1. Lic Varishtha Pension Bima Yojana 80C
Pension Scheme for Senior Citizens

2. What is Varistha Pension Yojana
It is a senior citizen pension scheme
This scheme is launched by government of India and incorporated by LIC in again
This scheme is offered a return of 9.3% Per annum
People also take loan against their policy after 3 years of policy period.
No Medical Check-Ups Need for this LIC Scheme

3. Bima Benefits & Features
LIC Varishata Bima Yojana first introduced by NDA Government
This Pension Scheme is only for 60 years old or above
Policyholder only needs to pay 2% load charges when exit
Policyholder can choose various mode of payment for premium as 1 month, 3 month, 6 month, 1 year
Early availability of surrender value if any critical cases and illness happens
This plan gives the option of receiving pension monthly , quarterly, half-yearly and yearly.

4. Bima Benefits & Features
Policyholder can surrender his or her policy after 15 years of policy
It has also tax benefits as under section 80C
It has cancellation facility too with in 15 days of receipt of documents if does not satisfy with the condition and term of the policy.
It can be Easily combined with other pension scheme like PF, mutual funds, endowment policy etc.
On death the beneficiaries will get back the amount that was used by the pensioner to take out the policy

5. Documents Required on Tenure
Need to fill an application form
Address Proof
Passport/ Voter's Identity Card/ Driving License/ Aadhaar Letter/Card/ NREGA Card/ PAN Card
Need to submit existence certificates at specified time of intervals

6. Documents Required on Surrender
Need to submit original policy document
Policy discharge Form
Proof of medical Treatment
Age Proof

7. On Payment of Death Benefits
Original Policy Document
Claiming Form
Necessary bank details
Death proof
Age Proof

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