Contents
- 1 LIC Varishtha Pension Bima Yojana Plan Review
- 2 LIC Varishtha Pension Bima Yojana Plan eligibility conditions
- 3 Benefits of LIC Varishtha Pension Bima plan 828
- 4 Lic varishtha pension bima yojana features
- 5 Documents Required for Claim under LIC Varishtha Pension Bima Yojana
- 6 Rebates in LIC Varishtha Pension Bima Yojana
- 7 Surrender value under LIC Varishtha Pension Bima Yojana
- 8 Loan Facility under LIC Varishtha Pension Bima Yojana
- 9 Taxes under LIC Varishtha Pension Bima Yojana
- 10 Free Look period under LIC Varishtha Pension Bima Yojana
- 11 LIC Varishtha Pension Bima Yojana premium calcuator
- 12 Example for LIC Varishtha Pension Bima Yojana
- 13 FAQs under LIC Varishtha Pension Bima Yojana
- 14 Related Lic Pension Plans
LIC Varishtha Pension Bima Yojana Plan Review
LIC Varishtha Pension Bima Yojana plan 828 is a pension plan released by Life Insurance Corporation of India. Government of India in the Union Budget 2014-2015, announced the revival of LIC Varishtha Pension Bima Yojana. LIC Varishtha Bima Yojana is a single premium pension policy for senior citizens, with pension starting to flow in immediately. One can opt to receive the pension either monthly, quarterly, half yearly or annually.
LIC Varishtha Pension Bima Yojana is a Pension plan for the welfare of Senior Citizens of the India. Here you can calculate the your Premium amount that has to be paid to get all the benefits available under this policy by using Lic varishtha pension bima yojana premium calculator.
LIC Varishtha Pension Bima Yojana Plan eligibility conditions
| Eligibility Condition | Details | |
| Age of Entry |
|
|
| Sum Assured |
|
|
| Policy Term |
|
|
| Pension payable | Minimum
Maximum
|
|
| Premium Mode | Yearly, Half Yearly, Quarterly, Monthly | |
| Loan Facility | Loan facility is available. | |
| Surrender value | Surrender value is payable | |
Benefits of LIC Varishtha Pension Bima plan 828
- Pension Payment :
During the lifetime of Pensioner, a pension in the form of immediate annuity will be paid as per mode chosen by the Pensioner shall be payable.
- Death Benefit:
On death of the Pensioner the Purchase Price shall be refunded.
Lic varishtha pension bima yojana features
Sample Pension interest rates per Rs.1000/- Purchase Price
The pension rates for Rs.1000/- Purchase Price for different modes of pension payments are as below:
- Yearly: Rs. 93.8069 p.a.
- Half-yearly: Rs. 91.7045 p.a.
- Quarterly: Rs. 90.6767 p.a.
- Monthly: Rs. 90.0000 p.a.
The pension installment shall be rounded off to the nearest rupee. These rates are not age specific.
Documents Required for open LIC Varishtha Pension Bima Yojana
- Proposal Form
- Age Proof
- Identification proof
- Medical Certificates(If Required)
Documents Required for Claim under LIC Varishtha Pension Bima Yojana
- On death of the pensioner : Claim Forms , Original Policy Bond, NEFT mandate form for bank deposit, Bank Passbook or cancelled cheque as a proof of Bank details and Proof of the death. If age not provided at the time of taking the policy age proof has to be submitted.
- Payment of Pension : Policy Holder Existence certificate to stop frauds. it will be given at the time of taking the policy.
- Surrender before 15 years : Discharge form, Policy original Document, proof medical treatment to self or spouse, NEFT mandate form for bank transfer, Bank Passbook or cancelled cheque, proof of age if age not admitted at the time of taking the policy.
Rebates in LIC Varishtha Pension Bima Yojana
No rebates are available under this plan
Surrender value under LIC Varishtha Pension Bima Yojana
After completion of 15 years the policy can be surrendered. The Surrender Value is 100% purchase value. That means if we withdraw the policy after 15 years the amount invested will be returned back.
However, under exceptional circumstances, if the pensioner requires money for the treatment of any critical/terminal illness of self or spouse then the policy can be surrendered before the completion of 15 years and the Surrender Value payable shall be 98% of Purchase Price.
