VARISHTA PENSION BIMA YOJANA FOR SENIOR CITIZENS
This VPBY is a scheme for senior citizens who are of 60 years of age and above. This scheme is administered through Life Insurance Corporation of India (LIC). This scheme is designed in a way to protect our elders from future fall in income. This scheme provides them with an assured pension where they have to pay a premium sum at the beginning and they will receive an interest of 8% per annum for 10 years. Pension can be received every month or every 3 months or after 6 months or every year. The policy holder can choose from these options.this scheme provides them a lifetime pension in the form of immediate annuity. An annuity is a series of payments to an annuitant over regular intervals of time.
IMPORTANT FEATURES
Anyone above the age of 60 years is completely eligible for this scheme. They can apply for it either offline or online.
This is an immediate annuity plan where you make a lump one time payment in the beginning and you can get your regular annuity payout within a month or two.
In case the policyholder is diagnosed with a critical illness then he/she can ask for a surrender value where they can get 98% of the premium single payment they made.
This scheme provides you with various modes of payouts, where you can select it as monthly, quarterly, half yearly or annually. The payment count will be started from the date of receipt of premium amount.
The online mode of transaction has made it convenient for the senior citizen, where the payouts will be made in the form of National Electronic Fund Transfer (NEFT) or Electronic Clearing Services (ECS).
After the completion of 15 years, the policyholder can ask for a surrender value and will receive the premium amount that he/she paid in the beginning.
In case of the policyholder passing away before the completion of 15years then the full premium sum will be given to the nominee, but they cannot continue to get the pension.
The VPBY scheme comes with a free-look period of 15 days. In case you want to withdraw from the scheme you can receive a full refund before the mentioned 15 days.
After the completion of 3 years of lock-in period the policyholder can apply for a loan against the scheme, where he/she can get upto 75% of the premium amount. The rate of interest for the loan will be decided by the bank itself.
PRADHAN MANTRI VAYA VANDANA YOJANA
PMVVY is a pension scheme introduced by the Government of India for our senior citizens. Anyone above the age of 60years is eligible for this scheme. It is more or less the same as Varishta Pension Bima Yojana. This scheme was made available from 4th may 2017 to 31st may 2020, but now it has been extended till 31stmarch 2023. Get all your seniors notified about this.
IMPORTANT FEATURES
As said above, anyone above the age of 60years can apply for this scheme, no other proof of eligibility is required.
Like the VPBY scheme, here you should pay a lump sum of money in the beginning and you will be provided with your pension every month / 3months / 6months / year.
The interest rate for every year is 8% if you receive the payouts monthly. If you select the yearly mode, you’ll get an interest of 8.3%.
The total period of this scheme will be 10years. If the policyholder or their spouse is diagnosed with critical illness, they can ask for a surrender value, where they will get 98% of their initial amount.
As a worst case scenario, if the policy holder passes away during the scheme period then the premium sum will be returned to the nominee selected by the policyholder.
After the completion of 3 years of lock-in period the policyholder can apply for a loan against the scheme, where he/she can get upto 75% of the premium amount. The loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds .
The online mode of transaction has made it convenient for the senior citizen, where the payouts will be made in the form of National Electronic Fund Transfer (NEFT) or Electronic Clearing Services (ECS).
After the completion of 10 years of the scheme period, the policyholder will be returned with the whole premium amount.
These two schemes are the most profitable pension schemes existing right now for the senior citizens. Help your seniors to lead a happy life by applying them to one of these schemes. The pension from these schemes will be of great help for the seniors of our family.
Author: Team 60plus India
Keywords: money, income, pension, 60 years of age, surrender value, premium sum, loan.
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