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Varishtha Pension Bima Yojana 
Plan No. 828 
PRESENTED BY: - 
SUMEET PAWAR 
( INSURANCE ADVISOR) 
CONTAC TS: - 
(+91) 7738546484 
(+91) 9773757120
Features 
 Government of India in the Union Budget 2014-2015, 
announced the revival of Varishtha Pension Bima Yojana. 
Excerpts from budget speech by Honrable Finance Minister 
are, "NDA Government during its last term in office 
had introduced the Varishtha Pension Bima 
Yojana (VPBY) as a pension scheme for senior 
citizens. Under the scheme a total number of 3.16 
lakh annuitants are being benefited and corpus 
amounts to Rs.6,095 Crore. I propose to revive the 
scheme for a limited period from 15th August 2014 
to 14th August 2015 for the benefit of citizens aged 
60 years and above“ 
 LIC of India has been given the sole privilege to operate 
this scheme.
Benefit 
 Death Benefit: (deal with sudden financial crisis) 
On death of the Pensioner the Purchase Price shall be 
refunded.
Benefit 
 Vesting Benefit: (Pension) 
During the lifetime of Pensioner, a pension in the form of immediate 
annuity as per mode chosen by the Pensioner shall be payable.
Benefit Illustration 
Details Value 
Age 60 years 
Term Immediate Pension Plan 
Premium Paying Term Single 
Sum Assured Rs 6,66,665 
Premium Paid (incl. ST) for Single Prem. Rs 6,87,265 (Rs 6,66,665 + Rs 20,600) 
Pension for Month Rs 5,000 
On Death Rs 6,66,665
Eligibility Conditions & Other Restrictions 
Details Value 
Minimum Entry Age 60 years (completed) 
Maximum Entry Age No Limit 
Minimum Pension 
Rs 500 per month 
Rs 1,500 per quarter 
Rs 3,000 per half year 
Rs 6,000 per year 
Maximum Pension 
Rs 5,000 per month 
Rs 15,000 per quarter 
Rs 30,000 per half yearly 
Rs 60,000 per year 
Premium Payment Mode Single
Payment of Purchase Price 
 The plan can be purchased by payment of a lump 
sum Purchase Price. The pensioner has an option to 
choose either the amount of pension or the Purchase 
Price. 
 The minimum and maximum Purchase Price under 
different modes of pension will be as under: 
Mode of Pension Minimum Purchase Price Maximum Purchase Price 
Yearly Rs. 63,960/- Rs. 6,39,610/- 
Half-yearly Rs. 65,430/- Rs. 6,54,275/- 
Quarterly Rs. 66,170/- Rs. 6,61,690/- 
Monthly Rs. 66,665/- Rs. 6,66,665/-
Mode of Pension Payment 
 The modes of pension payment are monthly, 
quarterly, half-yearly & yearly. The pension payment 
shall be through ECS/NEFT only. 
 The first installment of pension shall be paid after 1 
year, 6 months, 3 months or 1 month from the date 
of purchase of the same depending on the mode of 
pension payment i.e. yearly, half-yearly, quarterly or 
monthly respectively.
Sample Premium Rates per Rs 1,000 
Purchase Price 
The pension rates for Rs.1000/- Purchase Price for different modes of pension 
payments are as below 
Pension Mode Pension Rates 
Yearly Rs. 93.8069 p.a. 
Half-yearly Rs. 91.7045 p.a. 
Quarterly Rs. 90.6767 p.a. 
Monthly Rs. 90.0000 p.a.
Surrender Value 
The policy can be surrendered aftercompletion of 15 
years. The Surrender Value payable will be refund of 
Purchase Price. However, under exceptional 
circumstances, if the pensioner requires money for 
the treatment of any critical/terminal illness of self 
or spouse then the policy can be surrendered before 
the completion of 15 years and the Surrender Value 
payable shall be 98% of Purchase Price.
Loan 
 Loan facility is available after completion of 3 policy 
years. The maximum loan that can be granted shall be 
75% of the Purchase Price. 
 The rate of interest to be charged for loan amount would 
be determined from time to time by the Corporation. 
 Loan interest will be recovered from pension amount 
payable under the policy. The Loan interest will accrue as 
per the frequency of pension payment under the policy 
and it will be due on the due date of pension. However, 
the loan outstanding shall be recovered from the claim 
proceeds at the time of exit.