Loan Facility under LIC Varishtha Pension Bima Yojana
Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
The rate of interest to be charged for loan amount would be determined from time to time by the Corporation.
Loan interest will be recovered from pension amount payable under the policy. The Loan interest will accumulate as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding shall be recovered from the claim proceeds at the time of exit.
Taxes under LIC Varishtha Pension Bima Yojana
In Lic varishtha pension bima yojana tax the policyholder has to pay the tax amount also while taking the policy. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
Free Look period under LIC Varishtha Pension Bima Yojana
If a policyholder is not satisfied with the “Terms and Conditions of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections.
Under SECTION 45 OF INSURANCE ACT, 1938 No policy of life insurance shall after the expiry of two years from the date on which it was effected.
Through LIC Varshitha pension Bima yojana Premium calculator we can calculate pension amount to be received either yearly, Half yearly ,Quarterly or Monthly. Based up on the date given Premium calculator helps in calculating the premium amount.
Example for LIC Varishtha Pension Bima Yojana
To Illustrate the benefits of LIC Varishtha Pension Bima Yojana, Lets take an example of a person with following details.
Sum Assured: Rs. 5,00,000
Policy Purchase Year: 2014
Age of entry: 60 Years
Pension type: Yearly
To Calculate benefits with details other than above, go to LIC Varishtha Pension Bima Yojana premium calculator
| Purchase Price | 500000 |
| Service Tax | 15450 |
| Total Amount to Pay | 515450 |
| Pension Type | Yearly |
| Interest Rate | 9.38069 |
| Pension Amount | 46903 |
For the policy purchase price 5,00,000 RS/- The interest rate will 9.38 RS per annum
Based on that, policyholder will receive pension of an amount of Rs 46903/- every Year.
FAQs under LIC Varishtha Pension Bima Yojana
1. What happens if You stop paying the premium?
Ans. If the premiums are not paid within the grace period, the policy lapses and all benefits cease. However, there the policy can be revived within 2 years from the date of first unpaid premium.
2. What happens if You want to surrender the policy?
Ans. Single Premium Policies can be surrendered at any time during the deferment period and the Guaranteed Surrender Value would be:
Within 3 policy years would be 70% of the Single Premium Paid excluding taxes and extra premium, if any and
After 3 policy years would be 90% of the Single Premium Paid excluding taxes and extra premium, if any
Regular Premium Policies:
For deferment period less than 10 years: The policy can be surrendered provided the premiums have been paid for at least two consecutive years.
For deferment period 10 years or more: The policy can be surrendered provided the premiums have been paid for at least three consecutive years.
The Guaranteed Surrender Value is a percentage of total premiums paid excluding taxes, extra premium.
For more details please refer the given below official link,
Click here for LIC Varishtha Pension Bima Yojana Policy
B GANGADHAR says
May 13, 2015 at 7:29 amDear Sir,
How to pay monthly interest, by check, or cash or direct sent to bank account, in case we are sent bank account, monthly Pensioner signature required or not required.
rajagopal says
June 8, 2016 at 11:46 amnot recd annuity monthlysince april 2016 noone craing lic us a ded organistion even afterresubitingfresh ecs mendate tosbi versoava br notgeting anuitynmonyky nophon working or no one k’lifting lic shd b eorivtsed or burntdowm
rajagopal
rajagopal says
June 8, 2016 at 11:52 amlic is deda organistion
notreceving monthlyanauityfrvrisht bima yojan from april 16 evn after submiting frseh ecs endate sbi versov afr pol no1013245107 on17th am 2016 sbin 03117 at yigashema churchgtae anuiy otcomimngfr april onwards noon eis klifting aphone or no phon working’ic shd be burntdown3245
rajagopal says
June 9, 2016 at 5:54 amnot receving varshta bhima monthly anuity fro april 16 no891409858
sbi versova10132451507 sbin0003117
gave again ecs menadre frm at yogasema 17th amy 16
til notreciving monthy from april may june 16
no on ei slifting ph inyogashma 66598148/8152 even after lifting no on etals useless staff
lic shdbe privatsed or burnt down
ramachandran rajgopal
Mahjong says
July 13, 2015 at 8:46 amAs the admin of this site is working, no uncertainty
very rapidly it will be well-known, due to
its quality contents.
