Varishtha Pension Bima Yojana is a one time premium retirement plan for senior citizens, with pension can start as immediately as next month. You can choose to get the pension any mode , either monthly, quarterly, half yearly or on a yearly basis.
The premiums paid are exempt from Income tax under Section 80 C.
The normal pension received by you from LIC is on the other hand taxable.
- Premium is to be given in onetime payment.
- Lowest age for taking this policy is 60 Yrs.
- One time investment of minimum amount Rs.66, 665 and highest possible investment of Rs.6, 66,665.
- Minimum amount pension will be Rs.500 and highest Rs.5, 000 per month.
- It gives a assured return of 9%.
- You have different choices to select pension like monthly, quarterly, half-yearly or yearly.
- On the dying of a pensioner, the nominee gets the invested amount back.
- The highest pension limit is not only for persons, but also to the entire family. Family members for this purpose constitutes pensioner, spouse, and dependents.
- The pension will directly added to pensioners bank account through ECS / NEFT. Cheque will not be issued and the pensioner need not to go to back t collect the pension.
- This policy can be surrendered only after completion of 15 years.
- Surrender value will be equal to purchase price or invested premium amount excluding service tax.
- On the other hand, in case there is surrender prior to 15 years for any health-related emergency situations of his or spouse, then such surrender amount will be 98% of the purchase price.
- Policyholder avail loan just after completion of 3 years. The highest possible loan amount will be 75% of the purchase price.
|Purchase Price Rs.||63960||639610|
|Annuity Payout (Yearly in Rs.)**||6000||60000|
|Premium Payment Mode||Single|
|Entry Age||60||No Limit|
|Annuity Payment Mode||Yly, Hly, Qly, Mly|
There are no riders available under this plan.
Maturity & Death Benefit
As this is pure pension plan, maturity & death benefit is unavailable. In case of death of annuitant , nothing payable to the nominee.
Loan against policy
Policy loan is available after completion of 3 years. Maximum loan available is 75% of purchase price.
This policy can be surrendered after 15 years. Purchase price will be refunded to the policyholder.