Varishtha Pension Bima Yojana: As you are all aware, the Life Insurance Corporation of India periodically introduces a variety of insurance plans to all of the nation’s residents. We’re going to give you details on one such policy offered by Life Insurance Corporation of India today. the Senior Pension Insurance Scheme, to put it simply. We will give you all the pertinent details about this insurance plan. For example, what is the LIC Varishtha Pension Bima Yojana, and what are its characteristics, advantages, eligibility requirements, application process, and key documents? So, friends, please read our post through to the conclusion if you want to learn everything there is to know about this program.
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Contents
LIC Varishtha Pension Bima Yojana 2024
One kind of insurance coverage is the LIC Senior Pension Insurance Scheme. This allows the beneficiary to pay the premium only once and receive pension benefits for the rest of his life. The beneficiary of this plan may choose to pay the premium on a monthly, quarterly, half-yearly, or annual basis. The Life Insurance Corporation of India has set a 9.3%return rate for the LIC Varishtha Pension Bima Scheme 2024. This regulation also maintains a fifteen-day lockdown period. The applicant has 15 days to withdraw his money during this public period if he is unhappy with the policy.
Loan under Senior Pension Insurance Yojana
Under the Senior Pension Insurance Scheme, the beneficiary may borrow up to 75% of the investment if necessary. Only three years after purchasing the coverage can the beneficiary apply for this loan. The Life Insurance Corporation of India has set varying interest rates for loans taken out under the LIC Varishtha Pension Bima Yojana.
surrender of policy
This is a fifteen-year policy. The whole purchase price will be returned to the policyholder if no money is taken out of the policy for 15 years. However, only 98% of the purchase price will be returned to the policyholder if, for any reason, he needs to take out the money before the 15 years.
Details Of LIC Varishtha Pension Bima Yojana 2024
| name of the scheme | Senior Pension Insurance Scheme |
| who launched | Indian government |
| beneficiary | senior citizens of india |
| Objective | grant pension |
| official website | https://www.licindia.in/Home |
| Year | 2024 |
The objective of the Senior Pension Insurance Yojana
For the benefit of the nation’s senior citizens, LIC Varishtha Pension Bima (VPBY) was established. The Varishtha Pension Bima Scheme provides monthly pensions to its citizens. This kind of investing plan requires a lump sum payment, as we previously explained. Following this, you will receive your normal pension. using which individuals can satisfy their requirements. For individuals who do not receive pension benefits, this is advantageous. Through this VPBY system, they can start their pension with a single investment. Better interest is paid on this investment than in banks as well. Senior citizens thus gain more from this. Additionally, the monthly payment of a predetermined sum will boost their independence.
How does Varishtha Pension Bima Yojana work?
- The pensioner may purchase a Senior Pension Insurance Scheme at the purchase price.
- This senior pension insurance plan requires a lump sum payment from the policyholder.
- The pensioner will get their pension amount on a monthly, quarterly, half-yearly, or annual basis.
- Pension will also be paid to the policyholder’s family.
- The policy’s minimum and maximum amounts have a set restriction.
- If the policyholder passes away, the purchase amount is reimbursed.
- Once the policy’s three-year term has passed, the policyholder is eligible for a loan.
- Policyholders will be responsible for loan interest.
- Should the policyholder choose not to carry out this plan any further, they will have
Purchase Price of LIC Varishtha Pension Bima Yojana
| Pension frequency | minimum purchase price | maximum purchase price |
| monthly | ₹ 63,960 | ₹ 6,39,610 |
| quarterly | ₹ 65,430 | ₹ 6,54,275 |
| half yearly | ₹ 66,170 | ₹ 6,61,690 |
| annual | ₹ 66,665 | ₹ 6,66,665 |
Pension provided under the Senior Pension Insurance Yojana
| Period | Amount | |
| minimum pension | monthly | ₹ 500 |
| quarterly | ₹ 1500 | |
| half yearly | ₹ 3000 | |
| annual | ₹ 6000 | |
| maximum pension | monthly | ₹ 5000 |
| quarterly | ₹ 15000 | |
| half yearly | ₹ 30000 | |
| annual | ₹ 60000 |
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- 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 when the insurance is returned. The amount of stamp duty will be subtracted before the refund is issued.
- When acquiring an insurance policy, policyholders are required to furnish information on the nominee.
- The policy may also be seized if the policyholder provides false information.
- The policy’s terms and conditions are subject to change at any time.
