Government Launched Varishtha Pension Bima Yojana Closes This Week

The enrollment for government backed Varishtha Pension Bima Yojana scheme will close on Friday, August 14, 2015, as the scheme will be launched on August 15, 2014 during the Independence Day celebration. This pension scheme is directed towards the welfare of senior citizens aged 60 years and above, and Life Insurance Corporation (LIC) of India will manage it. The scheme will offer a 9.38% yield per annum in assured returns.

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It is a single lump sum premium scheme with a minimum deposit of Rs. 66,665 and a maximum limit of Rs. 6,66,665. Based on the one-time premium deposited, the scheme will offer a monthly pension between Rs. 500 and Rs. 5000. 

During the pensioner’s lifetime, the pension will be paid in the form of immediate annuity according to the chosen mode, i.e., monthly, quarterly, half yearly or annually. Upon the pensioner’s demise, the nominee will receive the purchase price. 

To avail the scheme, senior citizens need to submit valid documents including proposal form, age proof, identification proof, and medical certificates.

This pension scheme is launched in the purview of the increasing life expectancy that needs a robust insurance cover while successfully meeting the financial expenses of daily lifestyle.

According to Shaji M. Shankar, Senior Divisional Manager, Divisional Office, LIC, Thiruvananthapuram, “The importance of an annuity-based plan is critically important for meeting the financial demands of senior citizens who live up to 80 years and more. The lifecycle data for the last 50 years predicts that in the next 50 years, the average life expectancy will increase to 110 years from the current 70-80 years. Hence, we need a robust insurance cover to protect the life and savings of senior citizens above 60 years with this remarkable pension scheme.”    

Source: This news was published on August 9, 2015 in thehindubusinessline.com under the title: “Varishtha Pension Bima Yojana closes this week.”

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