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Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana(VPBY). Excerpts from Budget speech by Hon'ble Finance Minister are, NDA Government during its last term in office had introduced the Varishtha Pension Bima Yojana(VPBY) as a pension scheme for senior citizens. Under the scheme a total number of 3.16 lakh annuitants are being benefited and corpus amounts to Rs.6,095 Crore. I propose to revive the scheme for a limited period from 15th August 2014 to 14th August 2015 for the benefit of citizens aged 60 years and above
To fulfil the promise made by Finance Minister in his budget speech, the Govt. of India has launched Varishtha Pension Bima Yojana on 14th August, 2014 in association with LIC of India. LIC of India has been given the sole privilege to operate this scheme. Benefits of this scheme are as under :
Benefits :Pension Payment : During the lifetime of Pensioner, a pension in the form of immediate annuity as per mode chosen by the Pensioner shall be payable.
Death Benefit: On death of the Pensioner the Purchase Price shall be refunded.
Eligibility Conditions and Other Restrictions:
a) Minimum age to take the policy is 60 Years
b) Maximum age to take the policy is No Limit
c) Minimum sum assured is 66,665 Rs./-
d) Maximum Sum Assured Amount is 6,66,665 Rs./-
e) Pension Payment to the Policy Holder is Yearly, Half Yearly, Quarterly, Monthly
f) The pension payment to the pensioner is done through ECS / NEFT only.
SAMPLE PENSION RATES PER 1,00,000/- PURCHASE PRICE
The plan can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.
The minimum and maximum Purchase Price under different modes of pension will be as under :
Mode of Pension
Minimum Purchase Price
Maximum Pruchase Price
The pension rates for Rs.1,00,000/- Purchase Price for different modes of pension payments are as below :
Intrest Rate: 9.38% per annum approximately. Taxes : As per Tax laws. Surrender value: The VPBY Pension plan can be surrendered after 15 years. Loan: Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
Life Insurance Corporation of India, Northern Zonal Office, New Delhi
Contact your agent/branch or visit our website www.licindia.in or SMS 'CITY' to 56767474 ( e.g.MUMBAI)