INTRODUCTION: It has been decided to re-launch LIC’s Varishtha Pension Bima Yojana Plan (Plan No.
828) with effect from 14th August, 2014. The Unique Identification Number (UIN) for LIC’s Varishtha
Pension Bima Yojana Plan is 512G291V01. This number has to be quoted in all relevant documents
furnished to the Policyholders and other users (public, distribution channels).
BENEFITS:
The benefits payable under this plan are as under:
a) Pension Payable :-
During the lifetime of the pensioner, a pension in the form of immediate annuity as per the mode
chosen by the Pensioner shall be payable.
b) Death Benefit:-
On death of the Pensioner the purchase Price shall be refunded to the to the nominee/legal heirs.
ELIGIBILITY CONDITIONS AND RESTRICTIONS:
1)Minimum Age at entry for Life Assured : 60 years (last birthday)
2)Maximum Age at entry for Life Assured : No Limit
3)Minimum Pension : Rs. 500 per month
: Rs. 1500 per quarter
: Rs. 3000 per half year
: Rs. 6000 per year
4) Minimum Pension : Rs. 5000 per month
: Rs. 15000 per quarter
: Rs. 30000 per half year
: Rs. 60000 per year
MODE OF Pension Payment:
The modes of pension payment allowable are Yearly, Half Yearly, Quarterly, and Monthly.
