The Government of India, in collaboration with the Life Insurance Corporation i.e., LIC, has launched the Varishtha Pension Bima Yojana, an old-age pensioner scheme. This pension scheme subsidizes senior adults for a payment tied to an instant annuity plan. वरिष्ठ पेंशन बीमा योजना is open to citizens over the age of 60. Read below to check the detailed information related to the LIC Varishtha Pension Bima Yojana 2023 like Objectives, Investment Option, Features, Benefits, Investment Requirements, Eligibility Criteria, Required Documents, Application Procedure, Premium Amount, Pension Scale, and much more.
LIC Varishtha Pension Bima Yojana 2023
For elderly persons, the LIC Varishtha Pension Bima Yojana is a one premium Rapid Pension Plan. This plan was created just for older citizens and will only be available for a short time. In this scheme, you must pay a one-time payment at the commencement of the scheme to receive annual pension payments throughout the rest of your life. As a result, under this scheme, you will start to receive payment immediately rather than needing to wait. You have the option of receiving compensation even if you die, as long as your partner is surviving. The rate at which you would receive the Pension is determined by the Pension type you select. There are seven Pension Plans to choose from, but once chosen, the decision cannot be changed because the pension begins immediately.
Highlights of LIC Varishtha Pension Bima Yojana
|Name||LIC Varishtha Pension Bima Yojana 2023|
|Introduced by||The Government of India, in collaboration with the Life Insurance Corporation (LIC)|
|State||All over India|
|Beneficiaries||Residents of India|
|Objective||To Provide Pension to elderly retirees.|
Objectives of वरिष्ठ पेंशन बीमा योजना
Senior citizens can gain from the LIC Varishtha Pension Bima Yojana after they retire. Pensioners can obtain a policy at the purchase cost with a single payment. Following then, a pension will be paid monthly, quarterly, half-yearly, or annually. Policyholders have a lot of freedom in terms of choosing a pension payment pattern that fits their requirements and comfort.
LIC Varishtha Pension Bima Yojana Investment Option
Any planning scheme under the वरिष्ठ पेंशन बीमा योजना must be purchased by the pensioner. Pensioners are offered a pension scheme on a monthly, quarterly, semi-annual, and annual basis.
- Monthly: The minimum investment range for a monthly payment is Rs. 66,665 and extends up to Rs. 6.66 lakhs.
- Quarterly: The pension will be paid out every three or four months throughout the year. The investment price range begins at Rs. 66,170 and goes up to Rs. 6,61,690.
- Semi-Annually: To acquire a pension on a semi-annual basis, the pensioner must invest between Rs. 65,430 and Rs. 6,54,275 in a price range between Rs. 65,430 and Rs. 6,54,275.
- Yearly: With this pension, the policyholder will receive a significant sum every year. The amount invested could range from Rs. 63,960 to Rs. 6,39,610.
LIC Varishtha Pension Bima Yojana Features
Some of the main features of वरिष्ठ पेंशन बीमा योजना are as follows:
- It gives guaranteed pensions to older citizens over the age of sixty.
- It allows for a variety of payment options like one month, three months, six months, and one year.
- Pensions will be paid out on a monthly, quarterly, semi-annually, and yearly basis under the system.
- Electronic Clearing System (ECS) and National Electronic Funds Transfer (NEFT) will be used to make all payments.
Benefits of LIC Varishtha Pension Bima Yojana
- Guaranteed benefits: Pension payments will be made following the manner of pension payment chosen. After 1 month, 3 months, 6 months, or 1 year from the date of purchase, the first pension will be paid.
- Policies can be obtained with a single payment referred to as the Purchase Price.
- The pension amount and the purchase price are both options for retirees.
- Family Benefits: Pensions are available to family members, including spouses and dependents.
- Death benefits: The purchase price will be returned to the pensioner upon his or her death.
- Surrender value: After 15 years, the pensioner can choose to resign the insurance and get a refund of the Purchase Price. If the policy is abandoned before the 15-years timeframe, only 98 percent of the Purchase Price will be refunded if the retiree requires the money for terminal or serious illnesses of himself or his spouse.
