Aadhaar authentications hit new high in April, May. Aadhaar no longer mandatory for Odisha's portal for returnees. How to link PAN with Aadhaar. All rights reserved.
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It is a pure retirement plan which provides lifetime pension in the form of immediate annuity to the pensioner. An annuity is a series of payments made to an annuitant over regular intervals. This plan was revived by the Government of India in as the finance ministry clearly stated the popularity of this plan in the recent past. Since it for senior citizens, the minimum age of entry is 60 years and the mode of premium payment is single pay.
Post demonetization, banks were slashing interest rates on fixed deposits. For the purpose of guarding the interest of the senior citizens above 60 years of age against falling interest rates, Prime Minister Narendra Modi announced relaunching of this scheme with a guaranteed interest of 8 per cent for 10 years.
As mentioned before, this is an immediate annuity plan where you make a single premium payment and the annuity payout starts immediately. If you are 60 plus, you are eligible for this plan and there is no specific requirement of a medical checkup. If the policyholder is diagnosed with any terminal or critical illness, they can avail an option of Surrender Value.
You can select the payout as monthly, quarterly, semi-annually and annually. The frequency of payment will be 1 month 3 months 6 months 1 year from the date of receipt of premium. Quarterly Payout - Under the quarterly payout option, you will receive a payout every three months or four times in a year. Yearly Payout - This is an annual sum paid to the policyholder. The online mode of transfer has made it convenient for senior citizens. Post 15 years of investment, the policyholder can surrender the policy and they will be refunded the purchase price, which is the premium price they have paid at the time of policy purchase.
Post 3 years of the lock-in period, a policyholder can avail a loan against this policy. If you wish to withdraw from the policy, the entire premium amount will be paid back. The LIC Varishtha Bima Yojana Plan can be easily combined with other investment instruments such as mutual funds, provident fund, endowment policies, etc.
These returns are significantly higher than any other bank or savings account. Under this plan, the policyholder has an option to select the amount of pension or the purchase price. Listed below is the minimum and maximum Purchase Price. This policy comes with a single premium payment option, which has to be paid at the beginning. It is a pure annuity-based plan for senior citizens, and does not come with a life risk cover.
The pension amount depends upon how much is invested. One must also note that this is an immediate pension plan where the annuity starts immediately if you have already paid the premium. Additionally, you do not have to submit any medical report or certificate as this plan does not provide any health cover. Example, Mr. X has selected an annual mode of payout. The first step begins with an application or proposal form which has to be filled by the interested applicant.
The individual is required to fill in details regarding his or her medical history, address proof and KYC documents. In addition to this, the applicant is also required to submit Existence Certificate in the proforma of LIC. An immediate annuity plan under the LIC Varishtha Pension Bima Yojana plan is a guaranteed income plan where the annuitant receives regular income on a yearly, semi-annually, quarterly or monthly basis.
There are two kinds of annuities - immediate and deferred. An immediate annuity plan is where you will receive the annuity immediately post payment of premiums. A deferred annuity plan is where the annuity is paid after a limited period of time as selected by the annuitant. Best investment policies at lowest premiums. Top performing investment plans, better than mutual funds. Plans with zero commissions. Eligibility Conditions and other Restrictions. Payment of Pension Price.
Half-yearly Rs. Quarterly Rs. Monthly Rs. In case of policy surrender, you are required to submit the following documents. Discharge form Original policy document Proof of age. Proof of medical treatment of the pensioner or beneficiary if the policy is being surrendered within the lock-in period of 15 years.
For claiming death benefits, you are required to submit the following documents. Proof of death Proof of title Proof of age. What are the different types of annuity? Entry Age. Purchase Price. Annuity Payout. Payout Frequency. Annual Semi-Annual Monthly Quarterly. Minimum Entry Age. Maximum Entry Age.
Minimum Pension:. Maximum Pension.
Varishta Pension Bima Yojana
The authority has suggested to the Finance Ministry that a comprehensive social security scheme can be explored for people having low income, according to PFRDA Chairman Supratim Bandyopadhyay. Subscribers who do not have Aadhaar numbers will have to submit an application to get enrolled by 31 December. While there are several social security schemes available, they largely remain out of reach due to lack of awareness, unavailability of official documents. Varishtha Pension Bima Yojana is proposed to be open for subscription for a period of one year from the date of launch, the statement said. The scheme, similar to the Varishtha Pension Bima Yojana, is an immediate annuity plan and will be open for subscription for a period of one year from the date of launch. As part of the special drive, 50 camps, including one each in state capitals, will be organised between September 27 and October 17, official sources said. The top court was annoyed after it was informed that several states have not complied with its direction of January 11 in which it had directed starting the registration process from February.
VARISHTHA PENSION BIMA YOJANA
Post demonetisation banks are slashing interest rate on fixed deposits. Therefore, to guard the interest of the senior citizens above 60 years of age in case of falling interest rates, PM Modi announced this scheme with a guaranteed interest of 8 per cent for 10 years. If there is a shortfall between LIC generated return and the guaranteed 8 per cent return, it would be borne by the government. The subscriber will have the option to opt for a pension on a monthly, quarterly, half yearly and annual basis. The scheme will remain open for subscription for one year from the date of launch.