Indian citizens aged 55 years and above were eligible. Jan 25, 2017 latest current affairs in april, 2020 about varishtha pension bima yojana. Press release regarding the varishtha pension bima yojana 2017 press information bureau government of india cabinet 24january2017 14. This pension yojana initiative is taken by government of india for the welfare of senior citizen of country. Jan 24, 2017 on signing up and during the tenure of lic varishtha pension bima yojana, the policyholder has to fill up an application form proposal form with accurate medical history along with the address proof and other kyc documents. Varishtha pension bima yojana 2020, senior pension insurance plan. Indian government has announced to relaunch the varishta pension bima yojana under budget 201415.
It is treated as best pension plan because returns quoted as more than 9%. During the lifetime as a pensioner, a pension will be paid monthly, quarterly, halfyearly or annually as opted by the policyholder. Above 60 years senior citizens can take the policy. Jan 30, 2017 the prime minister in his address to nation had promised a pension product for senior citizens which would offer 8% fixed interest for 10 years.
This is a good investment option in terms of an 8% interest rate. The topic provides information about varishta pension bima yojana, a scheme for the benefit of senior citizens aged 60 years and above. This is the perfect news for us that we can handle this plan through online because we all are busy with our life schedule where we need to save time for other activities. Lic senior citizen pension scheme invest in pradhan. Lic varishtha bima yojana is a single premium pension policy for senior. The old age pension scheme would be implemented by lic life insurance corporation of india for current financial year, however the launch of vpby 2017 has not been declared yet.
Sep 29, 2016 the union cabinet has given its expost facto approval for the varishtha pension bima yojana vpby 2003 and varistha pension bima yojana vpby 2014. Lic varishtha pension bima yojana is a pension plan released by life insurance corporation of india lic in association with government of india. Varishtha pension bima yojana is guaranteed pension plan for senior citizen. Lic varishtha pension bima yojana is a plan designed specifically for senior citizens. Varishtha pension bima yojana 2017 ias abhiyan ii ias. Mar 05, 2017 varishtha pension bima yojana 2017 is a guaranteed pension scheme by the government of india for senior citizens, aged 60 years and above. 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. Lic varishtha pension bima yojana in hindi lic varishtha pension bima yojana details lic varishtha pension bima yojana is a single premium immediate annuity plan for senior citizens.
This scheme was introduced by government from 15 th august 2014 14 th august 2015. Lic varishtha pension bima yojana features and benefits. Varishtha pension bima yojana vpby pdf, calculator. Let us see the features, benefits and who can invest. Varishtha pension lic scheme, mostly referred to a varishtha pension bima yojana of lic is in reality, a joint venture between life insurance corporation of india and government of india. Pension payable death benefit during the lifetime of the pensioner,a pension in the form of immediate annuity 9% tax free as per the mode chosen by the pensioner shall be payable. Lic varishtha pension bima yojana for senior citizens.
Life insurance corporation of india varishtha pension. Varishtha pension bima yojana vpby is one of the best schemes for senior citizens. Introduction on lic varishtha pension bima yojana plan. Lic varishtha pension bima yojana check lic pension plan.
The government of india recently approved the launch of lics varishtha pension bima yojana 2017 or vpby 2017 for financial year 201718. Lic varishtha pension bima yojana plan, benefits, premium mode. The government has revived the varishta pension bima yojana vpby scheme for the benefit of senior citizens aged 60 years and above. Lic varishtha pension bima yojana is a senior citizen pension scheme as advocated by the government and incorporated by lic. Lic varishtha pension bima yojana is a pension plan released by life insurance corporation of india. Cabinet approves varishtha pension bima yojana 2017 with guaranteed 8% return 24 jan, 2017, 10. This scheme will be available from 15 th aug, 2014 to 14 th aug, 2015. Varishtha pension bima yojana vpby started to provide a fixed pension to senior citizens every month. Life insurance corporation of india registration number. Latest current affairs in april, 2020 about varishtha pension bima yojana. The varishtha pension bima yojana vpby 2017, a scheme unannounced by the prime minster narendra modi on new year eve was approved by the cabinet on.
One time premium payment of rs 33,000 fetched a lifelong monthly pension of rs 250. Government of india in the union budget for the financial year 20142015, announced the revival of varishtha pension bima yojana vpby. Lic senior citizen pension scheme invest in pradhan mantri. The nda government during its last term in office had introduced the varishtha pension bima yojana vpby as a pension scheme for senior citizens. Lic varishtha pension bima yojana premium calculator. Varistha%20mediclaim%20for%20senior%20citizens%20policy. Is there income tax rebate under 80c for investment under lic.
