Benefits-varishtha-pension-bima-yojana-plan

Annuity payouts will be paid as per the frequency chosen immediately after the premium paid. LIC has provided an upper limit of Rs. 60,000 p.a. for the pension under the LIC Varishtha Pension Bima Yojana Regular assured income is received under the LIC Varishtha Pension Bima Yojana. Pensioners do not have to worry about whether they will receive a cheque or a demand draft as the amount is deposited in the policyholders account On death, the Purchase Price is refunded under LIC Varishtha Pension Bima Yojana. That means that the beneficiaries get back the amount that was used by the pensioner to take out the policy Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act LIC Varishtha Pension Bima Yojana is initiated by the government and thus stands on equal footing with other government pension schemes for reliability LIC Varishtha Pension Bima Yojana can be easily combined with other pension schemes such as PF, endowment policies, mutual funds, etc. to get a stable income per month You receive Rs. 5,000 per month for a single premium of Rs. 6,66,665 or an annual sum of Rs. 60,000 for a premium of Rs. Rs. 6,39,610 under LIC Varishtha Pension Bima Yojana. In practical terms, this means a return of 9% and above. Considering the current interest rates for fixed deposits or savings accounts, the returns on your money from LIC Varishtha Pension Bima Yojana is much higher than these other options