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December 28, 2023

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varishtha pension Bima yojana 2023-24

Varishtha Pension Bima Yojana: – As you all know Life Insurance Corporation of India keeps launching various types of insurance schemes from time to time for all the citizens of the country. Today we are going to provide you information related to one such policy run by Life Insurance Corporation of India. Whose name is Senior Pension Insurance Scheme. We will provide you all the important information related to this insurance scheme.

Like what is LIC Varishtha Pension Bima Yojana? its purpose, benefits, features, application process, eligibility, Important documents etc. So, friends, if you want to get all the important information related to this scheme, then you are requested to read our article till the end. LIC Senior Pension Insurance Scheme is a type of insurance policy. Through which the beneficiary can avail the benefits of pension throughout his life by paying the premium once.

Under this scheme, the beneficiary can pay the premium monthly, quarterly, half-yearly or annually. Under LIC Varishtha Pension Bima Scheme 2024, the return rate of 9.3 percent has been fixed by the Life Insurance Corporation of India. A lock period of 15 days has also been kept under this policy. Under this public period, if the applicant is not satisfied with the policy, he can withdraw his money within 15 days.

varishtha pension Bima yojana Overview

Scheme Name	varishtha pension Bima yojana
Who launched	the Government of India?
Beneficiaries	Senior Citizens of India
Objective	To provide pension
Official website	www.licindia.in
year	2024

How does it work?

Senior Pension Insurance Scheme can be purchased by the pensioner at the purchase price.
The policy holder will have to make a lump sum payment to purchase this senior pension insurance plan.
The pension amount will be provided to the pensioner monthly, quarterly, half yearly or annually.
Pension will also be payable to the family of the policy holder.
A limit has been fixed for the minimum and maximum amount of the policy.
The purchase price is returned if the policy holder dies.
The policy holder can get a loan after completion of the policy term of 3 years.
Policy holders will have to pay interest on the loan.
If the policy holder does not continue this scheme further, then the policy holder will have to repay the loan amount in full before exiting this policy.

varishtha pension Bima yojana Purchase Price

Pension Frequency	Minimum Purchase Price Of varishtha pension Bima yojana	Maximum Purchase Price Of varishtha pension Bima yojana
monthly	Rs 63,960	Rs 6,39,610
quarterly	Rs 65,430	Rs 6,54,275
half yearly	Rs 66,170	Rs 6,61,690
annual	Rs 66,665	Rs 6,66,665

varishtha pension Bima yojana Pension detail

	Period	amount
minimum pension Of varishtha pension Bima yojana	monthly	Rs 500
	quarterly	Rs 1500
	half yearly	Rs 3000
	annual	Rs 6000
maximum pension Of varishtha pension Bima yojana	monthly	Rs 5000
	quarterly	Rs 15000
	half yearly	Rs 30000
	annual	Rs 60000

Important Details Of varishtha pension Bima yojana

Purchase Price: Senior Pension Insurance Scheme can be purchased by paying a lump sum purchase price. There are different types of purchase prices under this scheme. The pensioner can choose the purchase price and pension amount according to his financial condition.
Pension Payment: Pension under this scheme will be paid based on the mode of pension payment selected. The first pension will be paid after 1 month, 3 months, 6 months or 1 year of purchasing the policy.
Family Benefit: Under this scheme, the policy amount can be received by the spouse or dependent family members.
Loan: A maximum loan of 75% of the purchase price can be availed after completion of 3 years of the policy term. Interest will have to be paid on this loan.
In case of death: If the pensioner dies then the purchase price provided under the scheme will be refunded.
Surrender Value: The pensioner can exit the scheme after completion of 15 years of the policy term. In this situation, 100% of the purchase price will be refunded to the pensioner. But if the pensioner exits this scheme before 15 years, in this case only 98% of the purchase price will be refunded.
Free Look Period: There is a free look period of 15 days under this scheme. If the policy holder is not satisfied with the guidelines of this policy, he can exit this policy within 15 days. In this situation, the entire purchase price will be refunded to them after deducting the stamp duty.
Age Limit: Under this scheme, the minimum age limit is 60 years and there is no maximum age limit.

terms and conditions

If the pensioner is not satisfied with the guidelines of the scheme during the free look period, he can return the policy. The purchase price will be refunded upon return of the policy by the Life Insurance Corporation of India. This amount will be refunded after deducting the value of stamp duty.
It is mandatory for policy holders to provide information related to the nominee while purchasing the policy.
If any wrong information has been provided by the policy holder, then the policy can also be confiscated.
The terms and conditions of the policy may be changed from time to time.
The claim will be paid by Life Insurance Corporation of India from the same office from where the policy is being serviced. But the Corporation can also determine any alternative place at any time.
It is mandatory for the beneficiary to submit the claim form while submitting the medicine.
Original policy document, NEFT order, certificate of ownership, proof of death etc. will also have to be submitted along with the claim form.
To receive pension, the pensioner will have to submit the certificate of existence in the prescribed proforma within the time period prescribed by the Corporation.
If the policy holder surrenders the policy, then the policy holder will have to submit the original policy documents along with his or her spouse’s discharge form.
The policy will be issued based on the declared age of the pension recipient.
Loan against the policy can be taken after 3 years from the policy inception date.
The loan amount is 75% of the purchase price.
The policy can be surrendered after completion of 15 years from the date of purchase of the policy.
If the policy holder needs to surrender the policy before 15 years, then in this case 98% of the purchase price will be provided to the policy holder.

Benefits of varishtha pension Bima yojana

Through this scheme, pension amount on investment will be provided to all policy holders.
Under the Senior Pension Insurance Scheme 2024, the return rate has been fixed at 9.3 percent.
To avail this scheme the applicant is not required to undergo any medical checkup.
Under this scheme the applicant will have to invest for 15 years. If the applicant needs money before 15 years, he can withdraw 98% of the purchase price.
Under LIC Varishtha Pension Bima Yojana 2024, loan up to 75% of the investment can also be available after 3 years.
The investment amount will have to be deposited through ECS or NEFT.
The lock period of this policy is 15 days.
Under this scheme, the pension amount will be sent directly to the bank account of the policy holder.
If the policy holder dies, the purchase price amount will be given to the nominee.
Tax exemption will also be provided under Section 80 CCC of the Income Tax Act.

Required Documents

To apply under this scheme, it is mandatory for you to be a permanent resident of India.

To apply under this scheme, your age should be more than 60 years.

Aadhar card

Ration card

Age certificate

Passport size photograph

Mobile number

How to apply

To apply under this scheme, you will have to go to your nearest LIC office.
Now you will have to take the application form under this scheme from them.
After this you will have to fill all the information asked in the application form carefully.
Now you have to attach all the important documents to the application form.
After this you will have to submit this application form in LIC office.
Along with the application form, you will also have to deposit the premium amount.

Important Links

https://licindia.in/hi/home

FAQ

What is Senior Pension Insurance Scheme?

LIC’s Senior Pension Insurance Plan is beneficial for senior citizens as it guarantees them a small income after retirement. The pensioner can claim his pension every month or can also opt for quarterly, half-yearly or annual pension amount. The Corporation will make payment through ECS/NEFT only.

How do I get senior citizen benefits?

Any Indian citizen aged 60 years or above is eligible to apply for it. Senior Citizen Certificate provides many benefits to the cardholder. This gives them access to many government benefits and welfare schemes that are especially meant for senior citizens.

Who comes under senior citizens?

A resident individual who has attained the age of 60 or more but less than 80 years of age during the previous year is considered a senior citizen for income tax purposes.