The plan has been approved by his cabinet and is called varishtha pension bima yojana 2017. Varishtha pension bima yojana news and updates from the. Lic varishtha pension bima yojana 2019 maximum amount. Pradhan mantri varishtha bima yojana is online and trustworthy for us. Ashish purchases varishtha pension bima yojana policy with the sum assured of rs. Government of india in the union budget 20142015, announced the revival of lic varishtha pension bima yojana. Varishtha pension bima yojana vpby the varishtha pension bima yojana is actually a pension scheme for the retired and senior citizens of the country india. The senior pension insurance scheme is a special pension scheme offered by the central government, so the investment made in it carries less risk. Lic varishtha pension bima yojana features, benefits. The varishtha pension bima yojana vpby 2017, a scheme unannounced by the prime minster narendra modi on new year eve was approved by the cabinet on tuesday. Government of india is about to launch a pension plan called varishta pension bima yojana on 15th august 2014. A pensioner can purchase an lic varishtha pension bima yojana policy at the purchase price.
Life insurance corporation of india varishtha pension bima. The cabinet also granted approval for expenditure incurred on subsidy amount released to lic for the both schemes. Crisp news summaries and articles on current events about varishtha pension bima yojana for ibps, banking, upsc, civil services. Pradhan mantri varishtha pension bima yojana pradhan. Guide to lic varishtha pension bima yojana vpby 2017 with. The prime minister in his address to nation had promised a pension product for senior citizens which would offer 8% fixed interest for 10 years. The government of india had introduced lic varishtha pension bima yojana in 2014. An annuity is a series of payments made to an annuitant over regular intervals. Pm narendra modi has given a postfacto approval nod to varishtha pension bima yojana an insurance scheme which has been designed for the silver generation of india with one view protecting their financial security against market fluctuations.
This plan has been launched for the benefit of the senior citizen and will be available for a. The lic varishtha pension bima yojana pensioner must also submit existence certificates at specified time intervals. Maximum pension allow in this plan will be 5000 per month and minimum 500per month. Now the senior citizen will get more benefits under the pension scheme, because the cabinet has approved the varishtha pension bima yojana 2017 to provide a guaranteed minimum interest rate to senior citizens. Varishtha pension bima yojana is a guaranteed pension scheme by the government of india for the persons aging above sixty years 60 years. Sep 17, 2018 varishtha pension bima yojana senior citizen savings scheme in hindi. Lic varishtha pension bima yojana plan with example. It is a pure retirement plan which provides lifetime pension in the form of immediate annuity to the pensioner. Varishtha pension bima yojana senior citizen savings scheme in hindi.
This wiki will provide details on the history, the features and advantages of the pension scheme. Lic senior citizen scheme 201920 pension plans by lic. This plan has been launched for the benefit of the senior citizen and will be available for a limited period only. The scheme, similar to the varishtha pension bima yojana, is an. Aug 17, 2014 lic varishtha pension bima yojana for senior citizens. The union cabinet chaired by the prime minister shri narendra modi has given its postfacto approval for launching of varishtha pension bima yojana 2017 vpby 2017. Here you need to pay a fixed amount and you will get back a fixed pension amount. Jul 06, 2019 varishtha pension bima yojana details 201819 80c application form, eligibility criteria lic the development of senior citizens has always been a concern for the central government. Varishtha pension bima yojana eserve investment services. Varishtha pension bima yojana vpby to provide pension to.
We would also like to draw your kind attention to the information mentioned in the schedule of the policy and the benefits available under the policy. The union cabinet has given its expost facto approval for the varishtha pension bima yojana vpby 2003 and varistha pension bima yojana vpby 2014. Excerpts from budget speech by honrable finance minister are, nda government during its last term in office had introduced the varishtha pension bima yojana vpby as a pension scheme for senior. The life insurance corporation of indias varishtha pension bima yojana is a government subsidised scheme for indian citizens aged 55 years and above in the union budget 200304. Varishtha pension bima yojana senior citizens plan 828. All the policies offered under pradhan mantri bima yojana cover the different spectrum of life coverage and secure the life of the senior citizen after retirement. Good for low income earned weaker section people who would have got low retirement corpus. Varishtha pension bima yojana 2017 the old age pension. Central government has relaunched varishtha pension bima yojana administered by lic on this independence day 15 th august, 2014 for senior citizens. Also it will be implemented through life insurance corporation of india lic during the current financial year. We have pleasure to forward herewith the above policy document in respect of relaunched government scheme varishtha pension bima yojana, which please find in order. On january 24, 2017 the union cabinet has given its postfacto approval to launch varishtha pension bima yojana 2017 vpby 2017 which will be launched as part of governments commitment for financial inclusion and social security. Lic varishtha pension bima yojana is pension plan, which is helpful for the citizens aged 60 years and above. Suppose, if you are pensioner of this plan and you are taking advantage of this plan but unfortunately, if you died then we do not need to think about it because according to this plan government will refund our all money to nominee without any question.
