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Varishtha Pension Bima Yojana,vpby scheme

Varishtha Pension Bima Yojana

Varishth Nagariko ke liye Fixed Deposit Scheme

The Varishth Pension Bima Yojana 2017 (VPBY) is a scheme declared by Prime Minister Narendra Modi. This scheme was approved by Union cabinet for providing 8% returns for senior citizens. This pension scheme was introduced for people of 60 years and above. The Varishth Pension Bima Yojana 2017 has been started to offer fixed pension scheme for senior citizens for every month. To apply for the pension scheme under this plan, you need to make a huge sum of investment in this plan. When you invest it, you continue to get a pension for a stipulated time period of the plan. The pension amount will be determined as per the fixed interest rate for this scheme.

Existing Varishth Pension Bima Yojana – Overview

Varishth Pension Bima Yojana 2017 is a newly introduced senior citizen pension scheme as supported by government and included by LIC. The pension plan offers annuity payouts such as Immediate Annuity plan for senior citizens. The scheme was implemented previously by Arun Jaitley and this plan has been revived for 1 year from 15th August 2014 to 14th August 2015. Moreover, this pension scheme for senior citizens is available for people above 60 years of age. About 3.16 lakh policies of Varishth Pension Bima Yojana 2017 has sold out of amount Rs. 6095 crore which reflects its familiarity among senior citizens. This plan provides a return of 9.3% per annum. This cover will be applicable for 15 years.

The term insurance has been connected with this scheme but in reality, it is like an insurance policy. The specialty of Varishth Pension Bima Yojana 2017 launched by Prime Minister is that it is different from Bank Fixed deposit as there is a provision of higher interest than bank interest. Through this current insurance plan, provision of a minimum of 8% and a maximum of 10% will be made.

Features Of Varishth Pension Bima Yojana

  • The Varishth Pension Bima Yojana 2017 was opened on 15th August 2014 to 14th August 205
  • Minimum age needed to apply for this scheme is 60 years
  • Pension amount of Rs. 500 to Rs. 5000 will be paid in single premium depending upon certain criteria.
  • One can exit from this scheme after 15 years
  • The single premium amount payable between Rs. 66665 to Rs. 666665
  • Assured return of 9% per annum, that is payable per month. Annualized yield estimated to be 9.38%. This pension will be payable for the individual lifetime.
  • The nominee will get back the invested amount in case of pension death.

Important Points About Varishth Pension Bima Yojana 2017

Varishth Pension Bima Yojana

  • The Varishth Pension Bima Yojana 2017 has been implemented during the current financial year via LIC (Life Insurance Corporation of India).
  • It aims to offer income protection for senior citizens of 60 years of age and older than that.
  • The major objective of Varishth Pension Bima Yojana 2017 is to offer a guaranteed pension for the senior citizens with the assured rate of interest that is 8 to 10 percent.
  • Through this scheme, a senior citizen can choose a pension either monthly, half-yearly, quarterly or yearly basis.
  • This step has been conducted under the Financial Inclusion Program and Government Social Security. As per the official statement, the Union Cabinet has sanctioned retrospectively to begin senior pension insurance scheme 2017.
  • Senior pension insurance scheme 2017 will be given with the subscription time of one year. This period will be calculated for one year from the launch date.
  • The Prime Minister Narendra Mondi has declared during his speech on 31st December 2016 that it can be invested up to 7.5 lakh rupees. The financial planners are waiting to get more clarity on this.
  • Differential Returns – This government scheme will be provided with an assured return of 8%. LIC will invest the amount got under this scheme, if the return seems to be less than 8% on this investment, then it will compensate it on annual basis as a subsidy.
  • Moreover, in the statement provided by government’s senior pension insurance scheme 2017, it is not clarified regarding how much amount to invest in it.
  • The Varishth Pension Bima Yojana 2017 for senior citizens is considered to be the good investment option with regards to an interest rate of 8%. But, its pre-maturity withdrawal options are yet to be announced.The Varishth Pension Bima Yojana 2017 is a beneficial pension scheme announced by the central government, so there will be lesser risk associated with the investment made.

LIC Varishth Pension Bima Yojana 2017: Minimum and Maximum Premium Amounts

Under the Varishth Pension Bima Yojana 2017, the single premium amount differs depending upon how frequently the pension requirements to be paid. For example, if the pension scheme is paid on monthly basis then the premium will be more than that is being paid quarterly. This means the premium amount will be less for annual payments.

Mode of Pension Minimum Premium Amount Maximum Premium Amount
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

Varishth Pension Bima Yojana 2017: Sample Pension Rates

The sample pension rates for Varishth Pension Bima Yojana 2017 offer insightful information on how much pension the policyholder will get a payment through a certain amount. For the comfort of reference, Rs. 1000 is taken as premium paid under Varishth Pension Bima Yojana 2017.

Frequency Pension Rates
Yearly Rs. 93.8069 per annum
Half-Yearly Rs. 91. 7045 per annum
Quarterly Rs. 90. 6767 per annum
Monthly Rs. 90. 0000 per annum

By looking and viewing the plans & provisions of the scheme, Varishth Nagariko ke liye Fixed Deposit Scheme – Varishth Pension Bima Yojana 2017 is the better option for senior citizens investment according to the present scenario. Besides from this, due to the intervention of central government directly, the risk factor is non-existent. But it can be rightly said that it is the best gift from central government for the senior citizens of India and this plan will certainly benefit the future needs of senior citizens.

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