VARISHTHA
PENSION BIMA YOJANA
'VARISHTHA
PENSION BIMA YOJANA' is a Government subsidized scheme
announced for Indian Citizens aged 55 years and above, in
the Union Budget 2003-04. The scheme will provide an Annual
return of 9%.
- Pension
during the lifetime of the pensioner.
- In
the event of unfortunate demise of the pensioner, purchase
price will be returned to the nominee/legal heir of the
pensioner.
- Exit
option available after 15 years.
- Loan
facility available to the extent of 75% of purchase price
after 3 years.
Note: Therate of interest on loan is 10.5%. The interest
rate on loan would be decided by LIC from time to time.
- Minimum
& Maximum pension:
|
Mode
of Pension
|
Minimum
(Rs.)
|
Maximum
(Rs.)
|
|
Monthly
|
250/-
|
2,000/-
|
|
Quarterly
|
750/-
|
6,000/-
|
|
Half-Yearly
|
1,500/-
|
12,000/-
|
|
Yearly
|
3,000/-
|
24,000/-
|
- Premium:
Only Single Premium is payable.
|
Mode
of Pension
|
Minimum
Premium (Rs.)
|
Maximum
Premium (Rs.)
|
| Monthly |
33,335/-
|
2,66,665/-
|
| Quarterly |
33,085/-
|
2,64,675/-
|
| Half-Yearly |
32,715/-
|
2,61,710/-
|
| Yearly |
31,980/-
|
2,55,845/-
|
Benefit
Illustration: An Investment of Rs.1,00,000/- would give
pension of:
|
Mode
of Pension
|
Pension
(Rs.)
|
| Monthly |
750/-
|
| Quarterly |
2,267/-
|
| Half-Yearly |
4,585/-
|
| Yearly |
9,381/-
|
Annuity
Rates: The annuity rates for Rs.1,000/- purchase price
for different modes of annuity payments are given below:
| Yearly |
93.8069
p.a.
|
| Half-Yearly |
91.7045
p.a.
|
| Quarterly |
90.6767
p.a.
|
| Monthly |
90.0000
p.a.
|
Note:
These rates are not age specific.
|
