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.