LIC Varishtha Pension Bima Yojana 2023 is a pension scheme offered by the Life Insurance Corporation of India (LIC) for Indian citizens. In this article, we will provide you with important information about the Varishtha Pension Bima Yojana, which is managed by the LIC. We will cover the purpose of the scheme, its benefits, features, application process, eligibility criteria, and important documents required. So, if you want to get all the essential information about this scheme, please continue reading until the end.
Benefits of LIC Varishtha Pension Bima Yojana 2023
LIC Senior Pension Insurance Scheme is a type of insurance policy. Through this, the beneficiary can avail the benefits of a pension throughout his life by paying the premium once. Under this scheme, the beneficiary can pay the premium monthly, quarterly, half-yearly, or annually. Under LIC Varishtha Pension Bima Scheme 2023, the return rate of 9.3 percent has been fixed 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.
Purpose of LIC Varishtha Pension Bima 2023
The primary purpose of the LIC Varishtha Pension Bima Yojana is to provide financial security and a regular pension income to senior citizens in India. It aims to offer a source of stable income to individuals who are aged 60 years and above, thereby ensuring their financial independence and well-being during their retirement years.
Benefits of LIC Varishtha Pension Bima Yojana 2023
- Regular Pension Payments: Under this scheme, policyholders receive a guaranteed pension at specified intervals, such as monthly, quarterly, half-yearly, or annually.
- Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the purchase price of the annuity is returned to the nominee.
- Maturity Benefit: At the end of the policy term, the purchase price of the annuity is refunded to the policyholder.
- Tax Benefits: The premiums paid under this scheme may be eligible for tax deductions under Section 80CCC of the Income Tax Act, subject to applicable tax laws.
Key Features of LIC Varishtha Pension Bima Yojana:
- Minimum Entry Age: The minimum age for entry into this scheme is 60 years.
- Maximum Entry Age: There is no maximum entry age limit.
- Policy Term: The policy term is ten years.
- Pension Modes: Policyholders can choose from various pension modes, including monthly, quarterly, half-yearly, or annual payouts.
- Purchase Price: The purchase price for the annuity varies depending on the chosen pension mode and is payable as a lump sum.
- Loan Facility: Policyholders have the option to avail of a loan against the policy after the completion of three policy years. In case of any need, the beneficiary can take a loan up to 75% of the investment under the Senior Pension Insurance Scheme. The beneficiary can take this loan only after 3 years of taking the policy. The interest rates on loans taken under LIC Varishtha Pension Bima Yojana have been determined differently by the Life Insurance Corporation of India.
Application Process: LIC Varishtha Pension Bima Yojana 2023
To apply for the LIC Varishtha Pension Bima Yojana, individuals can visit their nearest LIC branch or apply online through the official LIC website. The application process involves filling out the necessary forms and providing the required documents.
Eligibility Criteria:
To be eligible for this scheme, individuals must be:
- Indian citizens aged 60 years or above.
Important Documents: LIC Varishtha Pension Bima Yojana 2023
Applicants will need to submit the following documents:
- Age proof document (such as Aadhar card, passport, or birth certificate).
- Identity proof (Aadhar card, PAN card, passport, etc.).
- Address proof (Aadhar card, passport, utility bills, etc.).
- Passport-sized photographs.
- KYC documents.
It is advisable to check the LIC website or contact LIC directly for the most up-to-date information regarding the LIC Varishtha Pension Bima Yojana 2023
