LIC Senior Pension Insurance Scheme | Senior Pension Insurance Scheme Online Application | LIC Varishtha Pension Bima Application Form | Varishtha Pension Bima Yojana In Hindi

As you all know, Life Insurance Corporation of India periodically starts various types of insurance schemes for all citizens of the country. Today we are going to provide you information related to one such policy operated by Life Insurance Corporation of India. Whose name Senior pension insurance scheme is. We will provide you all the important information related to this insurance plan. like LIC Varishtha Pension Bima Yojana What is it ?, 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 till the end.

LIC Varishtha Pension Bima Yojana 2021

LIC Senior Pension Insurance Scheme There is a type of insurance policy. Through which the beneficiary can avail the pension throughout the life by paying the premium once. Under this scheme, the beneficiary can pay the premium every month, quarterly, half-yearly or annually. LIC Varishtha Pension Bima Scheme 2021 Under the Life Insurance Corporation of India, the rate of return of 9.3 percent has been fixed. 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.

Atal Pension Yojana

Loans under Senior Pension Insurance Scheme

The beneficiary can avail a loan on investment up to 75% under Senior Pension Insurance Scheme in case of any need. This loan can be availed only after 3 years of taking the beneficiary policy. LIC Varishtha Pension Bima Yojana The interest rates on loans taken under LPG are set differently by the Life Insurance Corporation of India.

Surrender of policy

This policy is for 15 years. If the policy holder does not withdraw money from this policy for a full 15 years, the entire purchase price will be returned to him. But if for some reason policy holders need to withdraw money before 15 years, then only 98% of the purchase price will be refunded to them.

Key Highlights Of LIC Varishtha Pension Bima Yojana 2021

Name of the scheme Senior pension insurance scheme
Who launched Indian government
Beneficiary Senior citizens of india
an objective Pension grant
official website click here
year 2021

Pradhan Mantri Suraksha Bima Yojana

LIC Purpose of Senior Pension Insurance Scheme

LIC Varishtha Pension Bima Yojana 2021 The main objective of the scheme is to provide pension benefits to all senior citizens of the country. Through this scheme, any citizen residing in India can get pension every month by investing in this scheme. Growth through this scheme will also improve the economic condition of the citizens and they will become self-reliant.

How does the Senior Pension Insurance Scheme work?

  • Senior pension insurance scheme can be purchased by the pensioner at the purchase price.
  • The policy holder will have to make a one-time payment to purchase this senior pension insurance scheme.
  • Pension amount will be provided to the pensioner monthly, quarterly, half-yearly or annually.
  • Pension will also be payable to the family of the policy holder.
  • A limit of minimum and maximum amount of the policy has been fixed.
  • If the policy holder dies, the purchase price is refunded.
  • The policy holder can get a loan after the completion of 3 years of the policy.
  • Policy holders will have to pay interest on the loan.
  • If the policy holder does not continue the scheme further, the policy holder will have to pay the loan amount in full before exiting the policy.

LIC Varishtha Pension Bima Yojana Purchase price of

Frequency of pension 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
The annual ₹ 66,665 ₹ 6,66,665

Pension provided under Senior Pension Insurance Scheme

Period Amount
Minimum pension Monthly ₹ 500
Quarterly ₹ 1500
Half yearly ₹ 3000
The annual ₹ 6000
Maximum pension Monthly ₹ 5000
Quarterly ₹ 15000
Half yearly ₹ 30000
The annual ₹ 60000

Some main facts of Senior Pension Insurance Scheme

  • Purchase Price: Senior Pension Insurance Scheme can be purchased by paying a lump sum purchase price. There are different types of purchase prices under this scheme. The purchase price and the pension amount can be selected by the pensioner according to his economic status.
  • Pension Payment: Pension under this scheme will be paid based on the mode of payment of selected pension. The first pension will be paid after 1 month, 3 months, 6 months or 1 year after purchasing the policy.
  • Family Benefits: Under this scheme, the amount of the policy can be obtained by the spouse or a dependent family member.
  • Loan: A loan of maximum 75% of the purchase price can be obtained after completion of 3 years of the term of the policy. 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 refunded.
  • Surrender Value: The pensioner can opt out of the scheme after the completion of 15 years of the term of the policy. In this case 100% of the purchase price will be refunded to the pensioner. But if the pensioner withdraws from the scheme before 15 years, in this case only 98% of the purchase price will be refunded.
  • Free Look Period: There is a 15-day free look period under this scheme. If the policy holder is not satisfied with the guidelines of this policy, then he can opt out of this policy within 15 days. In this case, the entire money of the purchase price will be returned to them after deducting the stamp duty.
  • Age Range: The minimum age limit under this scheme is 60 years and there is no maximum age limit.

Benefits and features of LIC Varishtha Pension Bima Yojana 2021

  • Through this scheme, all policy holders will be provided pension amount on investment.
  • Senior pension insurance scheme 2021 Under it, a rate of return of 9.3 percent has been fixed.
  • The applicant is not required to undergo any medical checkup to get this scheme.
  • Under this scheme, the applicant will have to invest for 15 years. If the applicant needs money before 15 years, then he can withdraw 98% of the purchase price.
  • LIC Varishtha Pension Bima Yojana 2021 Up to 75% of the investment under the loan can also be available after 3 years.
  • The amount of investment has to be deposited through ECS or NEFT.
  • The lock period of this policy is 15 days.
  • The pension amount under this scheme will be sent directly to the bank account of the policy holder.
  • If the policy holder dies, the nominee will be paid the amount of the purchase price.
  • Tax exemption will also be provided under Section 80 CCC of the Income Tax Act.

Senior Pension Insurance Scheme Minimum and Maximum Premiums

Pension Minimum premium Maximum premium
The 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

LIC Eligibility and important documents of Senior Pension Insurance Scheme

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

Procedure for applying under Senior Pension Insurance Scheme

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

Contact Information

Through this article we have given you LIC Senior pension insurance scheme Has provided all the important information related to If you are still facing any kind of problem then you can solve your problem by contacting the helpline number. The helpline number is 022 6827 6827.

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Raushan Kumar
A Cook, Software analyst & Blogger.

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