Varishtha Pension Bima Yojana: Life Insurance Corporation (LIC) is one big platform that helps the needy and deserving people of the country. This time LIC has come up with a bima yojana called LIC Varishtha Pension Bima Yojana. So, in this article, we are going to discuss the details of the वरिष्ठ पेंशन बीमा योजना. Readers should go through the article completely to know more about the Objectives, Benefits, Eligibility, Application Procedure, Importance, helpline, etc of the recently launched Varishtha Pension Bima Yojana.
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Varishtha Pension Bima Yojana 2023
वरिष्ठ पेंशन बीमा योजना is a senior citizen scheme launched by the Government of India after the success of the earlier launched LIC Varishtha Pension Bima Yojana in 2014. The scheme is valid for only citizens above 60 years. Under this scheme, the annuitant needs to deposit the single premium to enjoy the LIC Varishtha Pension Bima Yojana Scheme. There are various premium plans in this scheme like Monthly, Quarterly, Half-yearly, and Annually. The plan provides an annual return of 9.3%. This scheme will prove to be a major boon for the senior citizens of the country. There is no Medical Check-up required for Varishtha Pension Bima Yojana 2021. The annuitant can withdraw their amount at any time by paying an amount of 2% as Exit load in this yojana.
Highlights of Varishtha Pension Bima Yojana 2023
| Scheme | Varishtha Pension Bima Yojana |
| Launched by | Government of India |
| Year | 2023 |
| Objective | Provide pension to the senior citizens of the country |
| Beneficiary | senior citizens of the country |
| Current Status | Active |
| Official Website | www.licindia.in |
Objectives of LIC Varishtha Pension Bima Yojana
The Yojana was re-launched by the prime minister of the country Mr. Narendra Modi after the success of the earlier started yojana. The scheme was started with the objective to empower the senior citizens of the country. Under this yojana, citizens of age 60 or above will be given an assured pension that will help them in managing their day to day needs and keep the life cycle running at a constant pace. Senior citizens have to choose a single premium investment plan after which they will get a Varishtha Pension Bima Yojana Interest Rate of 9.3% on the premium amount. This Yojana will prove to be very helpful in providing the daily bread to the senior citizens of the country. Let’s move forward to read more about the yojana.
Benefits
- The scheme has several benefits for the senior citizens of the country yet some of them are mentioned here. Readers should go through this carefully and till last.
- Senior citizens of the country will be given an assured pension as per the single term plan chosen by the citizen.
- Policyholders can choose any plan of their choice.
- Citizens will get an annual interest of 9.3% on the plan chosen by them.
- Policyholders no need to do provide any Medical check-up.
- Candidates can get loans on this scheme after attaining a time duration of 3 years.
- A look in a period of 15 days is available in this scheme. If you are not satisfied with the chosen you can take back your amount within 15 days.
- The policy has a surrender period of 15 years. But policyholders can withdraw their amount before the surrender period with just 2% expanse called Exit Loads.
- Tax relaxations are provided in this scheme under Section 80 of the Income-tax act.
- The amount will be deposited through NEFT or ECS.
- The remaining pension will be given to the Nominee if in case of death of the policyholder.
- Payment will be transferred directly to the account of the policyholder.
LIC Yojana Premium Plans
| Premium Plans | Minimum Premium Amount | Maximum Premium Amount |
| Monthly | Rs 66,665 | 6,66,665 |
| Quarterly | Rs 66,170 | 6,61,690 |
| Half-yearly | Rs 65,430 | 6,54,275 |
| Annually | Rs 63,960 | 6,39,610 |
Documents Required
- Identity Card
- Age Proof
- Address Proof
- Domicile Certificate
- Original Policy Documents
- Passport Size Photograph
- Mobile Number
- Other KYC Documents
Documents Required on Surrender
- Discharge form
- Original Policy Documents
- Proof of medical treatment of pensioners if the policy is surrendered within the lock-in period.
- Age Proof if not submitted earlier
Documents Required For Death Claim Benefits
- Claim Forms
- Original Policy Documents
- NEFT Mandate Form
- Death Proof
- Age Proof if not submitted earlier
Parivar Pehchan Patra Apply Online
How to Apply
- First of all, visit the nearest LIC office to apply for the scheme.
- Get the information about the scheme from the LIC agent.
- Fill the application form provided by the LIC agent.
- The details provided should be correct and existing.
- Select the premium plan of your choice.
- Pay the amount of chosen premium plan.
- Attach the mandatory documents with the application form.
- Submit the application form along with all the documents in the LIC Office.
Helpdesk
We have already provided all the information related to this Yojana but still, if any reader has any query related to this scheme, then they may call the Toll Fre number 022 6827 6827 to get more details of the scheme.