LIC Varishtha Pension Bima Yojana

VPBY

LIC of India new Varishtha Pension Bima Yojana will be launched on Independence Day 15th Aug, 2014. Varishtha Pension Bima Yojana is guaranteed pension plan for senior citizen. This scheme will be available from 15th Aug, 2014 to 14th Aug, 2015.

This pension yojana initiative is taken by government of India for the welfare of senior citizen of country. As per advertisement it is subsidize attractive pension scheme, with LIC as exclusive administrator. Let’s look at detail of this scheme.

LIC Varishtha Pension Bima Yojana

Eligibility – 60 years of age and above

Single Lump sum Premium –

  • Minimum Rs 66,665 (For Monthly pension)
  • Maximum Rs 6,66,6665

Pension –

  • Minimum Pension – Rs 500 per month
  • Maximum Pension – Rs 5000 per month

Benefit –

  • The pensioner will get pension during his entire lifetime
  • Assured return of 9% monthly (9.38% annually)
  • On demise of pension, Nominee receives pension price
  • Pension payment method – Monthly, Quarterly, Half Yearly, Yearly for life time

For more information refer to following poster by Government on Varishtha Pension Bima Yojana.

Varishtha Pension Bima Yojana

 

For More Information visit LIC  Site.

Article by Raviraj

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7 Comments

  1. M.R. Venkatachalam says:

    Sir,

    Please let me know, that premium amount of Rs.66,665/- is exempted from Income Tax under 80-C

    With regards,
    Yours

  2. Jayant says:

    Is monthly pension amount tax free?
    If person does not have PAN number then can he/she opt for it?
    In case person after paying purchase amount stops paying from next year then this policy will lapse, if yes , is there any penalty in this case?

    • shreya kapadia says:

      Dear Jayant,

      Monthly Pension is not tax free it is taxable.

      You can apply for this policy without PAN card.

      No details available for Policy Laps and Penalty.

      Regards,

      Shreya

      • Hitesh says:

        Hi

        How can policy would b Laps ? It’s a single premium. Plan you need to pay entire premium at a time 🙂

        Thanking you

  3. Ajay Kolambe says:

    If some buy this and this asd will be no more after 2 month what value will receive out of 666665?

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