LIC Varishtha Pension Bima, LIC Pension 2021, Apply Online, LIC Varishtha Pension Bima Online, Varishtha Pension Bima Scheme: As everybody knows, the fact that how much important for everyone to save some amount of money for their future. So, Life Insurance Corporation of India has started several schemes for all the Indian citizens. Life Insurance Company will provide a number insurances to all candidates or citizens whoever want to apply for it. Here in this article, we will discuss everything related to the LIC Policy named as Varishtha Pension Bima Yojana, insurance plan, eligibility conditions, required documents, objectives, purpose, features, online application process, etc. Interested applicants should read this article very carefully.
| Topic Name | [Apply Online] LIC Varishtha Pension Bima Yojana 2021 |
| Article Category | LIC Varishtha Pension Bima Scheme 2021 LIC Varishtha Pension Bima Scheme Objective LIC Varishtha Pension Bima Yojana [Benefits and Features] LIC Varishtha Pension Bima Yojana Online Apply Frequently Asked Questions |
| State Name | Central Government |
| Official Website | Click Here |
LIC Varishtha Pension Bima Scheme 2021
Let’s inform you all that Varishtha Pension Bima Scheme is the type of a LIC Insurance Policy. With this policy scheme, all beneficiaries can get the total amount of money by submitting or paying the premium amount once. Below this yojana, every citizen who wants to join this scheme can submit their premium every quarterly, annually, monthly, or half-yearly. Let’s inform you all that below LIC Varishtha Pension Bima Yojana 2021, the Life Insurance Corporation of India has fixed a rate of return of 9.3%. There is a lock period of around fifteen days that should be cover below this LIC Policy. So, in this policy time, if any applicant does not feel satisfied with the ongoing policy, then he or she can withdraw their money between fifteen days.
Also Read: Best Life Insurance Policy
Loans below Varishtha Pension Bima Yojana
Here we will discuss the amount of loan that covers below LIC Varishtha Pension Bima Yojana. In some cases, we will see that there are around many beneficiaries who want to take a loan. So, LIC has offered a loan facility for all of them to avail a loan on the investment of up to 75% below Varishtha Pension Bima Yojana. The main condition is that everyone can get this loan only after completing three years in this LIC Policy. All types of interest rates on loan should be set different below LIC Varishtha Pension Bima Yojana from the Life Insurance Corporation of India.
Surrender of Policy
Let’s discuss the policy surrender. Let’s inform you all that this LIC Policy has applicable for only fifteen years. If for some conditions, the insurer wants to withdraw their money for a full time below this scheme, then the total buy price will get returned to him. But, for a few reasons, if the insurer wants to withdraw their money before fifteen years, then there will be only 98% of the buy policy will get refunded to him.
Also Read: National Savings Certificate
Overview Of LIC Varishtha Pension Bima Yojana 2021
| Scheme Name | Varishtha Pension Bima Yojana |
| Started By | Indian Government |
| Beneficiaries | All Indian Varishtha Citizens |
| Objective | To provide pension to all senior citizens |
| Official Website | Click Here |
| Year | 2020 |
LIC Varishtha Pension Bima Scheme Objective
Here we will discuss the LIC Varishtha Pension Bima Yojana Objective. Let’s tell you all that the primary objective behind LIC Pension scheme has to give pension advantages to all senior citizens of our country. With the help of this yojana, every Indian citizen should be able to get a pension every month to invest money. Through this yojana, people economic growth will improve, and all citizens will become self-sufficient. With this, every Indian senior citizen will not suffer that much for the money. They will easily avail pension from LIC Insurance by investing a small amount.
LIC Varishtha Pension Bima Yojana [Benefits and Features]
Here we will discuss the various features and advantages that should you know about LIC Varishtha Pension Bima Yojana. The steps are as follows:
- From this yojana, every insurer (those who are applying for this scheme) will get pension amount on investment.
- The total return rate will be 9.3% fixed below LIC Varishtha Pension Bima Yojana 2021.
- For this scheme, an applicant should not go through any medical checkup.
- Below this yojana, every applicant has to start invest for around fifteen years. If they want money before fifteen years, then they will withdraw 98% of the buying rate.
- Let’s inform you all that Below LIC Varishtha Pension Bima Yojana 2021, there will be an availability of loan on investment of up to 75% will be available after three years.
