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.

Read more
Best Pension Options
  • Get Tax Free Pension For Life

  • Flexibility to withdraw fund value any time

  • Guaranteed Tax Savings

    Under Sec 80 C & 10(10D)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best returns & make the most of your Golden years

View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

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 under the title: “Varishtha Pension Bima Yojana closes this week.”

Helpful Resources : Types of Annuity | Annuity Formula

Best Endowment Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Retirement Plans
Monthly Pension Plans
Higher Returns Than Fixed Deposit
Retirement Calculator
Retirement Calculator
How much do you need to save for retirement?
₹ 20,000
₹ 25,000
₹ 30,000
Monthly Expenses in 2022
Edit Done
Your expense go up every year by
Today 2022 Your expenses today in 2022, at the age of 34 Yrs
Your expenses in 2043, at the age of 55 Yrs
For a monthly pension of ₹77,300
you need to invest
Calculated as per past performance of 15%
View Plan Recalculate?

Pension plans articles

Recent Articles
Popular Articles
18 से 40 वर्ष पेंशन योजना

23 Jun 2022

दोस्तों जैसा की हम जानते...
Read more
Best Pension Plans in Hindi - पेंशन योजनाएं

21 Jun 2022

पेंशन प्लान्स को...
Read more
Retirement के बाद 50000 रुपये मासिक पेंशन कैसे प्राप्त करें!

21 Jun 2022

हर व्यक्ति रिटायरमेंट...
Read more
अटल पेंशन योजना क्या है ?

17 Jun 2022

अटल पेंशन योजना भारत...
Read more
How to Get a 50K Pension Per Month?

15 Jun 2022

Retirement planning should form an essential part of your...
Read more
National Pension Scheme (NPS) – Govt Approved Pension Scheme
National Pension Scheme (NPS) is an investment cum pension plan launched by the Indian Government. This scheme is...
Read more
NPS Calculator - National Pension Scheme Calculator Online
National Pension Scheme Calculator is an online tool, which allows the individual to calculate the estimated...
Read more
Post Office NPS Calculator 2022
National Pension System is a scheme launched by the Government of India that offers stability to all Indian...
Read more
Top Pension Plans in India
Pension plans are one of the most sought-after investment options that have gained huge popularity over the...
Read more
LIC Senior Citizen Pension Scheme
Post demonetization the banks are cutting down the interest rates on fixed deposits. Hence, to safeguard the...
Read more
Download the Policybazaar app
to manage all your insurance needs.