Free-Look Period 
 If a policyholder is not satisfied with the "Terms and 
Conditions of the policy, he/she may return the 
policy to the Corporation within 15 days from the 
date of receipt of the policy stating the reason of 
objections. 
 The amount to be refunded within free look period 
shall be the Purchase Price deposited by the 
policyholder after deducting the charges for Stamp 
duty.
Claims Settlement Report of all Life 
Insurance Companies in India (IRDA Annual Report 2012-13)
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Varishtha pension bima yojana

  • 1. Varishtha Pension Bima Yojana Plan No. 828 PRESENTED BY: - SUMEET PAWAR ( INSURANCE ADVISOR) CONTAC TS: - (+91) 7738546484 (+91) 9773757120
  • 2. Features  Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana. Excerpts from budget speech by Honrable Finance Minister are, "NDA Government during its last term in office had introduced the Varishtha Pension Bima Yojana (VPBY) as a pension scheme for senior citizens. Under the scheme a total number of 3.16 lakh annuitants are being benefited and corpus amounts to Rs.6,095 Crore. I propose to revive the scheme for a limited period from 15th August 2014 to 14th August 2015 for the benefit of citizens aged 60 years and above“  LIC of India has been given the sole privilege to operate this scheme.
  • 3. Benefit  Death Benefit: (deal with sudden financial crisis) On death of the Pensioner the Purchase Price shall be refunded.
  • 4. Benefit  Vesting Benefit: (Pension) During the lifetime of Pensioner, a pension in the form of immediate annuity as per mode chosen by the Pensioner shall be payable.
  • 5. Benefit Illustration Details Value Age 60 years Term Immediate Pension Plan Premium Paying Term Single Sum Assured Rs 6,66,665 Premium Paid (incl. ST) for Single Prem. Rs 6,87,265 (Rs 6,66,665 + Rs 20,600) Pension for Month Rs 5,000 On Death Rs 6,66,665
  • 6. Eligibility Conditions & Other Restrictions Details Value Minimum Entry Age 60 years (completed) Maximum Entry Age No Limit Minimum Pension Rs 500 per month Rs 1,500 per quarter Rs 3,000 per half year Rs 6,000 per year Maximum Pension Rs 5,000 per month Rs 15,000 per quarter Rs 30,000 per half yearly Rs 60,000 per year Premium Payment Mode Single
  • 7. Payment of Purchase Price  The plan can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price.  The minimum and maximum Purchase Price under different modes of pension will be as under: Mode of Pension Minimum Purchase Price Maximum Purchase Price Yearly Rs. 63,960/- Rs. 6,39,610/- Half-yearly Rs. 65,430/- Rs. 6,54,275/- Quarterly Rs. 66,170/- Rs. 6,61,690/- Monthly Rs. 66,665/- Rs. 6,66,665/-
  • 8. Mode of Pension Payment  The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through ECS/NEFT only.  The first installment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
  • 9. Sample Premium Rates per Rs 1,000 Purchase Price The pension rates for Rs.1000/- Purchase Price for different modes of pension payments are as below Pension Mode Pension Rates Yearly Rs. 93.8069 p.a. Half-yearly Rs. 91.7045 p.a. Quarterly Rs. 90.6767 p.a. Monthly Rs. 90.0000 p.a.
  • 10. Surrender Value The policy can be surrendered aftercompletion of 15 years. The Surrender Value payable will be refund of Purchase Price. However, under exceptional circumstances, if the pensioner requires money for the treatment of any critical/terminal illness of self or spouse then the policy can be surrendered before the completion of 15 years and the Surrender Value payable shall be 98% of Purchase Price.
  • 11. Loan  Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.  The rate of interest to be charged for loan amount would be determined from time to time by the Corporation.  Loan interest will be recovered from pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding shall be recovered from the claim proceeds at the time of exit.
  • 12. Free-Look Period  If a policyholder is not satisfied with the "Terms and Conditions of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections.  The amount to be refunded within free look period shall be the Purchase Price deposited by the policyholder after deducting the charges for Stamp duty.
  • 13. Claims Settlement Report of all Life Insurance Companies in India (IRDA Annual Report 2012-13)
  • 14. Get More FREE Insurance Advice