Varishtha Pension Bima Yojana

Varishtha Pension Bima Yojana (Plan no. 828, UIN-512G291V01) For Limited period -15th August 2014 TO 14th August 2015. This plan is available for the citizens aged 60 years (last birthday) and above. This scheme provides an assured gross return of 9%p.a.payable monthly on Purchase price excluding service tax. Benefits Benefits a. Pension payable- a. Pension payablePension in the form of immediate annuity as per the mode chosen during the life time of the Pensioner b. Death Benefit b. Death Benefit The purchase Price shall be refunded to the nominee/legal heir Loan Facility available after completion of 3 policy years & Maximum loan 75% of the Purchase Price. Surrender value Surrender value a. After completion of 15 years, Policy can be surr a endered & the surrender value is the refund of purchase price. b. Under only exceptional circumstances, like money b required for treatment or any critical/ terminal illness of self/spouse, it can be surrendered before 15 years & surrender value is 98% of the Purchase price. No assignment allowed under this plan. Eligibility Conditions & requirements Eligibility Conditions & requirements Plan available from age 60 years (last birthday) onwards Mode of pension payment– Mode of pension payment Yearly, Half-yearly, Quarterly & Monthly (payment will be only through ECS/NEFT) Mode of Pension Mode of Pension Minimum Minimum Minimum Maximum Maximum Maximum Monthly Monthly Rs.500 per month Rs.5,000 per month Quarterly Quarterly Rs.1,500 per quarter Rs.15,000 per quarter Half yearly Half yearly Rs.3,000 per half year Rs.30,000 per half year Yearly Rs.6,000 per year Rs.60,000 per year Note: The ceiling of maximum pension is for a family as a whole. The first installment of pension shall be paid after 1 year, 6 months, 3months or 1 month from date of purchase of the same depending on the mode of pension payment. Pension rates Pension rates Pension rates are not age specific and the rate of pension for Rs.1000/- purchase price is given below. Yearly Rs.93.8069 per annum Half yearly Half yearly Rs.91.7045 per annum Quarterly Quarterly Rs.90.6767 per annum Monthly Monthly Rs.90.0000 per annum Purchase Price Purchase Price The plan can be purchased by payment of a lump sum Purchase price either based on the amount of pension or the purchase price. The minimum & Maximum Purchase price under different modes are given below. Mode of pension Mode of pension Minimum Purchase Minimum Purchase price Maximum Purchase price 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 The Purchase price rounded to nearest multiple of Rs.5/-. No rebate is available. Taxes including Service Tax, if any, shall be as per the Tax Laws and the rate of tax as applicable from time to time.