Varishtha Pension Bima Yojana 2023

Varishtha Pension Bima Yojana: The Life Insurance Corporation of India consistently introduces various insurance schemes for citizens across the country, and among these, the Varishtha Pension Bima Yojana holds significance. Administered by LIC, we aim to provide you with comprehensive information about this insurance plan, covering its purpose, benefits, features, application process, eligibility criteria, necessary documents, and more.

If you’re interested in gaining a thorough understanding of the LIC Varishtha Pension Bima Yojana, we encourage you to read our article in its entirety. This information will equip you with the essential details needed to make informed decisions about your financial well-being.

Varishtha Pension Bima Yojana

The LIC Varishtha Pension Insurance Scheme is designed as a unique insurance policy, providing beneficiaries with the opportunity to secure a pension for the entirety of their lives through a one-time premium payment. This scheme stands out for its flexibility, allowing beneficiaries to choose from various premium payment frequencies, including monthly, quarterly, half-yearly, or annually.

Under the LIC Varishtha Pension Bima Scheme 2023, the Life Insurance Corporation of India has set an attractive rate of return at 9.3 percent, adding to the appeal of the scheme for potential beneficiaries. A noteworthy feature is the 15-day lock period, allowing applicants to assess their satisfaction with the policy. During this grace period, if the applicant is dissatisfied, they have the option to withdraw their money within 15 days.

For additional information on the Pradhan Mantri Vaya Vandana Yojana, you can click here.

Credit provided by the Varishtha Pension Insurance Plan

In situations where financial needs arise, the Senior Pension Insurance Scheme offers a valuable provision for beneficiaries to avail a loan, enabling them to borrow up to 75% of the invested amount. However, this loan facility becomes accessible after three years from the commencement of the policy, providing a gradual approach to financial flexibility for the beneficiary.

Crucially, it’s important to note that the interest rates on loans taken under the LIC Varishtha Pension Bima Yojana are determined by the Life Insurance Corporation of India. This policy feature adds an extra layer of convenience for beneficiaries, allowing them to utilize a portion of their investment to address unforeseen financial needs while ensuring transparency and clarity regarding the associated interest rates.

Policy surrender

The LIC Varishtha Pension Bima Yojana is crafted as a 15-year policy, featuring a distinctive benefit for policyholders. If a policyholder refrains from withdrawing any funds throughout the entire 15-year duration, they become eligible for a full refund of the purchase price.

This provision not only encourages long-term commitment but also assures policyholders of a complete return on their investment if they choose to maintain the policy for the entire term.

In cases where a policyholder requires an early withdrawal for any reason before the completion of the 15-year term, the refund amount is set at 98% of the purchase price. While this ensures that policyholders can access a significant portion of their investment.

It also incentivizes them to consider the long-term benefits of maintaining the policy until its full duration. This structure aims to strike a balance between flexibility and encouraging a commitment to the full policy term.

Varishtha Pension Bima Yojana 2023 Overview

Name Of SchemeVarishtha Pension Bima Yojana
Who launched it?Indian government
BeneficiarySenior Citizens of India
AimProviding pension
Official Website

Varishtha Pension Bima Yojana Objectives

Certainly! The LIC Varishtha Pension Bima Yojana 2023 is designed with a fundamental goal — to extend pension benefits to all senior citizens across the country. This scheme aims to provide a monthly pension to any citizen residing in India who chooses to invest in it.

The overarching objective is to not only offer financial support to senior citizens but also to contribute to the enhancement of their economic condition, fostering self-reliance among this demographic group.

By facilitating a regular pension income, the LIC Varishtha Pension Bima Yojana seeks to empower senior citizens, enabling them to meet their financial needs and maintain a certain level of financial independence.

This initiative reflects a commitment to addressing the well-being and financial security of the elderly population in India. The scheme stands as a testament to the government’s dedication to the welfare of senior citizens, ensuring they lead a dignified and financially stable life.

How does Varishtha Pension Bima Yojana work?

  • The pensioner may purchase the Senior Pension Insurance Scheme at the purchase price.
  • The cost of this senior pension insurance plan is a lump payment that the policyholder must pay.
  • Pension payments to pensioners will be made on a monthly, quarterly, half-yearly, or annual basis.
  • The policyholder’s family will also receive a portion of the pension.
  • The policy’s minimum and maximum amounts have a limit.
  • Purchase price is reimbursed in the event of policyholder death.
  • After the three-year policy period has passed, the policyholder is eligible for a loan.
  • The insurance holders will be responsible for paying the loan’s interest.
  • The policyholder must pay back the entire loan amount before canceling the policy if they choose not to continue with this plan.

The Varishtha Pension Bima Yojana’s purchase price

Frequency of pensionMinimum Purchase PriceMaximum Purchase Price
Monthly₹ 63,960₹ 6,39,610
Three-Monthly₹ 65,430₹ 6,54,275
Half yearly₹ 66,170₹ 6,61,690
Yearly₹ 66,665₹ 6,66,665

Pension provided under Varishtha Pension Bima Yojana

Minimum PensionMonthly₹ 500
 three-monthly₹ 1500
 half yearly₹ 3000
 yearly₹ 6000
Maximum pensionMonthly₹ 5000
 three-monthly₹ 15000
 half yearly₹ 30000
 yearly₹ 60000

