It is a pure retirement plan which provides lifetime pension in the form of immediate annuity to the pensioner. An annuity is a series of payments made to an annuitant over regular intervals. This plan was revived by the Government of India in as the finance ministry clearly stated the popularity of this plan in the recent past. Since it for senior citizens, the minimum age of entry is 60 years and the mode of premium payment is single pay.
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Free Quotes From Top Companies. I am ok to bypass suitability analysis and wish to proceed further. The bill was passed in by the Parliament of India to form a Life Insurance Corporation under which more than private companies were merged. It provides multitude of plans under different categories suitable for each individual.
As the name suggests, it is a pure pension plan for retired people. This product comes under Annuity type. Under annuity, people get a pension for the regular interval. This payment mode is to be decided by you. The policy premium term is a single premium. At the beginning of the plan, you have to pay the premium of your choice. After deciding this you will be eligible for a regular pension.
Due to this senior citizens will be benefitted. It is an immediate pension plan. So if you pay the one shot premium of your choice, the annual payment will start from that moment. Once you pay the premium your money back starts in the form of pension. If you choose to get payments even after your death, your spouse will be benefited out of it. Your spouse gets the remaining pensions after you.
The rate of Pension: The rate depends on the type of annuity chosen by the policyholder or the annuitant. There are 7 active types of plans under annuity product.
But once decided and one shot premium paid, you cannot change the plan as it is a one-time payment and the benefits start immediately. Profit of Participation: The policy should be eligible and it should incur profit for the Corporation. Then the policy is entitled to Simple Reversionary Bonus.
For this, the policy should be active and in force. The Reversionary bonus will be calculated based on the premium paid. Rider Benefit: There is no riders benefit available under this plan, as it is a pure pension based annuity plan. You can start the policy premium from the age of 60 years till as long as you want.
It is a single premium term plan. There is no age of policy maturity. You will get the benefit as money back. The policy can be continued even after your death on your wish. Your spouse will be benefited out of it. The pension starts immediately once you pay the premium.
The payment mode for pension depends on you on what you select. You can select Yearly pension, half-yearly pension, quarterly pension or a monthly pension.
The minimum amount of pension or annuity will be INR approximately. And the maximum will go till 60, INR approx. The amount will vary depending on the taxes applicable.
Only the pension you receive is taxable. So you need not pay any tax on your premium. But for this the policy should be more than 3 months old or the free look period of the policy should be over. The amount of loan is decided based on the age of the policyholder when the policy was started. Policy surrender: There is provision to surrender the policy in need.
You are only eligible to surrender the policy before 15 years in the case of critical illness of self or spouse. There are many calculators available online to calculate the estimate of surrender policy. This can be calculated using online calculators.
The pension mode of the plan is yearly. So the Total premium to pay will be 5, 15, INR. So for the policy of 5, 00, INR the rate of interest per annum will be 9. And based on this, the Policyholder or the Annuitant will receive 46, INR per annum as a pension. The policy is a great tool to have a tension-free retirement as you get a steady flow of money as and when you need it the most.
TollFree No. YYYY Select Male Female. Phone No. By using a premium calculator, you can calculate the benefit details. The rate of interest: 9. Pension Amount: 46, INR. Last updated on
LIC Varishtha Pension Bima Yojana
Aadhaar now mandatory for Varishtha Pension Bima Yojana. Varishtha Pension Bima Yojana gets over 42, subscribers. All rights reserved. For reprint rights: Times Syndication Service. Personal Finance News. Vodafone Idea. Market Watch.
Varishtha Pension Bima Yojana
The authority has suggested to the Finance Ministry that a comprehensive social security scheme can be explored for people having low income, according to PFRDA Chairman Supratim Bandyopadhyay. Subscribers who do not have Aadhaar numbers will have to submit an application to get enrolled by 31 December. While there are several social security schemes available, they largely remain out of reach due to lack of awareness, unavailability of official documents. Varishtha Pension Bima Yojana is proposed to be open for subscription for a period of one year from the date of launch, the statement said. The scheme, similar to the Varishtha Pension Bima Yojana, is an immediate annuity plan and will be open for subscription for a period of one year from the date of launch.
Varishta Pension Bima Yojana
Post demonetisation banks are slashing interest rate on fixed deposits. Therefore, to guard the interest of the senior citizens above 60 years of age in case of falling interest rates, PM Modi announced this scheme with a guaranteed interest of 8 per cent for 10 years. If there is a shortfall between LIC generated return and the guaranteed 8 per cent return, it would be borne by the government. The subscriber will have the option to opt for a pension on a monthly, quarterly, half yearly and annual basis. The scheme will remain open for subscription for one year from the date of launch. PM Modi had announced that senior citizens will be able to make an investment of up to Rs 7. However, one point to note is the duration for which pension is guaranteed in VPBY
VARISHTHA PENSION BIMA YOJANA
Free Quotes From Top Companies. I am ok to bypass suitability analysis and wish to proceed further. The bill was passed in by the Parliament of India to form a Life Insurance Corporation under which more than private companies were merged. It provides multitude of plans under different categories suitable for each individual. As the name suggests, it is a pure pension plan for retired people. This product comes under Annuity type. Under annuity, people get a pension for the regular interval.