- The total investment amount will be a deposit or submit with the help of NEFT and ECS.
- The total lock period of Varishtha Pension Bima Policy is of fifteen days.
- The total amount of pension will directly send it to your (insurer) bank accounts below this scheme.
- Due to some reasons, if the insurer dies, then the nominee must pay the rest buying amount.
- There would be given tax exemption below Section 80 CCC of the Income Tax act.
Varishtha Pension Bima Yojana [Minimum and Maximum Premiums]
| Type of Pension | Minimum Premium | Maximum Premium |
| 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 Scheme [Sample Pension Rates]
Here we will discuss the rate of pension below LIC Varishtha Pension Bima Yojana. It will give you a plan of pension that the insurer will spend or receive on paying the particular amount. For example, a total amount of Rs. 1000/- as premium paid below Varishtha Pension Bima Yojana. The table is shown as follows:
| Frequency | Pension Rates |
| Monthly | Rs. 90.0000 p.a |
| Yearly | Rs. 93.8069 p.a |
| Quarterly | Rs. 90.6767 p.a |
| Half-yearly | Rs. 91.7045 p.a |
LIC Varishtha Pension Bima Scheme [Annuity Rates]
Let’s inform you all that the rates mentioned above of pension will further explain briefly for the great premium amounts. For example, the total rate of the annuity is of Rs. 100,000, Rs. 250,000, and Rs.500,000.
| Purchase price/ Mode | 100,000 | 250,000 | 500,000 |
| Monthly | 9,000 | 22,500 | 45,000 |
| Yearly | 9381 | 23,452 | 46,903 |
| Quarterly | 9068 | 22,669 | 45,338 |
| Half-yearly | 9170 | 22,926 | 45,852 |
Eligibility and Required Documents
Here we will discuss the eligibility conditions & required documents that should be needed while applying for LIC Varishtha Pension Bima Yojana 2021. The papers are as follows:
- For this scheme, all applicants should live in India or the permanent citizen of India.
- Applicant age must be of 60 years and above.
- Aadhar Card
- Applicant Contact Number
- Applicant Ration Card
- Passport size photo
- Applicant Age Certificate
- Domicile Certificate
Also Read: Ejanma Karnataka Application
LIC Varishtha Pension Bima Yojana Online Apply
Here we will discuss everything related to the Varishtha Pension Bima Yojana Online procedure. The steps are as follows:
- For this yojana, visit an official website of LIC, which is as follows Click Here.
- If anyone does not know about the online facility, then they have to visit the nearest LIC Office.
- After visiting the LIC office, take an application form there.
- Fill this application form correctly. Fill all asked information in the application form.
- After proper filling, attach all required documents along with the application form.
- Now, submit this form to the LIC office.
- Whenever you submit your application form, you also have to offer the premium amount of the required LIC Policy.
- In this manner, every citizen can apply for this LIC Varishtha Pension Bima Yojana.
Contact Details
With this article, we discuss everything related to the LIC Varishtha Pension Bima Yojana. If you are still facing some problems, you send your queries and issues on the given contact number 022 6827 6827, or you may contact the concerned department.
I hope you will understand this article very well and are ready to take advantage of it. Suppose you face any problems related to the LIC Policy named as Varishtha Pension Bima Yojana, insurance plan, eligibility conditions, required documents, objectives, purpose, features, online application process. In that case, you may ask your queries in the given comment box.
Frequently Asked Questions
Name all important documents that will be needed while applying for LIC Varishtha Pension Bima Yojana 2021?
Important Documents are as follows all applicants should live in India or the permanent citizen of India; Applicant age must be of 60 years and above, Aadhar Card, Applicant Contact Number, Applicant Ration Card, Passport size photo, Applicant Age Certificate, and Domicile Certificate.
Can we avail loan under LIC Varishtha Pension Bima Yojana?
Yes, you can avail a loan on the investment of up to 75% below Varishtha Pension Bima Yojana.
What will be the minimum premium amount should we pay yearly?
The minimum premium amount should be of Rs. 63,960/-.
Who are all beneficiaries below Varishtha Pension Bima Yojana 2021?
All senior citizens of our country are the beneficiaries below Varishtha Pension Bima Yojana 2021.