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 12 1 2 3 4 5
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA but after using for few years i have closed the plan because the premium has to be paid monthly once which is not convenient. The policy gives the coverage for self.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 31, 2019
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC before 10 days. The policy is for 30 years and scheme of pension plan scheme. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to provide cheque to an agent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 06, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    The life insurance policy has been taken with LIFE INSURANCE CORPORATION OF INDIA and the policy has the maturity period of long term of 21 years added on that the premium paying for yearly once, i have purchased PENSION PLAN it give self coverage with good sum assured of pension as a regular income.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using the LIFE INSURANCE CORPORATION OF INDIA since from last 10 years and the name of the policy i am using is JEEVAN TARANG where the policy has the benefit of getting pension after the maturity and the maturity period of 20 years. The service is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 22, 2019
  • LIC Life Insurance
    "Useful savings for a person"
    0.5 5.0/5 "Blown Away!"
    LIC is fine. Since its a big life insurance company of India and its undertaken by Government i have chosen the LIC company. This is a pension policy which will be useful for my future benefits. I have purchased this policy for my children and the premium is paying my children. After 60 years only, i get the benefits from this policy. Its a life assured policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have toot LIC pension plan premium annual they are charging Rs 24000 and maturity 25 years. amount will be detected from salary itself, its is monthly mode payment and customer service is good and responsive. i will recommended to my friends.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is Pension policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the details through the agent ,The premium amount is also nominal not so high .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken directly by myself.Since i am working with LIC company i have taken this policy it is a Pension Plan for the tenure of 25 years and i am paying the premium on monthly basis through auto debit from my account .The policy features ,policy coverage ,plan and benefits are very good .This Insurance company is really doing an extraordinary service it is known by all .I have got all the details through the agent .I have got the policy documents on time .
    Was this review helpful? 0
    , chandigarh
    Reviewed on Jun 02, 2019
  • LIC Life Insurance
    "LIC is a super policy"
    0.5 5.0/5 "Blown Away!"
    Took my life insurance policy from LIC. I have selected the pension policy. Since the LIC is comfortable and the plans are transparent hence i have chosen this LIC. I have bought the policy through agent. I am paying the premium amount of Rs. 6000 three months once. I used to pay the premium for 15 years. 1 before i bought the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA where the policy has the maturity period of long term also the premium paying on time added on that the executive explained the details of the policy on time at the beginning.
    Was this review helpful? 0
    , thane
    Reviewed on May 11, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using its since from last many years and i get no issues with this insurance. The policy has the maturity period of long term and the premium paying for yearly once with this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 10, 2019
  • LIC Life Insurance
    "Good Pension scheme after retirement"
    0.5 4.0/5 "Great!"
    I have insurance with LIC, I pay the premium of Rs.12,000 on quarterly basis, it has the term of 15 years. Till the maturity I need to pay the premium amount then after the term I would be getting the complete maturity benefits on pension basis.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 02, 2019
  • LIC Life Insurance
    "Can do Better"
    0.5 3.5/5 "Pretty good"
    I generally pay the premium around Rs. 54,500 to jeevan umang policy it has term of 20 years. Actually it has life time cover and after 20 years I get the regular money back as a pension. I feel its not very good policy as others. The LIC agents are good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 27, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION plan with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period of this policy is for long term also the premium paying for monthly once through the ECS from the salary. I am using from last 17 years it gives the coverage for disability, life coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • 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
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