Varishtha Pension Bima Yojana
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
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.
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.
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.
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 |
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.
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 |
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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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 |
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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.
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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