Indian Pensions: Varishtha Pension Bima Yojana
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Table of Contents
Varishtha Pension Bima Yojana Scheme
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Indian citizens aged 55 years (last birthday) and above are eligible (no upper age ceiling).
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Pension will be paid during the lifetime of the pensioner.
Varishtha Pension Bima Yojana Scheme
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Indian citizens aged 55 years (last birthday) and above are eligible (no upper age ceiling).
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Pension will be paid during the lifetime of the pensioner.
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In the event of unfortunate death of the pensioner, purchase price will be paid to the nominee/ legal heir of the pensioner.
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Mode of payment of pension : Monthly, Quarterly, Half Yearly or Yearly.
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Minimum pension is Rs. 250/- per month
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Maximum pension is Rs. 2000/- per month.
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Only one person from a family can apply. The family for this purpose shall comprise of the pensioner, his/ her spouse and dependants.
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Age proof will be required. Where age is to be admitted on declaration basis, declaration on a stamp paper, signed in front of a notary shall be required.
Premium
Only a single premium (purchase price) is payable i.e. premium is to be paid in one lump sum. Further, premiums shall be accepted by cheques/ drafts payable on the Branch of the bank which is the member of the local clearing house.
Exit Option
Exit option to be provided after 15 years.
Availability of Loans
Availability of loans to the extent of 75% of purchase price after three years. Interest rate on loan to be decided by LIC from time to time. At present, the rate of interest is 10.5%.
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