Senior Pension Insurance Scheme 2020: LIC Varishtha Pension Bima Online Form, Benefits

Senior Pension Insurance Scheme 2020: LIC Varishtha Pension Bima Online Form, Benefits

Life insurance of India is a government insurance company in India. The LIC has often implemented various schemes of insurance. This is one of the biggest profits company of the government of India.

This company gave a huge dividend to the government. The government brings a very high amount of revenue from this company. The LIC is launching many schemes for the various people of India.

LIC has a scheme for senior citizens of India. The government company has a scheme for the young generation for their pension. LIC is also given the government insurance scheme.

If any person does not want to get the insurance of any private company, they can take government insurance and the safest company Life insurance corporation. Here, We will talk about one of the LIC scheme name Senior Pension Insurance Scheme 2020.

The government is now allowing all the citizens to get insurance from the government itself through the LIC scheme. But the new scheme is specially made for senior citizens as they are the ones to need the insurance the most. You can also refer to the Senior Pension Insurance Scheme as LIC Varishtha Pension Bima Yojana.

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If you are one of the people who are either relative of senior citizens or the senior citizen itself. Then the only thing that you will surely have to do is go through this article to the end. So that you will have a more clear idea of all the benefits that the senior citizens will get from this Senior Pension Insurance Scheme 2020.

Senior Pension Insurance Scheme 2020:

This scheme is also called LIC Varistha Pension Bima Yojana. Through this scheme, the applicant can get the full amount of pension on investment. To get the pension on investment, the person should have to pay the premium of the pension scheme.

However, the applicant can pay the premium monthly, yearly, half-yearly, or quarterly. The government will give a high percent interest on your investment. In this scheme, the life insurance corporation of India has set a 9.3% interest on your investment.

However, the LIC has also set the 15 years lock period in this scheme. That means, before the 15 years of the policy, the person can not get their investment back. However, the company has set the loan facilities in the investment.

Yet, the person can get their money back by stoping the investment. If any person wants to get the investment before 15 years, only 98% of their amount will get a return. The person can get a loan of almost 75% of their investment from the company.

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Benefits of the scheme:

  • with the help of the scheme, the applicant can get a pension on their investment.
  • The government will give the fixed 9.3% of the interest rate return under this scheme.
  •  To get the insurance pension scheme, the person should not have to do a medical checkup.
  • Under this scheme, the applicant should have to invest for 15 years of the policy. During the 15 years, if any person wants the money back, then they can get only 98% of their investment.
  • The company will allow the investor to take a loan on investment of up to 75%.
  • The person has to invest the amount through NEFT.
  • The company has set a lock period of 15 years. That means the person has to invest their money for 15 years.
  • When the pension is given to the applicant, the pension is directly paid to the bank account of the applicant.
  • In the case of a person’s death, the nominee will get the whole amount of investment.
  • The tax exemption is given to the person under the income act tax section 80 CCC.

eligibility criteria and required documents of the scheme:

As the life insurance corporation is a government insurance company, then the scheme of LIC has set the eligibility criteria of the scheme. If any person wanted to take the benefits and pension from the LIC government company, they have fit the scheme’s eligibility criteria.

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The LIC has published the eligibility criteria and the document that is required for the advantage of the shame. The person, before registering the scheme, should have to read the eligibility criteria.

We will give you the list of the documents’ criteria and name that the person has to submit to the company.

  • The person should permanent resident of India.
  • The age of the person should be more than 60 years.
  • The person has to submit the Aadhaar Card to the company
  • The details of the Ration card
  • Residence certificate of the person
  • Age certificate
  • Passport size photo of the person
  • permanent mobile number of the applicant.