This video shows the varishtha pension bima yojana plans description. The scheme is being administered through life insurance corporation of india lic and will remain open for a period of one year from 15 th august, 2014 to 14 th august, 2015. During 2003, the bjp government designed and developed a new scheme that aimed at offering a monthly pension to the senior citizens. Varishtha pension bima yojana provides 9% assured returns which are payable per month by way of pension. Aug 22, 2014 this video shows the varishtha pension bima yojana plans description.
Jan 25, 2017 pension plan from central government, hence zero risk investment option. An annuity like lic varishtha pension bima yojana provides a regular income, whether yearly, halfyearly, quarterly or annually to take care of living expenses. Lic varishtha pension bima yojana maximum and minimum premium amounts. A lump sum payment is required to purchase the lic policy.
Is there income tax rebate under 80c for investment under. Guide to lic varishtha pension bima yojana vpby 2017. Lic varishtha pension bima yojana premium calculator maturity return benefits lic varishtha pension bima yojana plan is launched for senior citizens in which any senior citizens deposit single premium and after that take benfit of pension. Government of india in the union budget 20142015, announced the revival of varishtha pension bima yojana.
Apr 01, 2016 introduction on lic varishtha pension bima yojana plan. Apr 01, 2016 lic varishtha pension bima yojana agent commission 0. Varishtha pension bima yojana 2017 vpby introduced for 60 years old people on 1st april 2017 by pm narendra modi in collaboration of lic. Lic senior citizen pension scheme simply includes all the benefits that are required to. We just need to login details that we will get from our.
Oct 25, 2017 on january 24, 2017 the union cabinet has given its postfacto approval to launch varishtha pension bima yojana 2017 vpby 2017 which will be launched as part of governments commitment for financial inclusion and social security. Prime minister narendra modi addressed the launch of old age pension scheme on new year eve 2017 and now the scheme got the approval from. This pension scheme is for the people of 60 years or above. Varishtha pension bima yojana 2017 8% guaranteed return. Varishtha pension bima yojana 2017 the old age pension scheme. Varishtha pension bima yojana vpby to provide pension to senior. Aug 12, 2019 varishtha pension bima yojana 200304 plan. Mar 14, 2019 varishtha pension bima yojana vpby the varishtha pension bima yojana is actually a pension scheme for the retired and senior citizens of the country india. When the scheme was launched in 2003, over 3 lakh people had purchased annuities generating a corpus of rs 6,095 crore. Pension plan from central government, hence zero risk investment option.
Sep 03, 2016 varishtha pension bima yojana is guaranteed pension plan for senior citizen. Varishtha pension bima yojana details 201819 80c application form, eligibility criteria lic the development of senior citizens has always been a concern for the central government. Jan 31, 2017 features of varishtha pension bima yojana 2017. Varishtha pension bima yojana vpby 2017 with 8% guaranteed.
Varishtha pension bima yojana vpby eligibility, benefits, tax. Nov 16, 2018 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. Lic senior citizen pension scheme simply includes all the benefits that are required to secure the financial future of an individual after retirement. Excerpts from budget speech by honrable finance minister are, nda government during its last term in office had introduced the varishtha pension bima yojana vpby as a pension scheme for senior citizens. Licvarishta pension bima yojana vpby scheme details. For instance, if the pension has to be paid on a monthly basis, then the premium is more than when it has to be paid quarterly. Under the lic varishtha pension bima yojana plan, the amount of the single premium varies depending on how frequently the pension needs to be paid. It is a part of governments commitment for financial inclusion and social security. Their expertise would help in the smooth running of the plan. Its a pension plan introduced by government of india in association with lic of india. Pradhan mantri varishtha bima yojana yojanaw 21042016 now, it is time of senior citizen of our country to become their future secure via pradhan mantra varishtha bima yojana, which is more exciting, and leisure plan from government side.
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