Insurance-Cum-Pension Plan for Senior Citizens

Insurance cum pension scheme for senior citizens has been relaunched by the Finance minister Arun Jaitley. The revived scheme is likely to come in action from August 15, 2014 to August 14, 2015, where the citizens of 60 years and above would receive monthly pension ranging between Rs 500 and Rs 5000. 

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

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

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

We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
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
Get Updates on WhatsApp
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

Finance ministry expressed his concern towards the senior citizens and informed how the scheme will provide financial security during their advancing years by ensuring regular income. He informed LIC will be in charge of the administration process where the Varishtha Pension Bima Yojana (VPBY) would target on benefiting the vulnerable section of the society with limited resource and monthly pension ranging from Rs 500 to Rs. 5000 to the senior citizens of the nation. Introduced in 2003-04 by NDA government, VPBY covered 3.83 lakh senior citizens. And, Rs 7100 crore was collected by LIC under the same.

Jaitely believes LIC would cover larger number of people. The pension will be applicable on insurance scheme purchased from next year. The minimum and maximum investment for the scheme is Rs. 66,665 and over Rs. 6.6 lakh respectively. If the insured dies, the purchase price will be refunded to the nominee.

Relaunch of this scheme is a justification to the fact that the government is committed towards the well-being and welfare of the senior citizens in the scenario of longevity in India which has increased substantially.

People Also Read: Best Retirement Plan

A corpus of more than Rs 10,000 crore is expected with the subscription of this scheme. This source would lead to resource mobilization for the progress of the country.

Arun Jaitely informed that the beneficiary receives the annual income at the rate of 9.38 % on their deposits when they are paid on monthly basis under the Varishtha Pension Bima Yojana. He added that this scheme would help the senior citizens to receive a fixed return for rest of their life even in this era of unpredictable interest rate.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:-

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Secure your Retirement today!
+ Standard T & C Apply*
Pension Calculator
Pension Calculator
How much do you need to save for retirement?
₹ 20,000
₹ 25,000
₹ 30,000
Monthly Expenses in 2023
Edit Done
Your expense go up every year by
Today 2023 Your expenses today in 2023, 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
NPS vs ULIP - Which One Is Better?

10 Oct 2023

NPS (National Pension System) and ULIP (Unit Linked Insurance
Read more
Best Mutual Funds for Retirement

21 Sep 2023

Planning for a secure and comfortable retirement is a financial
Read more
Mahila Samman Savings Certificate (MSSC)

04 Sep 2023

The Mahila Samman Savings Certificate (MSSC) or Mahila Samman
Read more
Single-Premium Pension Plan

28 Aug 2023

Single-Premium Pension Plan is a type of pension plan in which
Read more
Inflation Impact on Pension

12 Jul 2023

Inflation is an economic process that affects various aspects of
Read more
Sevarth Mahakosh
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
How to Unfreeze NPS Account?
Are you facing trouble accessing your NPS account and being unable to deposit your recurring subscription? Do not
Read more
NPS Calculator for Government Employees
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more
Post Office NPS Calculator 2023
National Pension System is a scheme launched by the Government of India that offers stability to all Indian
Read more
NPS Calculator 2023
An NPS Calculator is an online tool used to estimate the future value of contributions made under the National
Read more

Download the Policybazaar app
to manage all your insurance needs.