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LIC Varishtha Pension Bima Yojana Plan

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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

LIC Varishtha Pension Bima Yojana Plan Reviews

Page 1 of 12 1 2 3 4 5
  • LIC Life Insurance
    "Every Indian have LIC policy for future"
    0.5 4.0/5 "Great!"
    My Policy no 178, Normally I make the premium around Rs. 2000 on quarterly basis for the tenure of 20 years. After completing tenure period they are providing bonus amount and they provide pension amt around Rs. 10k+ bonus, it have life cover and tax benefits.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 09, 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
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken pension policy from the life insurance corporation of India . Am satisfied with the premium amount which am making the payment . This policy cover good benefits after the policy gets over . Its has good returns after the policy period . Their customer representative explained the policy very well. It has tenure period of 16 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 22, 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
    "Good pension plan"
    0.5 5.0/5 "Blown Away!"
    My family members were recommended me about the LIC pension policy. Death coverage and risk coverage is there. I have been using this policy for 4 years. Total tenure of the policy is 16 years. I make the payment through online in their web portals.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 27, 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
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding my pension plan with the LIC, it is almost going to complete 20 years and for 20 years 3 years to go. Once i get my money only i come to know completely about the LIC. As of now the customer service is good. My policy is long term policy, I am happy to have my plan with LIC.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 13, 2018
  • LIC Life Insurance
    "Good experience"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy with LIC. It is a pension plan. I need to pay a premium till the age of 55 years. After which I would start to get the pension. The premium is on a monthly basis. It get deducted on a ECS basis. The services are also good.
    Was this review helpful? 0
    , bilaspur
    Reviewed on Mar 23, 2018
  • LIC Life Insurance
    "Good insurance"
    0.5 5.0/5 "Blown Away!"
    I have taken a pension scheme policy which includes 10 policies. I am using the LIC service for last 5 years. The policy was recommended by my friend. The LIC office is near to my policy so I don't face any difficulties. I am paying quarterly 10,350 rupees directly to the office.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 06, 2018
  • LIC Life Insurance
    "Average service"
    0.5 2.0/5 "Expected more"
    I have taken a Life Insurance with LIC.I pay a premium amount of Rs 5000 every quarterly.I get a policy coverage of ten lakhs.The plan name is pension scheme policy.The online site is helpful to make payment and its easy to understand.I closed the policy because i didn't pay my premium they have to refund the the amount however same was not done till date. Its still an ongoing issue........
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 12, 2018
  • LIC Life Insurance
    "Pension benifits with LIC"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. Its a life time policy . This is a pension plan,were i get pension from the policy.the premium amount which i am paying yearly is 35000. After the maturity period i get some bonus with the total amount. I make my payment mostly through cheque.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 10, 2018
  • LIC Life Insurance
    "Good Savings"
    0.5 5.0/5 "Blown Away!"
    Before nine months I have taken LIC policy, I make the premium around Rs. 1.20 lakh on yearly. It has the tenure of 16 years, once my policy gets matured they give the sum assured around Rs. 47 lakhs and they provides pension on life time. If some thing happened to me, my dependants will get life cover with pension.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 21, 2017
  • LIC Life Insurance
    "Good Pension scheme"
    0.5 5.0/5 "Blown Away!"
    I have taken pension scheme policy with LIC, I should pay for 20 years then lump sum amount divided into another 20 + years. I have received the LIC bond on time, I paid the premium around Rs. 95,000 on yearly basis. It gives life cover and tax benefits too.
    Was this review helpful? 0
    , vadodara
    Reviewed on Dec 21, 2017
  • LIC Life Insurance
    "Average policy to use"
    0.5 4.0/5 "Great!"
    I have got the LIC life insurance policy around 7years ago. The customer support is good with the LIC. This pension plan has the tenure of 15years. I pay the premium of Rs,3557 every 3 months once. The plan benefits and the policy coverage is good with LIC.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 06, 2017
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    Apart from being a customer of LIC, I have taken it up as a part time job as well. I would say that this company provides what ever is promised, unlike the private companies who provides an insured amount as per the current market rate. The policy I have would serve my purpose as it gets matured nearing the time of my retirement. It is like a pension plan.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 17, 2017
  • LIC Life Insurance
    "Trustworthy"
    0.5 5.0/5 "Blown Away!"
    LIC has a lot of policies which is very much beneficial. I have taken a pension plan, since I have taken it at the age of 40, I would have to pay a premium for the next 15 years. It is a economical one and the benefits are decent too. The maturity is worthed.
    Was this review helpful? 0
    , vadodara
    Reviewed on Aug 26, 2017
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I am using LIC for two years, every time I receive notification of premium I used to make the payment by visiting their office immediately and they provides the receipt copy. I am paying premium of Rs. 2700 on quarterly payment it has the tenure of 15 years. They offered me all the coverage including the plan benefits of Rs. 6 lakhs, After 20 years I will be getting pension amount Rs. 3000 to 4000 based on the range.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 05, 2017
  • LIC Life Insurance
    "Good Pension Scheme"
    0.5 5.0/5 "Blown Away!"
    I have taken the pension plan with LIC, now my age is 27 so I used to make the premium Rs. 1200 on monthly basis its for 25 years. Its gets complete in the age of 52, After 62 years I would be getting the monthly pension of Rs.15,000. If suppose something happen to me, my nominee get Rs.24 lakhs.
    Was this review helpful? 1
    , chennai
    Reviewed on Apr 03, 2017
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