LIC Varishtha Pension Bima Yojana features and benefits

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Lic Varishtha Pension Bima Yojana 80C

• Pension Scheme for Senior Citizens

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What is Varistha Pension Yojana

• It is a senior citizen pension scheme
• This scheme is launched by government of India
  and incorporated by LIC in 2014-2015 again
• This scheme is offered a return of 9.3 Per annum
• People also take loan against their policy after
  3 years of policy period.
• No Medical Check-Ups Need for this LIC Scheme

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Bima Benefits Features

• LIC Varishata Bima Yojana first introduced by NDA
  Government
• This Pension Scheme is only for 60 years old or
  above
• Policyholder only needs to pay 2 load charges
  when exit
• Policyholder can choose various mode of payment
  for premium as 1 month, 3 month, 6 month, 1 year
• Early availability of surrender value if any
  critical cases and illness happens
• This plan gives the option of receiving pension
  monthly , quarterly, half-yearly and yearly.

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Bima Benefits Features

• Policyholder can surrender his or her policy
  after 15 years of policy
• It has also tax benefits as under section 80C
• It has cancellation facility too with in 15 days
  of receipt of documents if does not satisfy with
  the condition and term of the policy.
• It can be Easily combined with other pension
  scheme like PF, mutual funds, endowment policy
  etc.
• On death the beneficiaries will get back the
  amount that was used by the pensioner to take out
  the policy

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Documents Required on Tenure

• Need to fill an application form
• Address Proof
• Passport/ Voter's Identity Card/ Driving License/
  Aadhaar Letter/Card/ NREGA Card/ PAN Card
• Need to submit existence certificates at
  specified time of intervals

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Documents Required on Surrender

• Need to submit original policy document
• Policy discharge Form
• Proof of medical Treatment
• Age Proof

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On Payment of Death Benefits

• Original Policy Document
• Claiming Form
• Necessary bank details
• Death proof
• Age Proof

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