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LIC Varishtha Pension Bima Yojana Plan

The LIC Varishtha Pension Bima Yojana benefits senior citizens during their retirement. With a lump sum payment, pensioners can buy a policy at the purchase price. A pension will then be payable monthly, quarterly, half-yearly or annually. With great flexibility, policyholders can choose a pension payment frequency according to their needs and convenience.


Eligibility Conditions for LIC Varishtha Pension Bima Yojana

Minimum entry age 60 years
Maximum entry age No Limit

Pension Granted under LIC Varishtha Pension Bima Yojana

Particulars Period Amount
Minimum Pension Monthly Rs. 500
  Quarterly Rs. 1,500
  Half-yearly Rs. 3,000
  Yearly Rs. 6,000
Maximum Pension Monthly Rs. 5,000
  Quarterly Rs. 15,000
  Half-yearly Rs. 30,000
  Yearly Rs. 60,000

Purchase Price of LIC Varishtha Pension Bima Yojana

Pension Frequency Minimum Purchase Price Maximum Purchase Price
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
Yearly Rs. 66,665 Rs. 6,66,665

Key Features of LIC Varishtha Pension Bima Yojana

Listed below the key features of LIC Varishtha Pension Bima Yojana:

Plan type Pension Plan
Plan basis Individual
Premium paying terms Monthly, quarterly, half-yearly and yearly
Maturity benefits Guaranteed Pension
Premium payment frequency Monthly, quarterly, half-yearly and annually
Mode of Pension Payment ECS/NEFT only
Pension payment frequency Monthly, quarterly, half-yearly and annually
Free-look period 15 days from the date of receipt of the purchased policy
Defaults Fine up to RS. 500
Policy coverage Death benefits and maturity benefits.

Benefits/Advantages of LIC Varishtha Pension Bima Yojana

The LIC Varishtha Pension Bima Yojana provides you with the following key benefits:

  • Policies can be purchased by payment of a lump sum known as Purchase Price.
  • Pensioner can choose between the pension amount and the purchase price.
  • Guaranteed benefits: Pension will be paid depending on the mode of pension payment selected. The first pension will be paid after 1 month, 3 months, 6 months or 1 year from the date of purchase.
  • Family Benefits: Pension can also be received by family including spouse and dependants.
  • Loan: After completing 3 years of the policy, loan facility is available for a maximum of 75% of the purchase price. Interest on the loan will be recovered from the pension.
  • Death benefits: Upon the death of the pensioner, the purchase price will be refunded.
  • Surrender value: After 15 years of the policy, the pensioner can opt to surrender the policy and the Purchase Price will be refunded. In case the policy is surrendered before completing 15 years, then only in case the pensioner needs the money for terminal or critical illnesses of self or spouse, 98% of the Purchase Price will be refunded.
  • Free look period: This LIC pension plan offers a 15-day period from the date of receipt of the policy as a free look period. In case the policyholder is not satisfied, the amount will be refunded after deducting stamp duty charges.

How the LIC Varishtha Pension Bima Yojana Works

A pensioner can purchase an LIC Varishtha Pension Bima Yojana policy at the purchase price. A lump sum payment is required to purchase the LIC policy. During the lifetime as a pensioner, a pension will be paid monthly, quarterly, half-yearly or annually as opted by the policyholder. The pension will also be payable to the policyholder’s family. There is a limit on the minimum and maximum pension that will be paid. In case the policyholder dies, the purchase price of the pension will be refunded. Loans are available after completing 3 years of the policy. Interest will be charged as determined by LIC. The interest will be recovered from the pension payable. The outstanding loan amount will be recovered from the claim proceeds when the policyholder exits. Taxes as required by the Government will be applicable from time to time.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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LIC Varishtha Pension Bima Yojana Plan Reviews

