Varishtha Pension Bima Yojana – Single Premium

9% assured returns per annum, payable every month. Yield works out to be 9.38% per annum.

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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.

Tax Benefits

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.

Plan Features

  • 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.

Eligibility Conditions

Particulars Min Max
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

 

lic of india single premium pension plan

Riders

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.

Surrender Value

This policy can be surrendered after 15 years. Purchase price will be refunded to the policyholder.

Varishtha Pension Bima Yojana – Single Premium
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