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  • LIC Varishtha Pension Bima Yojana Plan

    LIC Life Insurance

    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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