rajagopal says
June 8, 2016 at 11:47 amnot recd annuity monthlysince april 2016 noone craing lic us a ded organistion even afterresubitingfresh ecs mendate tosbi versoava br notgeting anuitynmonyky nophon working or no one k’lifting lic shd b eorivtsed or burntdowm
rajagopal
Dilip Shah says
July 22, 2015 at 5:28 amI understand that if we opt for annual based pension instead of monthly, the amount payable is lesser. What is the difference of amount of investment on such case?
S Rajan says
July 23, 2015 at 4:08 amIs PAN card an accepted age proof?
Niranjana N. Shah says
July 29, 2015 at 10:52 amWe have received maturity amount of Rs.2,61,312/= against Policy No.902298464 through ECS but not received the Payment advice letter.
Niranjana N. Shah says
July 29, 2015 at 10:54 amPlease send LIC advice letter of r maturity amount received ag. Policy No.902298464 Rs.2,61,312/=
shyam sunder says
August 6, 2015 at 10:00 amWhat is minimum age for varishtha pension bima yojana
pragati says
August 11, 2015 at 8:14 pmthat Batista pension yojna is really good but I can’t understand if my age 60 now & I pay 70000 so when I got pension amount from next month or after some yr
Raj Kumar Daw says
August 13, 2015 at 3:40 amI have taken a Varistha Policy for my wife. When I approached LIC for a second Varistha policy in my name, I was refused. I was told that “there is a circular” which effectively says that the Varistha policy is limited to only one policy per family. However, I cannot find anything that confirms this. And subscription to Varistha is only upto 14 August. Is any clarification available?
Raj
rajagopal says
June 8, 2016 at 11:55 amlic is aded organisatiob donot invest i amnotreceving monthy abniuynfrom april 2016 ispite if submieting fresh ecs ebdate on 17th mayat yohgshmena frsbiversiova
lic shd be rivatsed noon elifting aphon eno email mtoontact lic shd eburnt down
MANO says
August 13, 2015 at 4:20 amKINDLY GUIDE ME
santosh singh` says
November 4, 2016 at 6:46 amDear Sir,
Kindly Send the details of policy terms and condition and tell me what you want to know about policy please contact me any other formation about lic contact me.
Regards:
Santosh SIngh
+91-9455567187
+91-8543948813
R. S. Khandekar. says
August 14, 2015 at 9:40 amSir, I have not clearly understood the policy. I would like somebody to explain me. Varishtha Pension Yojana.
R Krishnamoorthy says
August 25, 2015 at 5:51 pmDear Sir,
In case I invest say 1.5 lakhs or 2 lakhs, how much will be pension monthly paid by LIC to me and what wiill be the term ie can we invest the money for less than 15 years and is there any Life cover??
R Krishnamoorthy says
August 25, 2015 at 5:52 pmDear Sir,
In case I invest say 1.5 lakhs or 2 lakhs, how much will be pension monthly paid by LIC to me and what wiill be the term ie can we invest the money for less than 15 years and is there any Life cover?
Sarbinder singh takhtar says
August 30, 2015 at 2:25 pmIs the monthly pension under the VARISHTHA PENSION BIMA YOJNA exempted from Income tax.?
C. NARASIMHARAO says
February 27, 2016 at 3:41 pmI have purchased one varishte yojana policy as one time premium payment for life and I am being paid pension @30000 halfyearly. Please inform me
1. whether this one payment can qualify for deduction from taxable income subject to a maximum of Rs 1,50,000/- under sec80c and 80ccc of the act.
2.Further the halfyearly pension paid–is it taxable (Imean exempt from tax) just like my normal Govt pension.
Please inform.
C.Narasimharao says
February 27, 2016 at 3:43 pmPlease clarify
C. N. Rao
Sunanda vasant Bodwadkar says
September 22, 2016 at 11:05 amThe reply to query by Shri. sarbinder takhar Dt. August,30,2015 is not seen.
Kindly let me have the reply.
M S Dharmadhikari says
October 9, 2015 at 2:35 amWhen and where life certificate is required to be furnished ?