- Loan: After three years of policy ownership, a loan facility of up to 75% of the purchase amount is available. The loan’s interest will then be reclaimed from the pension.
- Freelook duration: This LIC pension plan provides a 15-day free look period from the date of receipt of the policy. If the policyholder is not happy, the money will be repaid once stamp duty has been deducted.
Investment Requirements for वरिष्ठ पेंशन बीमा योजना
The Investment requirement for the LIC Varishtha Pension Bima Yojana is given in the table below:
|Age Limit||60 Years||No Restrictions|
|Purchase Price||63, 960||6,39,610|
|Yearly Pension Payout||6,000||60,000|
|Pension Payout Frequency||Monthly, quarterly, half-yearly, yearly||Monthly, quarterly, half-yearly, yearly|
LIC Varishtha Pension Bima Yojana Premium Amount
The Premium Amount for the वरिष्ठ पेंशन बीमा योजना is given in the table below:
|Process of Pension||Minimum||Maximum|
|Monthly||Rs. 66,665||Rs. 6,66,665|
|Quarterly||Rs. 66,170||Rs. 6,61,690|
|Half – Yearly||Rs. 65,430||Rs. 6,54,275|
|Yearly||Rs. 63,960||Rs. 6,39,610|
Eligibility Criteria for वरिष्ठ पेंशन बीमा योजना
Applicants who want to apply for the LIC Varishtha Pension Bima Yojana must fulfill the eligibility criteria put forward by the Government of India in association with the Life Insurance Corporation (LIC). The eligibility criteria for वरिष्ठ पेंशन बीमा योजना are given in the table below:
- The applicant must be a retiree
- The minimum age of the applicant must be 60 years
- There is no maximum age limit to apply for the scheme
While filling up the application form for वरिष्ठ पेंशन बीमा योजना, some important documents are necessary and make sure to keep them handy. The documents required for various processes are as follows:
- To cancel your insurance.
You must submit the following documentation if you want to cancel your insurance.
- Original policy document
- Discharge form
- Proof of medical treatment of the pensioner or beneficiary if the policy is being surrendered within the lock-in period of 15 years
- Proof of age.
- To claim death benefits.
The following documentation must be submitted to claim death benefits.
- Original policy document
- Claim forms in a format specified by LIC
- Proof of death
- Age Proof
- Proof of title
- NEFT Mandate – This includes bank details such as bank name, account number, account type, IFSC code.
Steps to Apply for LIC Varishtha Pension Bima Yojana 2023
To Apply for वरिष्ठ पेंशन बीमा योजना, applicants need to follow the below-given steps:
- First of all, download the LIC Varishtha Pension Bima Yojana form from the official website of the LIC.
- Fill in the form with all the required details.
- After that attach all the required documents like Address Proof, Medical Reports, Existence Certificate, KYC documents, etc.
- Now, review and recheck the application form to avoid any mistakes.
- Finally, submit the filled application form to the authorized department of the Life Insurance Corporation of India (LIC).
LIC Varishtha Pension Bima Yojana Pension Scale
The Pension Scale for वरिष्ठ पेंशन बीमा योजना is as follows:
|Period||Minimum Amount||Period||Maximum Amount|
|Particulars||Monthly||Rs. 500||Monthly||Rs. 5,000|
|Quarterly||Rs. 1,500||Quarterly||Rs. 15,000|
|Half-yearly||Rs. 3,000||Half-yearly||Rs. 30,000|
|Yearly||Rs. 6,000||Yearly||Rs. 60,000|
Policy Cancellation Period
when the pensioner gives up the insurance, the entire purchase amount of the coverage will be refunded to him. After 15 years, the policy is usually terminated. If the retiree suffers from a catastrophic or life-threatening illness, the insurer might claim the purchase price before the completion of 15 years. The pensioner receives 98 percent of the total purchasing price in this situation.