LIC Varishtha Pension Bima Yojana


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.

Share this knowledge:

Article by Raviraj

Raviraj is the man behind He is graduate in finance, engaged in blogging since 7 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Subscribe to Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.


  1. M.R. Venkatachalam says:


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

    With regards,

  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.



  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?

Leave a Reply

Your email address will not be published. Required fields are marked *