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Lic Varishtha Pension Bima Yojana for Senior Citizens .pdf



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LIC VARISHTHA PENSION
BIMA YOJANA 80C
Pension Scheme for Senior Citizens

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

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.

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

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

Documents Required on Surrender
• Need to submit original policy document
• Policy discharge Form
• Proof of medical Treatment
• Age Proof

On Payment of Death Benefits
• Original Policy Document
• Claiming Form
• Necessary bank details

• Death proof
• Age Proof

Get More Details For

LIC Varishta Pension Bima Yojana

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