Badri Narayanan says
November 1, 2015 at 9:10 amis the varishta bhima yojana open for subscription
Subrat Bosu says
November 20, 2015 at 7:44 amI am 47 and willing to join now. I want to get 5000 per month take home. How much premium I have to pay to join Varishtha Pension Bima Yojana.
sambaiah Pendyala says
November 22, 2015 at 5:13 pmIs the amount deposited under the VARISHTHA PENSION BIMA YOJNA exempted from Income tax.? kindly reply to my mail
sambaiah.pendyala@gmail.com
sambaiah Pendyala
P.R.Santhakumary says
November 24, 2015 at 4:02 pmIs it necessary to submit life certificate for this pension too.
Subhajit says
December 11, 2015 at 12:22 pmI have a Varishtha Pension Bima Yojana Table 161. It was taken in 2003 and i received pension till 2013.
How do i claim for my maturity /principal amount from LIC.
Can anyone please guide
SOMABHAI KARSHANBHAI PATEL says
March 3, 2016 at 5:18 amI HAD PURCHASED AVPBYOJ IN AUG. 2003 FOR RS 35000/ IHAVE LAST SUBMITTED EXSISTANCE CERTIFICATE IN NOV. 2013. NOW I WANT TO KNOW WHEN I HAVE TO SUBMITEE THE FRESH EXSISTANCE CERI.
Satyanand Rao says
March 7, 2016 at 4:44 amI want to open an account under the VARSISHTHA PENSION BIMA YOJNA.
Is the scheme still in force or the deadline has expired?
How do I go about?
kasturi boruah says
March 7, 2016 at 1:53 pmI have contributed Rs 200000 toward varistha pension Yojana in month of may 2015 whether income tax benifit will be permissible in assessmenet year 2016-2017
Usha tawarmalani says
March 30, 2016 at 4:12 pmWhat is the procedure for changing the bank branch for receiving monthly pension in a branch other than the branch where it is being received now??
ABCDE says
May 30, 2016 at 10:15 amIT’S GOOD FOR LIFE
vijayprakash bhuramal Tolambe says
June 2, 2016 at 5:06 pmIs quarterly pension under varishtha pension bima yojana.exemted from income tax
ramachnadran rajagoplal says
June 8, 2016 at 11:34 amnot receiving varishta bjima yojan momthlyannuityrs 200 from april2016 onwards submitedfresh ecs appl on17th amy at office in yogashema
fr vcreditto sbi versoav act no 10132451507nSBIn 0003117 400002078
but notreceiving
ph one not worjking
even working noon eliftinglic is a dd organistion
itshd be privayesd
ramcahndran rajgaopal sr citizen
lic isduping citizens andthattoosr citizens
rajagopal says
June 8, 2016 at 11:57 ameven after submiting rfesh endate ecs on 7th may atyogashema churchgate not reeiving monthly anuity from april 2016 lic is bogus noone working or lifting phone or phonesded no website to contact and give coplaint etc lic shdb eburntdown or privatised
nayana says
June 28, 2016 at 2:16 pmThe monthly pention received from LIC is taxable or not ??? and if yes whether TDS is deductible??
Ittanpillai A. Issac says
July 7, 2016 at 5:19 amMy Varishtha Pension Bima Yojana Pension is not credited to my account for this month which is supposed to be credited on 01/07/2016,
My Policy No. 789295519
Deepesh singh says
September 11, 2016 at 1:13 amDear Sir,
Is there any topup facility is available in this policy?
Ravindra Menn says
September 11, 2016 at 6:46 amI would like to know whether I am eligible for taking Varishta Pension Bima Yognna. My age is 63 years and working as NRI. I would like to join this policy. Please let me have your reply and suggestion.
Ravindra Menon
email : gr_menon@hotmail.com
A A says
October 17, 2016 at 1:04 pmI took varishta bima pension policy in 2014, max single premium with pension of rs 5000 p.m. If I surrender the policy now, what will my loss be?
DINESHAN K says
October 24, 2016 at 5:26 amEarlier there was a proposal to withdraw service tax on Varishta Bhima yogana. Is it done or still service tax is charged