Some Key Facts of LIC Varishtha Pension Bima Yojana

  • Purchase Price: A lump sum payment is required to acquire the Senior Pension Insurance Scheme. Under this strategy, there are many kinds of procurement pricing. Depending on his financial situation, the pensioner can select the purchase price and pension amount.
  • Pension payment: The chosen method of pension payment will determine how the pension is paid under this program. After purchasing the policy for one month, three months, six months, or a year, the first pension will be paid.
  • Family Benefit: Under this plan, the spouse or other dependent family member may get the policy amount.
  • Loan: After the three-year insurance term is up, up to 75% of the purchase amount may be borrowed. This loan has interest that needs to be paid back.
  • In the event of death: The purchase price covered by that plan will be reimbursed in the event that the pensioner passes away.
  • Surrender Value: Following the completion of the policy’s 15-year term, the pensioner may leave the program. In this instance, the pensioner will receive a refund equal to 100% of the purchase price. However, only 98% of the purchase price will be reimbursed in this scenario if the pensioner leaves the program before 15 years have passed.
  • Free Look time: This plan includes a 15-day free look time. Within 15 days of purchase, the policyholder may cancel the policy if he is unhappy with its terms. In this instance, the stamp duty will be subtracted and they will receive a complete refund of the purchase price.
  • Age Limit: This scheme has a minimum age limit of 60 years old and no maximum age limit.

A Few Varishtha Pension Scheme Terms and Conditions

  • During the free look time, the pensioner has the option to return the policy if he is unhappy with the scheme’s guidelines. The Life Insurance Corporation of India will reimburse the purchase money upon the policy’s return. The amount of stamp duty will be subtracted before refunding this amount.
  • When purchasing an insurance policy, policyholders are required to supply information on the nominee.
  • In the event that the policy holder provides false information, the policy may potentially be seized.
  • The policy’s terms and conditions are subject to change at any time.
  • The Life Insurance Corporation of India will pay the claim from the same office that serves as the policy’s serving office. However, the company reserves the right to choose a different site at any moment.
  • The beneficiary must include the claim form with their claim submission.
  • The original policy document, NEFT order, ownership certificate, evidence of death, etc., must be supplied with the claim form.
  • In order to be eligible for benefits, the pensioner must present a widowhood certificate in the performance level determined by the Corporation within the allotted time frame.
  • In the event that the policyholder surrenders the policy, the policyholder will be required to turn in the original policy documentation and the discharge form for their spouse.
  • The policy will be provided in accordance with the pension recipient’s stated age.
  • After three years from the policy’s start date, the loan may be used on the policy.
  • 75 percent of the buying price is the loan amount.
  • After the 15 years have passed after the policy was purchased, it may be returned.
  • 98% of the purchase price will be given to the policyholder if they are obliged to relinquish the policy before 15 years have passed.

Varishtha Pension Bima Yojana Benefits and Features

  • All policyholders will receive the amount of pension on investment under this arrangement.
  • A fixed rate of return of 9.3% has been established under the Varishtha Pension Bima Yojana 2023.
  • To be eligible for this scheme, the applicant does not need to have any medical exams.
  • The applicant must make investments for 15 years under this strategy. The applicant may withdraw 98% of the purchase price if he needs money before the 15-year mark.
  • After three years, up to 75% of the investment may also be retrieved under the LIC Varishtha Pension Bima Yojana 2023.
  • The investment amount must be deposited by NEFT or ECS.
  • This policy’s lock period lasts for fifteen days.
  • The pension payment under this plan will be made straight to the policyholder’s bank account.
  • The purchase money will be paid to the nominee in the event of the policyholder’s death.
  • The Income Tax Act’s Section 80CCC will also grant a tax exemption.

Minimum and Maximum Premiums for the Senior Pension Insurance Scheme

PensionMinimum premiumMaximum premium
Yearly₹ 63,960₹ 6,39,610
Half-yearly₹ 65,430₹ 6,54,275
three-monthly₹ 66,170₹ 6,61,690
Every Month₹ 66,665₹ 6,66,665

Qualifications and Vital Records for LIC Varishtha Pension Yojana Bima

  • Being a permanent resident of India is a requirement for applying under this plan.
  • You must be older than 60 to be eligible to apply for this program.
  • Aadhar Card, Ration Card, and Certificate of Residence
  • certificate of age
  • passport-size photo
  • Phone Number

How to file a Varishtha Pension application Yojana Bima

  • You must visit the closest LIC office to submit an application under this scheme.
  • You must now proceed to the application form for this scheme.
  • After that, you must carefully fill out the application form with all the requested information.
  • All of the necessary documents must now be included to the application form.
  • You then need to turn in this application to the LIC office.
  • You will need to submit the application form and the premium amount together.

System for Grievance Redress

  • To handle client problems, a Grievance Redressal Officer will be designated in the Branch, Division, Regional, and Central Offices.
  • In addition, the Life Insurance Corporation of India has created a user-friendly integrated complaint management system on the client portal. which allows the policyholder to directly file a complaint and monitor its progress.
  • In addition, clients can email for assistance in resolving their issues.
  • The claimant may request a review of his case from the Dispute Resolution Committee by the Central Office or the Dispute Resolution Committee by the Regional Office if he is unhappy with the decision to deny the death claim.
  • In addition, the claimant has the option of contacting the Insurance Ombudsman, who has been designated by the Indian government, to address the claim in relation to the complaint.

Contact Information

All the crucial information about the LIC Senior Pension Insurance Scheme has been provided in this article. If you encounter any issues or have further inquiries, reaching out to the helpline number can be instrumental in finding a solution. The helpline number is 022 6827 6827. Feel free to call and seek assistance. Make it easy to read.

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