585
Yearly 9,381

ANNUITY RATES:

The annuity rates for Rs.1000/- purchase price for different modes of annuity payments are given below:

Yearly 93.8069 p.a
Half-yearly 91.7045 p.a.
Quarterly 90.6767 p.a.
Monthly 90.0000 p.a.

Note : These rates are not age specific.

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