LIC Varishtha Pension Plan – LIC Varishtha Benefits Bima Yojana is an administration supported benefits conspire for senior residents. LIC was allocated as the sole back up plan to offer this plan, giving Prompt Annuity payouts all through the lifetime of senior residents. The arrangement was last sent off again by the Public authority of India for one year from fifteenth August 2014 to fourteenth August 2015 following its most memorable achievement.
LIC Varishtha Pension Plan 2024 has come as a great relief to many employees. The plan, which was announced in February, offers a generous annual retirement corpus of Rs 2 lakh for every employee, with an additional Rs 1 lakh as Dearness Relief. The scheme also provides a lump sum payout, if the employee retires before the age of 60. Here’s everything you need to know about LIC Varishtha Pension Plan 2024.
LIC Varishtha Pension Plan 2024
The LIC Varishtha Annuity Bima Yojana benefits senior residents during their retirement. With a singular amount installment, beneficiaries can purchase a strategy at the price tag. A benefits will then, at that point, be payable month to month, quarterly, half-yearly or yearly. With extraordinary adaptability, policyholders can pick a benefits installment recurrence as indicated by their requirements and comfort.
Looking to invest in a retirement plan? Check out LIC Varishtha Pension Plan 2024! This plan offers lucrative returns, and is perfect for those who are looking to begin their retirement journey with a solid foundation. Plus, the plan is easy to invest in – you can do it online in just minutes! So what’re you waiting for? Invest today and get started on your retirement journey!
LIC Varishtha Pension Plan 2024 Details
| Name Of Article | LIC Varishtha Pension Plan 2024 |
| LIC Varishtha Pension Plan | Click Here |
| Category | Insurance |
| Official Website | Click Also |
What is the LIC Varishtha Pension Bima Yojana?
It is a Quick Annuity Plan with a solitary premium choice where the annuity begins following premium installment and endures all through the retired person’s life. Anybody over 60 years old could put resources into this plan to begin procuring a benefits when they resigned. Its prominence was to such an extent that over 3.16 lakh arrangements had been sold by the LIC of India adding up to Rs.6,095 crores after it was first presented in 2003. LIC Varishtha Benefits Bima Yojana 2021 has not been announced at this point.
LIC Varishtha Pension Bima Yojana is an insurance scheme launched by the Indian government in April 2018. The scheme is aimed at providing pension coverage to employees of companies with a total workforce of up to 400 employees. The pension scheme is voluntary, and employees can choose to join it or not. Employees who join the scheme will be eligible for a pension based on their salary, age, and contribution history. If an employee leaves their company before they retire, the pension they receive will be based on their final salary.
Key Features of LIC Varishtha Pension Bima Yojana
LIC Varishtha Pension Bima Yojana is a retirement savings scheme that offers excellent returns and benefits to its participants. It is one of the many schemes that LIC offers, and it is one of the most popular too.
Lock-in Period & Surrender
The plan urged retired people to remain contributed for quite a while with a lock-in time of 15 years. This implied that the arrangement can be given up solely after this period. This guaranteed that the strategy benefits went on for a more extended time frame as initially guaranteed.
Exit Load In Case of Early Surrender
Giving up during the lock-in was acknowledged whether one needed cash like on account of a basic or terminal disease. LIC would then pay out a total equivalent to 98% of the price tag or premium. The excess 2% is the leave load charged by LIC for giving up the strategy. No clinical check-ups are expected prior to buying the LIC Varishtha Benefits Bima Yojana.
Various Annuity Modes Are Available
LIC Varishtha Benefits Bima Yojana annuitants can browse different methods of payout, viz., month to month, quarterly, semi-every year, and yearly. The first payout for every one of these frequencies will be separately multi month, 90 days, a half year, and 1 year from the date of receipt of the price tag.
Free Look Period
The LIC Varishtha Benefits Bima Yojana has a free look time of 15 days. The senior resident will get the entire of the premium paid by the person in question assuming that the arrangement is dropped during this period.
Purchase Price of LIC Varishtha Pension Bima Yojana
Are you looking to invest in a long-term plan that will give you a secure retirement? If so, LIC Varishtha Pension Bima Yojana is a good option for you. Plus, the scheme has a consistent track record of returns, so you can be sure that your money will be safe. Learn more about this exciting pension scheme today!
| Pension Frequency | Minimum Purchase Price | Maximum Purchase Price |
| Monthly | Rs. 63,960 | Rs. 6,39,610 |
| Quarterly | Rs. 65,430 | Rs. 6,54,275 |
| Half-yearly | Rs. 66,170 | Rs. 6,61,690 |
| Yearly | Rs. 66,665 | Rs. 6,66,665 |
Read Also- LIC Pension Plan Benefits, Features, Details, Reviews
Key Features of LIC Varishtha Pension Bima Yojana
Recorded beneath the critical elements of LIC Varishtha Benefits Bima Yojana:
| Plan type | Pension Plan |
| Plan basis | Individual |
| Premium paying terms | Monthly, quarterly, half-yearly and yearly |
| Maturity benefits | Guaranteed Pension |
| Premium payment frequency | Monthly, quarterly, half-yearly and annually |
| Mode of Pension Payment | ECS/NEFT only |
| Pension payment frequency | Monthly, quarterly, half-yearly and annually |
| Free-look period | 15 days from purchased policy |
| Defaults | Fine up to RS. 500 |
| Policy coverage | Demise advantages and development benefits. |
Benefits Offered – LIC Varishtha Pension Bima Yojana
If you’re looking to retire in style, you’ll want to consider investing in the LIC Varishtha Pension Bima Yojana. This program offers a wide range of benefits, including lifelong pension contributions, health insurance, and more. So why wait? Check out the benefits offered and make sure you’re getting the most out of your retirement savings today.
Regular Assured Income For Life
When the price tag is paid, LIC begins paying out the annuity sum according to the picked mode right away. LIC has covered the greatest annuity sum at Rs.60,000 each year. These annuities will go on until the passing of the senior resident.
Return of Purchase Price on Death
On the demise of the senior resident, the Price tag is discounted to the family/companion/recipient. On the off chance that a credit was profited, the extraordinary interest and any neglected sum will be deducted from the price tag.
Guaranteed Assured Return
This benefits plan ensured a guaranteed return pace of 9% per annum. Taking into account the ongoing loan costs for fixed stores or bank accounts, the profits on your cash from LIC Varishtha Benefits Bima Yojana are a lot higher than these different choices.
Loan Benefit In Case of Urgent Capital Need
Policyholders can select a credit against the strategy following 3 years. The greatest measure of advance under LIC Varishtha Annuity Bima Yojana can be 75% of the price tag paid by you. LIC will recuperate the financing cost from each benefits portion.
Income Tax Benefit
Annual tax cuts can be profited on the price tag under Segment 80CCC of the Personal Assessment Act.
How Does the Plan Work?
For Instance, let us accept that Kamal purchases LIC Varishtha Annuity Benefits Bima Yojana for Rs. 5 lakhs at 60 years old. The purchasing sum will be Rs.5,15,450 including Rs.15,450 as duty. On the off chance that Kamal chooses a yearly payout, he will get a benefits of Rs.46,903 at 9.38% return for capital invested consistently.
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