Insurance is the subject matter of the solicitation. GD Kapur. Also, the scheme is open till Aug 2015 only. The enrollment for government backed Varishtha Pension Bima Yojana scheme will close on Friday, August 14, 2015, as the scheme will be launched on August 15, 2014 … The debt funds can be short term,long term,hybrid,dynamic,Fixed maturity plans, Monthly Income plans etc., I am a retired defence personnel who was working post retirement in corporate sector,but had to leave at 63yrs due to wife’s illness. The scheme is valid for only citizens above 60 years. Retirees who have taxable income: For retirees who are in taxable income brackets, better options would be debt mutual funds or tax-free bonds. The plan is only available for people above 60 years of age. This scheme offers a return of 9.3% per annum. The first installment starts after 1 month, 1 quarter, six months or 1 year after the premium is deposited with LIC. Hello, As these products provide liquidity to your investment. From what date I’ll get Rs 5000/– as pension. He is not associated with any Financial product / service provider. The Union Cabinet on Tuesday gave its post-facto approval for the launch of the Varishtha Pension Bima Yojana 2017. Varishtha Pension Bima Yojana 2020 – 8% Guaranteed Return. In fact. Also the pension received should be added as your income and is taxable. Again, not comparable. Someone who is seriously looking to invest the retirement money in Bank Fixed deposits may consider this plan. You may consider providing advice on multiple financial products. The plan will be open for subscription from 15-Aug-2014 to 14-Aug-2015. Continue reading latest post : ‘PMVVY (Pradhan Mantri Vaya Vandana Yojana 2017-2020) : Govt’s New Pension Scheme for Senior Citizens | Review.’, Sreekanth is the Man behind ReLakhs.com. The main financial goal for a retiree would be to get a stable income. F-4 & F-4/1, Rd No.22, Wagle Estate, Thane (West), Thane 400 604, Maharashtra, India. ===. * for a healthy 25-yr old Non-smoker Male for 25 years. Dear srikanth, This is a certificate that needs to be submitted periodically to prove that the pensioner is alive and so that the pension keeps coming. It will remain open for a period of one year from the date of launch. The interest is deducted from the pension payable. LIC Varishtha Pension Bima Yojana 2014-15 is a guaranteed scheme @9.38% till you die, which could even be for 30-40 years. However, if the pensioner or her/his spouse contracts a critical/terminal illness, she/he can choose to stop the scheme and take the invested amount back with a nominal one-time deduction of 2% of investment. According to Shaji M. Shankar, Senior Divisional Manager, Divisional Office, LIC, Thiruvananthapuram, “The importance of an annuity-based plan is critically important for meeting the financial demands of senior citizens who live up to 80 years and more. Can you suggest some pension scheme or other avenues where he can invest with low risk and fixed income. Interest accrues depending on the pension frequency. The Varishtha Pension BimaYojana was previously launched in July 2003 to introduce and offer pension cover to senior citizens above the age of 55, During this period, it was widely received by senior citizens as it sold over 3.16 lakh policies, amounting to around Rs 6,095 crore. But end of the day, it is your heard-earned money. Any Indian citizen who has crossed 60 years of age. Key Facts. If I want to invest 3times to meet maximum limit,or it allows me to invest one time only. Varishtha Pension Bima Yojana Details 2018-19 80C [Application Form, Eligibility Criteria] LIC . Dear RAVI Ji, The policy can be surrendered after completion of 15 years. Please reply. Kindly note that the pension payment will be made through ECS or NEFT only. 6.66 lakh? Regards 7,50,000/-LIC Varishtha Pension Bima Yojana 2019 Details. In our view, interest rates in the next 2-3 decades will be lower than this level, hence VPBY is a good deal. Generally how long it will take for LIC to Issue the bond? Deshpande – 2014 & 2004 are two different schemes. The main features are: Required Documents for Varishtha Pension Bima Yojana Plan: Premium:  The main target group for these kind of plans are lower income group and rural families. Whether both of you have adequate health cover? In the event of unfortunate demise of the pensioner (policyholder), the premiums paid (purchase price) will be returned to the nominee/legal heir of the pensioner. Monthly, Quarterly, Half-yearly, Yearly pension options are available. Corporate Office : PlatinumOne Insurance Broking Private Limited, Unit No. 5,000 per month) for a family (self, spouse and dependents). The scheme is administered through Life Insurance … Only the people who have the age of 60 years and above will be […] Which documents are required for this yojna. SHS Uday – This scheme does not come under Section 80c or Section80ccc, so no tax benefits are available. My daughter who is a banker has told me to quit immediately.I am in dilemma.Could you suggest some better option.I was thinking of joining non life insurance like Health insurance or as an aviation surveyor as I have aviation background of 40 yrs +.Pl advise. The login page will open in a new tab. & I’m an income tax payee My self and my wife both are senior sitize, can we both invest and get total pension of Rs 10000=00? VARISHTHA PENSION BIMA YOJANA (2003-04) Plan: When the scheme was launched in 2003, over 3 lakh people had purchased annuities generating a corpus of Rs 6,095 crore. i am a sr. ctzn. The main features of old plan were as below. 907, 9th Floor Lodha Supremus II, Plot No. Dear Neha, Jawans patrolling in key areas of J&K's Kishtwar, despite heavy snowfall, Kapil Sharma body-shames a social media user who trolled him, Relationship Pitfalls And How To Avoid Them, Bihar elections: PM Modi praises Nitish Kumar for 'sushasan', takes dig at Lalu Yadav, Interview with Table Tennis Champion Harmeet Desai, Miss Diva Universe 2019 Vartika Singh at Hyatt Regency Lucknow, 7 Skincare and beauty products that are worth giving a shot, Terms of Use and Grievance Redressal Policy. If you are a senior citizen (above 60 years) or have a parent who is >60 years of age, this article is for you. does the plan allow this…?? Not advisable to invest in a Pension scheme now. Latest Update (25-Nov-2017) : As per the recent Govt’s notification, an individual eligible for receiving the benefit under the VPBY Scheme is hereby required to furnish proof of possession of Aadhaar number. Date. what is the impact of I.T.on single premium premium u/r v.p.b.y .while making a payment to purchase a policy say 66666/- The difference between the return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis. After logging in you can close it and return to this page. LIC Varishtha Pension Bima Yojana is exclusively available for the senior citizens of the country, i.e. Do you have any other sources of income? The main aim of his blog is to "help investors take informed financial decisions." The assured return is 9% p.a. On Aug 15, 2014, the Govt. The Union Cabinet has given its ex-post facto approval for the Varishtha Pension Bima Yojana (VPBY) 2003 and Varistha Pension Bima Yojana (VPBY) 2014. Chakradhar – This plan is floated by the Govt. Usha – One can take multiple policies. Our answer is: Go right ahead and invest, if you are above 55 and can afford to lock in Rs. Available up to a maximum of the scheme pension limit (Rs.

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