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LIC Varishtha Pension Bima Yojana Plan Review, Benefits

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LIC Varishtha Pension Bima Yojana Review

LIC Varishtha Pension Bima Yojana is Pension Plan, which is helpful for the citizens aged 60 Years and above. Indian Government has announced to relaunch the Varishta Pension Bima Yojana under budget 2014-15. This is a single premium plan for single premium in which Life Assured can receive the pension in monthly/ Quarterly/ Half Yearly/ Yearly basis.

The Unique Identification number for Varishtha Bima Yojana Policy is UIN: 512G291V01. This policy purely launched for the senior citizens of India in the year 2014.

Benefits of LIC Varishtha Bima Yojana Pension Plan

As every policy has some benefits, LIC 833 Jeevan Sangam Plan also has some benefits. These benefits are applicable for the Policyholder only when they pay the premium completely. Some Benefits of LIC Endowment Plan are

  • Death Benefit.
  • Pension Payable.

Death Benefit:

On the death of the pensioner, the purchase price will be refunded to the nominees/ legalN heirs.

Pension Payable:

On Survival of the Pensioner, a pension in the form of an immediate annuity will be payable as per mode is chosen by the Pensioner.

LIC Varishtha Bima Pension Yojana Eligibility Criteria & Conditions

To buy this policy LIC Corporation has designed some eligibility Conditions and Criteria under this plan. LIC’s Varishtha Bima Pension Yojana Plan has some eligibility conditions regarding the entry age, sum assured, policy term, etc.

Pension Received  

 

Minimum

 Rs. 500 per month

Rs. 1,500 per quarter

Rs. 3,000 per half year

Rs. 6,000 per year
 

Maximum

 Rs. 5,000 per month

Rs. 15,000 per quarter

Rs. 30,000 per half year

Rs. 60,000 per year
Age at Entry Minimum 60 years
Maximum No Limit

Policy Term

 12 Years

Premium Payment Mode

Yearly/ Half Yearly/ Quarterly/ Monthly

LIC Varishtha Bima Pension Yojana Premium Rates

Specimen tabular Single Premium rates for some of the ages per Rs.1000/- Maturity Sum Assured are as under:

Yearly Rs. 93.8069 p.a.
Half-yearly Rs. 91.7045 p.a.
Quarterly Rs. 90.6767 p.a.
Monthly Rs. 90.0000 p.a.

LIC VPBY Purchase Rates

Depending on the Mode of Pension LIC has decided minimum and Maximum Purchase Rates under this plan.

Mode of Pension Minimum Purchase Price Maximum Purchase Price
Yearly Rs. 63,960/- Rs. 6,39,610/
Half-yearly Rs. 65,430/- Rs. 6,54,275/-
Quarterly Rs. 66,170/- Rs. 6,61,690/-
Monthly Rs. 66,665/- Rs. 6,66,665/-

LIC Varishtha Pension Bima Yojana Premium Calculator

To calculate the premium and Maturity Benefit for the Varishtha Pension Bima Yojana Plan, there is need of some data. The general data required for the LIC 831 Plan Premium Calculator is

  • Name of the Policyholder.
  • Email Id.
  • Mobile Number.
  • Age Proof.
  • Policy Term.
  • Sum Assured.

LIC Varishtha Pension Bima Yojana Plan

Buying Process of LIC Pension Bima Yojana Policy

The policyholder can visit the nearest LIC Branch Office to buy the Proposal form. Or you can go through the online to purchase the Policy. You can also get the LIC Varishtha Pension Bima Yojana 828 Plan through the Agent.

Documents needed for LIC India Varishtha Bima Pension Yojana

  • Application form/ Proposal form along with a photo.
  • Address Proof.
  • Age Proof.
  • Medical reports (If required).

Note: Proposal Form No 470 is eligible under this plan.

How to Claim for LIC Varishtha Pension Bima Yojana

Nominees can claim for the Varishtha Pension Plan after the death of the policyholder or after the successful completion of the premium.

  • On the Death of the pensioner : If age not provided at the time of taking the policy age proof has to be submitted.
    1. Claim Forms.
    2. Original Policy Bond.
    3. NEFT mandate form for bank deposit.
    4. Bank Passbook or canceled cheque as a proof of  Bank details and Proof of the death.
  •  Payment of Pension : Policy Holder Existence certificate to stop frauds. it will be given at the time of taking the policy.
  •  Surrender before 15 years :
    1. Discharge form.
    2. Policy original Document.
    3. Proof medical treatment to self or spouse.
    4. NEFT mandate form for bank transfer.
    5. Bank Passbook or canceled cheque.
    6. Proof of age if age not admitted at the time of taking the policy.

Additional Information on LIC Varishtha Pension Bima Yojana 828 Plan

Loan:

 There is a Loan Facility is available under this plan. Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.

Taxes:

The policyholder has to pay the tax amount also while taking the policy. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.

Grace Period:

If the Policyholder doesn’t pay the premium within the time, the company will extend the time to pay the premium is a grace period. LIC 828 Plan has the grace period of 30 days. Assured candidate can pay the premium within this Grace Period.

Revival Period:

If the Policyholder doesn’t pay the premium within the grace period, then the Policy will be the lapse. A lapsed Pension Plan will be revived within the two consecutive years from the date of first unpaid premium. This Pension plan will be revived before the expiry period of Policy term.

Surrender Value:

The Policy can be surrendered after the completion of 15 years.

Single Premium Policies can be surrendered at any time during the deferment period and the Guaranteed Surrender Value would be:

  • Within 3 policy years would be 70% of the Single Premium Paid excluding taxes and extra premium, if any.
  • After 3 policy years would be 90% of the Single Premium Paid excluding taxes and extra premium, if any

Regular Premium Policies:

For deferment period less than 10 years: The policy can be surrendered provided the premiums have been paid for at least two consecutive years.

For deferment period 10 years or more: The policy can be surrendered provided the premiums have been paid for at least three consecutive years.

The Guaranteed Surrender Value is a percentage of total premiums paid excluding taxes, extra premium.

Suicide Clause: No Suicide Clause will be applicable under this policy.

Free Look Period: 

If you are not satisfied with the Terms and Conditions of the Policy, you can return the LIC 818 Varishtha Pension Bima Yojana Plan within the 15 days from the Date of receipt of the Policy.

Policy Stamping:

The amount of stamp duty will be 20 paise per Rs. 1000 of the total pension amount payable for a period of 12 years.

 Rebate: No Rebates are available under this plan.

Reinsurance: There is no need of Reinsurance under this policy.

Assignments and Nominations: No assignments are available under this plan.

 

FAQ’s On LIC  Varishtha Bima Pension Yojana Policy

1. Can I surrender my policy within the Policy Term?

A. Yes, Surrender value is applicable on earlier termination of policy/ Contract.

2. Is there any loan benefits in this LIC 828 Plan?

A: Yes, there is a loan facilities will be provided under this plan.