LIC Varishtha Pension Bima Yojana 2025 is a valuable pension scheme offered by the Life Insurance Corporation of India (LIC) for senior citizens. This scheme lets you receive a lifetime pension by paying a one-time premium. You can pay the premium monthly, quarterly, half-yearly, or yearly. LIC has fixed the return rate at 9.3% under this scheme. If you’re looking for secure financial support after retirement, this scheme could be very useful for you.
Overview of LIC Varishtha Pension Bima Yojana
This pension scheme is started for senior citizens in India by LIC. After purchasing the scheme with a lump sum amount (premium), you’ll get monthly or periodic pension payments throughout your life. The policy has a 15-day lock-in period. If you aren’t satisfied with the scheme within 15 days of purchase, you can return it and get your money back.
Loan Facility in Varishtha Pension Bima Yojana
If you need money urgently, you can take a loan up to 75% of your invested amount after keeping the policy for 3 years. The interest rates for these loans are decided separately by LIC.
Policy Surrender
This pension policy is valid for 15 years. If you keep the policy for the full 15 years without withdrawing money, you’ll get the full purchase price back. If you want to withdraw money before 15 years, you’ll get 98% of the purchase price.
Main Details of LIC Varishtha Pension Bima Yojana 2025
| Scheme Name | Varishtha Pension Bima Yojana |
| Launched By | Government of India |
| Beneficiaries | Senior Citizens of India |
| Objective | Provide Regular Pension |
| Official Website | https://www.licindia.in/Home |
| Year | 2025 |
Purpose of LIC Varishtha Pension Scheme
The main goal of this scheme is to support senior citizens by giving them a regular pension. It helps improve their financial independence, letting them live with dignity and comfort in later life.
How LIC Varishtha Pension Bima Yojana Works?
- To purchase this scheme, you pay a one-time premium.
- You can receive pension monthly, quarterly, half-yearly, or yearly.
- If you pass away, your family members can continue to receive pension benefits.
- The scheme has minimum and maximum limits for premium and pension amounts.
- If you die, the purchase price will be returned to your nominee.
- After 3 years, you can take a loan on the policy up to 75% of the investment.
- You need to pay interest on the loan.
- If you want to exit the scheme before the term ends, outstanding loans must be cleared first.
Purchase Price Limits
| Pension Frequency | Minimum Purchase Price | Maximum Purchase Price |
|---|---|---|
| Monthly | ₹63,960 | ₹6,39,610 |
| Quarterly | ₹65,430 | ₹6,54,275 |
| Half-Yearly | ₹66,170 | ₹6,61,690 |
| Yearly | ₹66,665 | ₹6,66,665 |
Pension Amounts Provided
| Period | Amount | |
|---|---|---|
| Minimum Pension | Monthly | ₹500 |
| Quarterly | ₹1500 | |
| Half-Yearly | ₹3000 | |
| Yearly | ₹6000 | |
| Maximum Pension | Monthly | ₹5000 |
| Quarterly | ₹15000 | |
| Half-Yearly | ₹30000 | |
| Yearly | ₹60000 |
Important Facts About LIC Varishtha Pension Scheme
- You pay a lump sum amount to buy the scheme based on what you feel comfortable with and your financial capacity.
- Pension payments start one month, three months, six months, or one year after buying the policy depending on your payment mode.
- The policy benefits your husband, wife, or dependent family members.
- Up to 75% of your premium amount can be taken as a loan after the policy completes 3 years, with applicable interest.
- If you die, the purchase price will be returned to your nominee.
- You can surrender the policy after 15 years to get back your full purchase price. If surrendered earlier, you’ll get 98% back.
- There’s a 15-day free look period for you to review the policy and return it if you’re not satisfied.
- The minimum age to apply is 60 years with no upper age limit.
Rules and Conditions
- You can return the policy during the free look period and get your purchase price back after deducting stamp duty.
- You must provide nominee details when buying the policy.
- Giving false information can lead to policy cancellation.
- Terms may change from time to time.
- Claims are paid at the LIC office servicing the policy but can be changed by LIC.
- Claim forms should be submitted with original documents, NEFT details, and death proof if needed.
- You must submit proof of your existence regularly for pension payments.
- Loans can be taken after three years, up to 75% of the premium amount.
- On surrender after 15 years, the full purchase price is paid; if surrendered earlier, 98% is returned.
Benefits of LIC Varishtha Pension Bima Yojana 2025
- Regular pension income for senior citizens to support daily life.
- An interest rate of 9.3% gives you good returns on your invested amount.
- No medical checkup is needed to apply for the scheme.
- 15-year investment term with the option to withdraw earlier with 98% refund.
- Loan facility available up to 75% after 3 years.
- Easy premium payment through ECS or NEFT.
- 15-day lock-in period for policy review.
- Pension is directly credited to your bank account.
- Nominees get the purchase price if you pass away.
- Tax benefits under Section 80CCC of the Income Tax Act.
Minimum and Maximum Premiums
| Pension Frequency | Minimum Premium | Maximum Premium |
|---|---|---|
| Yearly | ₹63,960 | ₹6,39,610 |
| Half-Yearly | ₹65,430 | ₹6,54,275 |
| Quarterly | ₹66,170 | ₹6,61,690 |
| Monthly | ₹66,665 | ₹6,66,665 |
Eligibility and Important Documents
- You must be a permanent resident of India.
- You should be at least 60 years old.
- Documents needed: Aadhaar Card, Ration Card, Residence Proof, Age Proof, Passport Size Photograph, Mobile Number.
How to Apply for the Varishtha Pension Bima Yojana
- Visit your nearest LIC office.
- Get the application form for the scheme.
- Fill out the form carefully with correct details.
- Attach all required documents.
- Submit the form and documents at the LIC office.
- Pay the premium amount at the time of submission.
Customer Complaint Redressal System
- LIC appoints complaint officers at branch, regional, and central offices to solve issues.
- There’s a customer-friendly online complaint management system on the LIC website where you can file and track complaints.
- You can also write to co_crmgrv@licindia.com for help.
- If you disagree with claim rejection, you can go to the Regional or Central Dispute Resolution Committees.
- The Insurance Ombudsman assigned by the government can also help with your complaints.
Contact Information
If you still have questions about LIC Varishtha Pension Bima Yojana 2025, you can call the LIC helpline at 022 6827 6827 for support.