Varishtha Pension Bima Yojana 2022 : LIC Varishtha Pension Bima Online Form, Benefits

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LIC Varishtha Pension Bima Yojana | Varishtha Pension Bima Yojana Online Application | LIC Varishtha Pension Bima Application Form| Varishtha Pension Bima Yojana In Hindi

As you all know Life Insurance Corporation of India keeps on launching various types of insurance schemes for all the citizens of the country from time to time. Today we are going to provide you information related to one such policy, operated by Life Insurance Corporation of India. Whose name is Varishtha Pension Bima Yojana . We will provide you all the important information related to this insurance plan. Like what is LIC Varishtha Pension Bima Yojana ?, its purpose, benefits, features, application process, eligibility, important documents etc. So friends, if you want to get all the important information related to this scheme, then you are requested to read this article of ours till the end.

LIC Varishtha Pension Bima Yojana 2022

LIC Varishtha Pension Bima Yojana is a type of insurance policy. Through which the beneficiary can avail pension for life by paying the premium once. Under this scheme, the beneficiary can pay the premium every month, quarterly, half yearly or annually. Under the LIC Varishtha Pension Bima Scheme 2022 , a rate of return of 9.3 percent has been set by the Life Insurance Corporation of India. A lock period of 15 days has also been kept under this policy. Under this public period, if the applicant is not satisfied with the policy, he can withdraw his money within 15 days.

Senior Pension Insurance Scheme

Loan under Varishtha Pension Bima Yojana

In case of any need, the beneficiary can take a loan on investment up to 75% under the Varishtha Pension Bima Yojana. The beneficiary can take this loan only after 3 years of taking the policy. The interest rate on the loan taken under LIC Varishtha Pension Bima Yojana has been set separately by the Life Insurance Corporation of India.

surrender of policy

This policy is for 15 years. If the policyholder does not withdraw money from this policy for the full 15 years, then the full purchase price will be returned to him. But if for any reason the policyholder needs to withdraw the money before the age of 15 years, then only 98% of the purchase price will be refunded to them.

Key Highlights Of LIC Varishtha Pension Bima Yojana 2022

scheme nameSenior Pension Insurance Scheme
who launchedIndian government
beneficiarySenior citizens of India
Objectiveto provide pension
Official websiteclick here
Year2022

Objective of LIC Varishtha Pension Bima Yojana

The main objective of LIC Varishtha Pension Bima Yojana 2022 is to provide the benefit of pension to all the senior citizens of the country. Through this scheme any citizen living in India can invest in this scheme and get pension every month. Through this scheme, the economic condition of the citizens will also improve and they will become self-reliant.

How Varishtha Pension Bima Yojana works?

  • Varishtha Pension Bima Yojana can be purchased by the pensioner at purchase price.
  • The policy holder has to make a lump sum payment to buy this Varishtha Pension Bima Yojana.
  • The amount of pension will be provided to the pensioner monthly, quarterly, half yearly or annually.
  • Pension will also be payable to the family of the policy holder.
  • There is a limit on the minimum and maximum amount of the policy.
  • If the policy holder dies, the purchase price is returned.
  • The policy holder can get a loan after the completion of the policy term of 3 years.
  • The interest on the loan will have to be paid by the policy holders.
  • If the policy holder does not continue with this plan, then the policyholder will have to pay the loan amount in full before exiting this policy.

Purchase Price of LIC Varishtha Pension Bima Yojana

frequency of pensionminimum purchase pricemaximum 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 Varishtha Pension Bima Yojana

 Periodamount
minimum pensionmonthly₹ 500
 quarterly₹ 1500
 half yearly₹ 3000
 annual₹ 6000
maximum pensionmonthly₹ 5000
 quarterly₹ 15000
 half yearly₹ 30000
 annual₹ 60000

Some key facts of Varishtha Pension Bima Yojana

  • Purchase Price: Varishtha Pension Bima Yojana can be purchased by paying a lump sum purchase price. There are different types of purchase prices under this plan. The purchase price and pension amount can be selected by the pensioner according to his financial condition.
  • Pension Payment: Pension payment under this scheme will be done on the basis of the mode of pension payment selected. The first pension will be paid after 1 month, 3 months, 6 months or 1 year of policy purchase.
  • Family Benefit: Under this plan, the policy amount can be received by the spouse or dependent family member.
  • Loan: Loan up to 75% of the purchase price can be availed after completion of 3 years of the policy term. Interest will have to be paid on this loan.
  • In case of death: If the pensioner dies, the purchase price provided under that plan will be returned.
  • Surrender Value: The pensioner can exit the scheme after the completion of 15 years of the policy term. In this case 100% of the purchase price will be refunded to the pensioner. But if the pensioner exits this scheme before 15 years, in this case only 98% of the purchase price will be refunded.
  • Free Look Period: There is a free look period of 15 days under this plan. If the policyholder is not satisfied with the guidelines of this policy, he/she can opt out of this policy within 15 days. In this case, the full amount of the purchase price will be refunded to him after deducting the stamp duty.
  • Age Limit: The minimum age limit under this scheme is 60 years and there is no maximum age limit.

