Varistha Pension Bima Yojana 2024 – Today, we are going to discuss with you about Varistha Bima Pension Yojana which is announced by the government of India. under this pension scheme, financial assistance will be provided at the time of medical treatment for which you have to submit a decided amount from time to time to get help in a difficult situation. this is a life insurance programme, which is very beneficial for those who have invested in this pension.
Here in this article, we have shared all about this scheme including, highlights, its objectives, its services and benefits and many more details given in the below-mentioned article.
Varistha Pension Bima Yojana 2024
Contents
According to the latest news and reports, the Government of India in the Union Budget 2014-15, announced the VPBY. The Honorable Finance Minister’s Budget speech includes the following experts. In its final term in office, the NDA government introduced the VPBY, a pension programme for seniors. 3.16 lakh annuitants in all will benefit from the programme, which has a Rs. 6,095 billion corpus. I suggest reviving the programme for a brief time from August 15, 2014, to August 14, 2015, in order to help citizens 60 and older ‘’this scheme administration has been given to LIC of India exclusively.
It is an immediate annuity plan with a single premium option, meaning that the annuity begins as soon as the premium is paid and continues for the remainder of the pensioner’s life. Anyone over 60 can invest in this programme to be receiving a pension as soon as they retire. this scheme encourages pensioners to remain invested for a long time with a lock-in period of 15 years. This means that the policy can be surrendered only after this period. this ensured that the policy benefits continued for a longer time than originally promised. If you want to know more about this programme, then read this article until you reach the bottom of the article.
Varistha Pension Bima Yojana 2024 Highlights
| Name of the Article | Varistha Pension Bima Yojana 2024 |
| Launched by | Government of India |
| Session | 2024 |
| Objectives | It aims to provide a pension |
| Category | Sarkari Yojana |
| Beneficiaries | Senior citizens of India |
| Official website | https://www.licindia.in/home |
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Objectives Of Varistha Pension Bima Yojana
The LIC Varistha pension Bima Yojana 2024 primary goal is to offer pension benefits to all the nation’s older citizens. Any Indian people may join in this plan and get a monthly pension in exchange for their investment. The citizen’s economic situation will also improve as a result of this plan, and they will grow independent. It aims to increase the economic and social status of senior citizens of India.
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Advantages Of Varistha Pension Bima Yojana
- Under this scheme, regular assured income for life is provided for its beneficiaries.
- Under this programme, a Return on purchase on death will be provided to the investor.
- This pension programme provides a Guarantee Assured return at the time of retirement.
- Under this pension programme, Loan benefits will be provided in case of urgent capital needs.
- At the time of return, there is less income tax will be charged on the final amount.
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Features OF LIC Varistha Pension Bima Yojana
- Through this scheme, a pension amount will be provided to all policyholders on investment.
- Under the senior citizen insurance scheme 2024, a rate of return of 9.3 per cent has been fixed.
- Under LIC Varistha Pension Bima Yojana 2024, up to 75% of the investment loan can also be available after 3 years.
- The investment amount has to be deposited through ECS or NEFT.
- Tax exemption will as well offered under section 80 CCC of the income tax act.
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Required Documents For Varistha Pension Bima Yojana
- Application form
- Accurate medical history
- Address proof
- Aadhar card
- Ration card
- Age certificate
- Mobile number
- Other KYC documents
- Existence certificates
To Surrender the Policy
- Discharge form
- Original Policy document
- Proof of medical treatment of pensioner or his/her spouse if the policy is surrendered within the lock-in period of 15 years.
- Age proof
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To claim death benefits
- Claim forms: These should be in a format specified by LIC
- Original Policy document
- NEFT Mandate form
- Bank details including bank name, account number, account type, IFSC code etc.
- Proof of death or proof of title
- Proof of age
Procedure To Apply For Senior Pension Insurance Scheme
- First of all, you have to visit the nearest LIC office.
- Now, you have to take an application form from him under this scheme.
- After this, you have to fill in all the asked information inside the application form carefully.
- Check all the mentioned details and attach all the necessary documents with the application form.
- After this, you have to submit the application form to LIC Office.
- You can also submit the premium amount along with the application form.
- In this way, you are able to apply for Varistha Pension Bima Yojana.
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Frequently Asked Questions
What is an Annuity?
An annuity is a regular income payable to the pensioner on a yearly, half-yearly, quarterly, or monthly basis to take care of their living expenses after retirement.
If you want to access the information related to this scheme then you have to read the article given above.
Will my spouse continue to receive an annuity after me?
LC Varistha Pension Bima Yojana returns the purchase price to the beneficiary on the death of the pensioner. An annuity will stop on your death.
How many types of Annuities?
There are two types of annuities viz, immediate annuity plans start paying pensions as soon as the purchase price is paid to the insurer. Deferred annuity plans start paying the assured income after a period called the deferment period. The latter is more suitable for those who have a few years before they hit their retirement age.
Is VPBY launched on?
Varistha Pension Bima Yojana was formally launched by the finance minister on 14/08/2014 and has been opened during the window stretching from 15th august 2014 to 14th august 2015.