varishtha-pension-bima-yojana

Feature of the scheme:

  • Eligibility: It is a pension scheme for the benefit of citizens aged 60 years and above.  
    • Maximum Entry Age: No limit
  • Under the Scheme the subscribers on payment of a lump sum amount get pension at a guaranteed rate of 8% per annum (payable monthly)
  •  Any gap in the guaranteed return over the return generated by the LIC on the fund is compensated by the Government of India by way of subsidy payment in the scheme.  
  • The scheme allows withdrawals of deposit amount by the annuitant after 15 years of purchase of the policy.  The scheme is administered through LIC.