Some terms and conditions related to Varishtha Pension Yojana

  • If during the free look period the pensioner is not satisfied with the guidelines of the scheme, he can return the policy. The purchase price amount will be refunded by Life Insurance Corporation of India on return of the policy. This amount will be refunded after deducting the value of stamp duty.
  • It is mandatory for policy holders to provide information related to the nominee at the time of purchasing the policy.
  • If any wrong information has been provided by the policy holder then the policy can also be forfeited.
  • The terms and conditions of the policy are subject to change from time to time.
  • The claim will be paid by Life Insurance Corporation of India through the same office from where the policy is being serviced. But the Corporation may at any time allot an alternate location.
  • It is mandatory for the beneficiary to submit the claim form while submitting the medicine.
  • Original policy document, NEFT order, proof of ownership, proof of death etc. will also have to be submitted along with the claim form.
  • In order to receive the pension, the pensioner has to submit a certificate of existence in the performance as decided by the corporation within the stipulated time period.
  • In case the policyholder surrenders the policy, the policyholder will have to submit the original policy documents along with his or her spouse’s discharge form.
  • The policy will be issued based on the declared age of the pensioner.
  • Loan against the policy can be taken after 3 years from the date of commencement of the policy.
  • The loan amount is 75% of the purchase price.
  • The policy can be surrendered after the completion of 15 years of policy purchase.
  • In case the policyholder needs to surrender the policy before the age of 15 years, 98% of the purchase price will be provided to the policyholder.

Benefits and Features of LIC Varishtha Pension Bima Yojana 2022

  • Through this scheme, the amount of pension on investment will be provided to all the policyholders.
  • Under the Varishtha Pension Bima Yojana 2022 , a rate of return of 9.3 percent has been set.
  • The applicant does not need to undergo any medical checkup to avail this scheme.
  • Under this scheme, the applicant will have to invest for 15 years. If the applicant needs the money before 15 years then he can withdraw 98% of the purchase price.
  • Under LIC Varishtha Pension Bima Yojana 2022 , up to 75% of investment loan can also be available after 3 years.
  • The investment amount has to be deposited through ECS or NEFT.
  • The lock period of this policy is 15 days.
  • Under this scheme, the amount of pension will be sent directly to the bank account of the policyholder.
  • In case of death of the policyholder, the amount of purchase price will be paid to the nominee.
  • Tax exemption will also be provided under section 80 CCC of the Income Tax Act.

Varishtha Pension Bima Yojana Minimum and Maximum Premium

pensionMinimum premiummaximum premium
annual₹ 63,960₹ 6,39,610
semiannual₹ 65,430₹ 6,54,275
quarterly₹ 66,170₹ 6,61,690
every month₹ 66,665₹ 6,66,665

Eligibility and Important Documents of LIC Varishtha Pension Bima Yojana

  • To apply under this scheme, you must be a permanent resident of India.
  • You must be above 60 years of age to apply under this scheme.
  • Aadhar Card
  • Ration card
  • Address proof
  • age certificate
  • Passport size photograph
  • mobile number

Procedure to apply under Varishtha Pension Bima Yojana

  • To apply under this scheme, you have to go to your nearest LIC office.
  • Now you have to take the application form under this scheme from him.
  • After that you have to fill all the information asked in the application form carefully.
  • Now you have to attach all the important documents with the application form.
  • After this you have to submit this application form to LIC office.
  • Along with the application form, you will also have to deposit the premium amount.

grievance redressal system

  • A Grievance Redressal Officer will be appointed in the Branch/Divisional/Regional/Central Office to resolve the grievances of the customers.
  • Apart from this, a customer friendly Integrated Complaint Management System has been developed by Life Insurance Corporation of India on the customer portal. Through which the policy holder can directly register his complaint and can also check its status.
  • Apart from this, customers can also contact at [email protected] for redressal of their problems.
  • In case the claimant is not satisfied with the decision to reject the death claim, he may approach the Dispute Resolution Committee by the Regional Office or the Dispute Resolution Committee by the Central Office for review of his case.
  • Apart from this, the claimant can also approach the Insurance Ombudsman appointed by the Government of India for settlement of the claim related to the complaint.

Contact Information

Through this article, we have provided you all the important information related to LIC Varishtha Pension Bima Yojana . If you are still facing any kind of problem then you can solve your problem by contacting on helpline number. The helpline number is 022 6827 6827.

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