LIC's New Varistha Pension Bima Yojna (Table No. 828)

VARISHTHA PENSION BIMA YOJANA 

UID: 512G291V01

Guaranteed Lifetime Pension Effective returns 9.38% p.a 

Available From 15/08/2014 to 14/08/2015 

This is an immediate Annuity plan, which provides for immediate pension in consideration of lump sum amount. This is a Government subsidized scheme and will provide an effective yield of 9.38% p.a. The pension payable is guaranteed for the life time with return of purchase price.

Pension Rates and Modes of Pension: 

Pension rates for different modes of pension are as below (for all ages).

FEATURES	MODE OF PENSION
	Monthly	Quarterly	Half Yearly	Yearly
Minimum Pension	500	1500	3,000	6,000
Minimum Purchase Price	66665	66170	65430	63960
Maximum Pension	5000	15000	30000	60000
Maximum Purchase Price	666665	661690	654275	639610
Yield	9.00%	9.07%	9.17%	9.38%

BENEFITS:

• Pension will be paid during the life time of the pensioner. 
• Pension will be credited directly to the Bank Account of Pensioner. 
• In event of death of the pensioner, purchase price will be paid to the nominee ELIGIBILITY 

CONDITIONS:

• Age at Entry: Minimum 60 years lbd and above. 
• Maximum ceiling will apply to all family members combined.
• Family will comprise Pensioner, his/her Spouse and dependents. 
• All Age Proofs will be accepted. 
• Premiums should be paid by cheque/draft drawn on local clearing house member bank. Cash will not be accepted. 

OTHER FEATURES:

Service Tax: Service tax is payable @3.09% of Purchase Price.

Policy Loan: Allowed after 3 years up to 75% of purchase price. Loan interest will be recovered from the Pension and Loan amount will be recovered from claim payable.

Surrender Value: Allowed after 15 years. Full purchase price will be paid. However, in case of money required for treatment of critical illness of self/spouse, surrender of policy may be allowed even earlier. Surrender value payable will be 98% of Purchase Price.