Q. people above the age of 60 years. Under the scheme a total no. You will receive a call shortly from our customer support. That means that the beneficiaries get back the amount that was used by the pensioner to take out the policy, Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act, LIC Varishtha Pension Bima Yojana is initiated by the government and thus stands on equal footing with other, LIC Varishtha Pension Bima Yojana can be easily combined with other pension schemes such as PF, endowment policies, mutual funds, etc. With this, every Indian senior citizen will not suffer that much for the money. For the benefit of citizens aged 60 years and above, the Hon'ble Finance Minister in his Budget Speech for the year 2014-15 proposed to revive the scheme for a limited period from 15 August, 2014 to 14 August, 2015. On surrender of LIC Varishtha Pension Bima Yojana policy. With this policy scheme, all beneficiaries can get the total amount of money by submitting or paying the premium amount once. The Yojana was re-launched by the prime minister of the country Mr. Narendra Modi after the success of the earlier started yojana. [Complaint Status] Uttar Pradesh Anti-Corruption Portal, [Assam] One Time Grant For Media Personality Scheme, All Banks Officials Missed Call Number, SMS Number 2020, [Apply Online] Haryana Employment Registration 2020, [MMSAGY] Mukhyamantri Shahri Ajeevika Guarantee Yojana, [Apply Online] Haryana Solar Inverter Charger Yojana 2020, Sabooj Sathi Scheme 2020 [Bicycle Distribution Status]. LIC Varishtha Pension Bima Yojana has a lock in period of 15 years. A lot of companies have come up with annuity payment options. Through this scheme, the policyholder will get 5000 rupees for a month to the single premium payment of Rs.6,65,665 or 60,000 rupees for a premium payment of Rs 6,39,610. 6,66,665 or an annual sum of Rs. Government time to time updates their schemes and we always try to update all information as soon as possible but we will advised you to visit once on a official website of related scheme . You can also choose to receive annuities much earlier than the age from which pensions generally accrue. You have entered an incorrect email address! 60,000 for a premium of Rs. If you are still facing some problems, you send your queries and issues on the given contact number 022 6827 6827, or you may contact the concerned department. The documents that need to be submitted include: Annuities are payments received by the pensioner / investor for payment of a certain sum or sums of money over a prior period. The total investment amount will be a deposit or submit with the help of NEFT and ECS. Under the LIC Varishtha Bima Yojana Plan, the policyholder will receive ₹5,000 per month for a single premium payment of ₹6,65,665 or an annual sum of ₹60,000 for a premium payment of ₹6,39,610. Regular assured income is received under the LIC Varishtha Pension Bima Yojana. All payments are made by ECS or NEFT that ensures the person receives the sum they need easily without having to go through the trouble of encashing a cheque or a demand draft. LIC may ask for some additional details to process the request. Now, the annuity amount is expected to be higher with the increase in the rate of interest. 06 Registration Code No. Q. Policy Termination or Surrender Benefit: The policy can be surrendered after 15 years where the purchase price is refunded. LIC Varishtha Pension Bima Yojana is exclusively available for the senior citizens of the country, i.e. LIC Varishtha Pension Bima Yojana is a senior citizen pension scheme as advocated by the Government and incorporated by LIC. With great flexibility, policyholders can choose a pension payment frequency according to their needs and convenience. Varishtha Pension Bima Yojana Details 2018-19 80C [Application Form, Eligibility Criteria] LIC. Healthcare costs are a big expense and with private care becoming more preferred due to quality of services, these costs will only increase in the future. Listed below the key features of LIC Varishtha Pension Bima Yojana: The LIC Varishtha Pension Bima Yojana provides you with the following key benefits: A pensioner can purchase an LIC Varishtha Pension Bima Yojana policy at the purchase price. Annuitants only need to pay a single premium to enjoy the benefits of the LIC Varishtha Pension Bima Yojana plan. That means what you can buy today for Rs. Below this yojana, every citizen who wants to join this scheme can submit their premium every quarterly, annually, monthly, or half-yearly. So, in this policy time, if any applicant does not feel satisfied with the ongoing policy, then he or she can withdraw their money between fifteen days. Taxes as required by the Government will be applicable from time to time. For this scheme, all applicants should live in India or the permanent citizen of India. In the previous year, almost 3.16 lakh policies of this LIC Varishtha Pension Bima Yojana has been sold that amounts to Rs.6095 crores. The annuity of different modes varies from Rs500-5000 for monthly mode, Rs1,500-15,000 for quarterly mode, Rs3,000-30,000 for half-yearly mode and Rs6,000-60,000 for yearly mode. Whenever you submit your application form, you also have to offer the premium amount of the required LIC Policy. After 5 years policyholders can take a loan on their policy. The plan offers a return of 9.3% per annum. There would be given tax exemption below Section 80 CCC of the Income Tax act. The policy has a surrender period of 15 years. This Yojana will prove to be very helpful in providing the daily bread to the senior citizens of the country. Under the LIC Varishtha Pension Bima Yojana plan, the amount of the single premium varies depending on how frequently the pension needs to be paid. I hope you will understand this article very well and are ready to take advantage of it. Give yourself some extra money to travel or entertainment. This scheme will prove to be a major boon for the senior citizens of the country. The senior citizens get the whole premium what they paid less any charges to stamp duty. So, in this article, we are going to discuss the details of the Varishtha Pension Bima Yojana Scheme. To enjoy the benefits of LIC Varishtha Pension Bima Yojana, the people only need to pay a single premium. Pensioner can choose between the pension amount and the purchase price. Uh-oh! These certificates are to be submitted in the proforma of LIC. The amount will be deposited through NEFT or ECS. Privacy Policy. A pensioner can purchase an LIC Varishtha Pension Bima Yojana policy at the purchase price. After visiting the LIC office, take an application form there. Applicant age must be of 60 years and above. The total return rate will be 9.3% fixed below LIC Varishtha Pension Bima Yojana 2020. The NDA Government during its last term in office had introduced the Varishtha Pension BimaYojana (VPBY) as a pension scheme for senior citizens. You can opt for an immediate annuity plan from LIC like LIC Jeevan Akshay that will pay you additional income.

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