Page 1 of 11 1 2 3 4 5
  • LIC Life Insurance
    "Good Pension Plan"
    0.5 5.0/5 "Blown Away!"
    I started one policy in the year of 2010, on monthly basis I used the pay the amount of Rs. 2500 I need to pay the premium upto 20 years. Then I get the monthly pension amount upto 2080 its really helpful for the all. Its a good plan which I have availed it.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Apr 11, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 3.0/5 "Satisfactory"
    I am very much fine with LIC, I have multiple policies including pension plan with them which was availed in the year of 2011. It has the tenure period of 30 years. Then I will be getting monthly pension and the sum assured value of Rs.3 lakhs . It would be nice if they improve the customer support and plan feature.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Its Average"
    0.5 3.0/5 "Satisfactory"
    LIC has the good Financial security for certain demise, I took pension plan from their end for the duration of 30 years then I will get the sum assured around Rs. 3 lakhs. They are reliable and it was taken for the tax benefits under 80c section but benefits are less.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 3.0/5 "Satisfactory"
    I have taken pension scheme from LIC on 2011, I am paying the premium of Rs. 2500 on annual basis. It has long tenure period, then I get less benefits from their end. This policy is good for the tax saving purpose and also the financial security is there.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Nice Platform for payment"
    0.5 3.0/5 "Satisfactory"
    LIC has nice payment gateway to make the policy premium, they are also sending the alert and other messages on time for my pension plan. Totally I have five policies, I used to pay Rs. 2500 per annum, the benefits are very less after long term investment.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Trust worthy"
    0.5 3.0/5 "Satisfactory"
    Before eight years, I have activated my pension plan with LIC, it has the duration period of 30 years. I would recommend this policy because they are trusted and reputed. I pay Rs. 2500 as a premium on yearly basis, it has the tenure of 30 years, then I would get the monthly pension amount.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    This LIC Policy is a Pension Plan policy yearly premium is Rs. 27000 .This policy tenure is for 30years.This Pension plan premium is pretty high and the benefits are good that is the reason paying the premium and taken the policy as well .I have taken this policy through LIC agent since visited home .
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 01, 2019
  • LIC Life Insurance
    "Trust worthy and Good Pension Plan"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 30,000 per annum for my personal plan for the duration of 25 years, I need to pay upto 50 years of my age, finally the retirement fund and pension I will amount. LIC has the good tax benefits, and they do have life coverage. Agent are good, they have different payment option. I have activated this plan before five years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 17, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the pension plan with the LIFE INSURANCE CORPORATION OF INDIA, i have been using it since from last three years also the maturity period of this policy is of 30years with this policy. The premium i am paying for monthly once with this policy.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 15, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    It is the PENSION plan that i have taken it with the LIFE INSURANCE CORPORATION OF INDIA and using it from last few years i pay the premium for this policy for yearly once through the online. It gives the policy coverage for self added on that life coverage is also provided.
    Was this review helpful? 0
    , noida
    Reviewed on Feb 24, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    First time I took the endowment policy, I used to make the premium of Rs. 1 lakh for multiple policy, I need to pay for 20 years, then I get the maturity benefits. Its not a pension scheme and its a simply plan I get the maturity amount and bonus after the term.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 22, 2019
  • LIC Life Insurance
    "Good for insurer and nominees"
    0.5 4.0/5 "Great!"
    Jeevan Akshay has the life term until death, it has tenure of 35 years. I need to pay the premium for whole year around Rs.16,000 per year. After 35 years I get pension very from total sum assured from 8% to 10%. After death whole benefits will be provided to the nominees.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA since from last many years also the maturity period of this policy is for long term and the premium i pay for yearly once with this insurance policy. It gives the life coverage also the accidental benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 02, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I am having 2 pension plan, health insurance and life insurance policy totally more than 4 policies. It was taken through the agent. LIC is a trustworthy and the benefits are less compared to the private sectors. It is a long term policy. I make the premium through cheque.
    Was this review helpful? 0
    , kochi
    Reviewed on Jan 25, 2019
  • LIC Life Insurance
    "Good policy to use"
    0.5 5.0/5 "Blown Away!"
    In the year 2002, i have taken a pension policy. I have been paying the premium amount of Rs. 13000 on a yearly basis. This is a tax benefits policy. From my salary, the amount has has been deducted. After 16 years, i will be getting a pension from this plan.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 29, 2018
  • LIC Life Insurance
    "Good pension plan"
    0.5 4.0/5 "Great!"
    6 months before, i have purchased the pension plan. I pay the premium of Rs. 6000 per annum. Depends on the age eligibility criteria they have given the plan. I pay the premium through the agent for the first time and after that i pay through the online portal. I chosen LIC because of my mother has taken LIC policy. They have given good returns.
    Was this review helpful? 0
    , vellore
    Reviewed on Nov 16, 2018
  • LIC Life Insurance
    "Okay to have a policy with LIC"
    0.5 4.0/5 "Great!"
    For my family, i have taken the life insurance policy with LIC. Because of the available agents, i never interacted with customer care. The agent is providing very good information about the policy details. I have choosen the coverage value of Rs. 2 lakhs. 2 months back i have got this policy which is pension plan with a tenure period of 25 years. I have to pay the premium for 15 years. I have chosen the annual payment mode with the premium of Rs. 11000.
    Was this review helpful? 0
    , vellore
    Reviewed on Nov 16, 2018
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am having a life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where it gives the maturity period for 20 years and also for self. It is a good policy to use the name of the policy is PENSION plan it is a good plan to use. I am satisfied with this policy.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 18, 2018
  • LIC Life Insurance
    "Above average service"
    0.5 3.5/5 "Pretty good"
    I've a life insurance policy with the LIC. I pay a premium of 18000 per year. I make payments through the LIC website. The tenure of the policy is 30 years. My children will be also eligible for pension benefits. The sum assured is 1 Crore.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 02, 2018
  • LIC Life Insurance
    "Pension plan with LIC"
    0.5 4.0/5 "Great!"
    From LIFE INSURANCE CORPORATION OF INDIA i have taken a life insurance policy. Its a pension plan and the yearly premium is 25000 for the maturity period of 25 years. After the maturity i will start getting the pension as monthly installment.
    Was this review helpful? 0
    , nagpur
    Reviewed on May 14, 2018
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