LIC Varishtha Pension Bima Yojana 2020 @ licindia.in – Features, Benefits, Eligibility: This pension scheme which is recommended by the government and integrated by LIC is only applicable for the senior citizens. It grants annuity payoffs like an immediate annuity plan. Only the people who have the age of 60 years and above will be allowed to benefit from this LIC Varishtha Pension Bima Scheme 2020. In the previous year, almost 3.16 lakh policies of this LIC Varishtha Pension Bima Yojana has been sold that amounts to Rs.6095 crores.
It replicates the popularity of this LIC Varishtha Pension Bima Scheme 2020 among senior citizens. 9.3 % per annum income offered by this plan. There will be a payment of a single premium by the annuitants to get all the benefits of this yojana. After 5 years policyholders can take a loan on their policy.
- 1 LIC Varishtha Pension Bima Yojana 2020 – Overview
- 2 LIC Varishtha Pension Bima Yojana Features
- 3 LIC Varishtha Bima Scheme Benefits
- 4 LIC Varishtha Bima Yojana Specification
- 5 LIC Varishtha Pension Bima Yojana Premium Accounts
- 6 LIC Varishtha Pension Bima Yojana Sample Pension Rates
- 7 LIC Varishtha Pension Bima Yojana Annuity Rates
- 8 LIC Varishtha Pension Bima Yojana 2020 – Frequently Asked Questions
LIC Varishtha Pension Bima Yojana 2020 – Overview
|Name of the Scheme||LIC Varishta Pension Bima Yojana|
|Announced by||Indian Government|
|Mode of Application||Online|
|Beneficiaries||Senior citizen of India|
LIC Varishtha Pension Bima Yojana Features
- It is a single premium immediate annuity plan. It starts its annuity after the payment of premium from the date chosen next.
- There is no requirement for medical check-ups
- If the annuitant is diagnosed with any critical or terminal illness this yojana provides surrender value early.
- Through this yojana, the policyholder has to pay the 2% of the amount withdrawn as an exit load. They will take an amount of 98% of the purchase price of premium if they want to withdraw the whole amount. Simply, 2% single premium will be the charges of exit load.
- The payoffs in this yojana are in different methods like monthly, quarterly, semi-annually, and yearly. From the receipt date of premium, the first in the payout for each of these frequencies is 1 month, 3 months, 6 months, and 1 year.
Monthly: The annuitants of this mode will receive an amount every month. If they want the monthly pay off then they have to pay Rs.6.66 lakh. Rs.66, 665 is the minimum purchase price.
Quarterly: The policyholders will receive an amount per every quarter i.e., 4 times in a year. Every three months, they will get the amount. If they want a quarterly payment method then they have to pay Rs.66, 170 to Rs.6, 61,690.
Semi-annually: If the annuitants want to receive the same amount from this yojana then they can start half-yearly payment. To start receiving annuity on half-yearly payment then they have to pay Rs.65430 to Rs.6, 54,275.
Yearly: In this annual mode the pay holders will receive a large amount once in a year. That large amount will be useful for the people for their huge expenses. To this, the people have to pay Rs.6, 39,610 and the minimum sum is Rs.63, 960.
- Without the problems of encashing a cheque or demand draft, a person can easily receive the amount with the payments like ECS or NEFT.
- This yojana has a lock-in time of 15 years.
- They will get the purchase price what they paid for the policy 15 years ago when the annuitants surrendered their policy after 15 years.
- After 3 years policyholders can take a loan on their policy. 75% of the policy amount be given as a loan amount by the LIC Varishtha pension bima yojana. Interest in that loan will be decided by the LIC. During the term of the loan, the policy will be assigned to LIC.
- It also has 15 days as a free look period. The senior citizens get the whole premium what they paid less any charges to stamp duty.
- LIC may call at any time for the age proof. If it has been entered a wrong date in the application and correct date in the policy then the LIC Varishtha Pension Bima Yojana don’t called it a question because of the wrongly entered age of the person.
LIC Varishtha Bima Scheme Benefits
- LIC Varishtha Bima Yojana will give regular income assurance to the policyholder. It will credit directly to his bank account.
- The nominee whose name was written in the application form can get the invested amount if the policyholder dead.
- Income tax benefits will be entitled to you as per section 80CCC of the Income Tax Act 1961.
- This scheme can easily merge with other investment schemes like mutual funds, provident fund, endowment policy, etc,.
- Through this scheme, the policyholder will get 5000 rupees for a month to the single premium payment of Rs.6,65,665 or 60,000 rupees for a premium payment of Rs 6,39,610.
- It is a return amount which is 9% and above. With a comparison of any other bank or savings account, the returns in this scheme are high.
LIC Varishtha Bima Yojana Specification
|Entry Age||60 Years||None|
|Purchase Price||Rs.63,960||Rs. 6,39,610|
|Yearly Payout of Annuity||Rs.6,000||Rs.60,000|
|Frequency Payout of Annuity||Annual | Biannual | Monthly | Quarterly||Annual | Biannual (semi-annual) | Monthly | Quarterly|
LIC Varishtha Pension Bima Yojana Premium Accounts
The single premium amount depends on how regularly the pension to be paid. For example, the premium will be more when it should be paid quarterly if the pension has to be paid every month. It is understanding that for the annual pension payments the premium is less.
|Pension method||Minimum Premium Amount||Maximum Premium Amount|
LIC Varishtha Pension Bima Yojana Sample Pension Rates
The sample pension rates of LIC Varishtha pension bima yojana explain that on the payment of a particular amount how much amount the holder can get as a pension. For the sake of convenience, the premium can be taken an amount of 1000 rupees that have to be paid under the LIC Varishtha pension bima yojana. for ease of reference, a sum of rupees thousand are taken as premium paid under LIC.
|Yearly||Rs.93.8069 Per Annum|
|Half-yearly||Rs.91.7045 Per Annum|
|Quarterly||Rs.90.6767 Per Annum|
|Monthly||Rs.90.0000 Per Annum|
LIC Varishtha Pension Bima Yojana Annuity Rates
For the LIC Varishtha pension bima yojana previous sample pension rates can be detailed for larger premium amounts. we will see the annuity rates for Rs.1,00,000, Rs.2,50,000 and Rs.5,00,000.
|Mode/ Purchase Price||100,000||250,000||500,000|
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LIC Varishtha Pension Bima Yojana 2020 – Frequently Asked Questions
What is the Official Site to Check LIC Varishtha Pension Bima Yojana 2020 Details?
licindia.in is the Official Site to Check LIC Varshtha Pension Bima Yojana 2020.
Who are the Beneficiaries of LIC Varishtha Pension Bima Scheme 2020?
Senior Citizens of India are eligible for LIC Varshtha Pension Bima Yojana 2020.
What Documents Does the beneficiary need to show to claim back the Pension Amount?
Original Policy Document, NEFT Mandate from Bank, Claim Forms, Age Certificate, Proof of title/ Proof of Death.
What are the Payoff Terms in LIC Varshtha Pension Bima Yojana 2020?
Monthly, Quarterly, Semi-Annually, Yearly are the Payoff Terms in LIC Varshtha Pension Bima Yojana 2020.