Author Topic: Pension scheme for senior citizens  (Read 743 times)

Baljit NABHA

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Pension scheme for senior citizens
« on: July 01, 2015, 03:29:38 PM »
VARISTHA BIMA YOJANA FOR SENIOR CITIZENS
29/06
We have received a Write up from a friend in LIC about the new Pensions Scheme introduced for the senior citizens.
It is given below for the information of our viewers interested in the matter:


Varishta Pension Bima Yojana is an attractive pension scheme announced by the Govt.of India

for the welfare of the senior citizens of the country with LIC as the exclusive administrator.



Features:1.

One time Premium (Purchase price) &Immediate Annuity payable Yearly/Half yearly/Quarterly/Monthly.

2.Annuity starts as early as from the next month if the mode of annuity is monthly. Annuity amount is guaranteed throughout the life time.

3..Return of the purchase price (Amount invested) to the nominee/legal heirs on death of the pensioner.3.Pension payable by NEFT/ECS to pensionerís bank account directly.

4.Eligibility : 60 years & above (No upper limit)

5.Surrender allowed in exceptional circumstances like critical illness treatment. Surrender value will be 98% (within 15 years).After 15 years no surrender charges.

6.Loan facility available after 3 years. Maximum loan available 75% of the amount.

7.Minimum Single Premium starts from 66,665 and maximum Premium allowed is Rs 6,66,665.(Per family).Premium can be paid in multiples of Re1/-.

SCHEME CLOSES ON 14TH AUGUST,2015.

Annuity payable under different modes for a single premium for Rs 1 lac is

:Monthly :Rs 750

Quarterly: Rs 2267

Half yearly:Rs 4585

Yearly: 9380

For more details,Please contact :Sreekumar.V.K,Dy.Manager,LICDirect,Divisionaloffice,M.G.Road,Ernakulam.Phone : 0484 2374023 / 9497406532 / 98950 43632Email :dm.ernakulam@licindia.com.Website: www.licindia.in

 

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