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financial advisor for small saving
VARISHTHA PENSION BIMA YOJANA
Pension
LIC of India’s VARISHTHA PENSION BIMA YOJANA ( Table No 161 )
Alert: This plan is closed for sales
Varishtha Pension Bima Yojana is a Government subsidized scheme announced for Indian citizens aged 55 years and above , in the Union Budget 2003-04. The scheme will provide 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 is 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.
Insurance Act 1938 under Section 41
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or table of the insurer: Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bonafide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punished with fine, which may extent to five hundred rupees.
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