- Life Insurance Corporation of India will pay the claim from the same office that services the insurance. However, the
- The claim shape needs to be submitted by the beneficiary alongside the medication.
- The claim shape ought to be filed with any supporting documentation, together with the authentic coverage record, neft order, possession certificates, demise certificates, and many others.
- A good way to be eligible for pension advantages, the retiree should flip within the certificates of life on the legitimate form inside the time frame set through the company.
- If the policyholder surrenders the policy, the policyholder may be required to turn inside the authentic policy documentation and the release shape for his or her partner.
- The pension recipient’s declared age can be the idea for issuing the insurance.
- After three years from the date of policy start, loans against the policy may be obtained.
- 75 per cent of the buying price is the loan amount.
- When fifteen years have passed since the policy was purchased, it may be relinquished.
- If the policyholder must surrender the insurance before the 15-year mark, they will receive 98% of the purchase money back.
Benefits and features of LIC Varishtha Pension Bima Yojana 2024
- All policyholders will get a pension amount for investing through this scheme.
- The rate of return under the Senior Pension Insurance Scheme 2024 has been set at 9.3 per cent.
- An application does not need to go through a medical examination to qualify for this program.
- The applicant will be required to invest for 15 years under this arrangement. The applicant may withdraw 98% of the purchase price if he needs money before the 15-year mark.
- After three years, loans up to 75% of the investment may also be available under the LIC Varishtha Pension Bima Yojana 2024.
- It will be necessary to deposit the investment amount using NEFT or ECS.
- This policy has a 15-day lock period.
- The pension money will be deposited into the policyholder’s bank account directly under this plan.
- In the event of the policyholder’s death, the nominee will get the purchase price.
- Section 80 CCC of the Income Tax Act will also grant a tax exemption.
Senior Pension Insurance Scheme Minimum and Maximum Premium
| pension | minimum premium | maximum premium |
| annual | ₹ 63,960 | ₹ 6,39,610 |
| half yearly | ₹ 65,430 | ₹ 6,54,275 |
| quarterly | ₹ 66,170 | ₹ 6,61,690 |
| every month | ₹ 66,665 | ₹ 6,66,665 |
Eligibility and important documents of LIC Senior Pension Insurance Yojana
- To apply under this scheme, you must be a permanent resident of India.
- To apply under this scheme, your age should be more than 60 years.
- Aadhar card
- Ration card
- Address proof
- age certificate
- passport size photograph
- mobile number
The process to apply under the Varishtha Pension Bima Yojana
- You ought to go to the closest licensed workplace to post software under this plan.
- You should now achieve the utility shape from them so as to participate in this plan.
- Following that, you must cautiously fill out the utility form with all of the requested records.
- The software form now needs to cover all necessary files.
- You’ll then need to turn on this software in the local workplace.
- Along with the application, you must deposit the maximum rate amount.
Grievance Redressal System
- To handle client complaints, a criticism redress officer may be assigned to the branch, division, adjacent office, or major office.
- In addition, the lifestyles insurance business enterprise of India has created a consumer-pleasant integrated grievance management gadget at the client portal. which permits the policyholder to without delay report a grievance and screen its development.
- Further, customers can e-mail co_crmgrv@licindia.com with any troubles they may be having.
- If the claimant is not happy with the decision to reject the death declaration, they can also ask for a case summary from the main office and the local office dispute resolution committee.
- Further, the claimant may additionally touch the government of India-appointed coverage ombudsman for a resolution of
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Contact Information
We have given you all the pertinent facts about the LIC Senior Pension Insurance Scheme in this article. If you are still having issues, calling the helpline number will assist you find a solution. The hotline for the helpline is 022 6827 6827.
FAQ’s
Q: Who gets the benefit of the Pension Bima Scheme?
Ans: The pension insurance policy provides benefits to senior citizens in India. They are eligible for lifetime pension payments under this plan.
Q: The Senior Pension Insurance Scheme amount is distributed in how many phases?
Ans: The Senior Pension Insurance Scheme requires payments to be made on a monthly, quarterly, half-yearly, and annual basis. Any of these can be chosen by you.
Q: Can the applicant take back the money he deposited if, after paying the premium, he is not satisfied?
Ans: Yes, Life Insurance has established a 15-day lock period during which the applicant may withdraw his deposited funds if, upon payment of the premium, he is not satisfied. However, he will only be able to complete this process during the lock time.
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