LIC Varishtha Pension Bima Yojana 828 Calculator
Age: 60+ Years | Guaranteed Return: Approx. 9%
Loan: Up to 75% after 3 years | Death Benefit: Refund of Purchase Price
Results
| Annual Pension | |
| Estimated Purchase Price | |
| Maximum Loan (75%) | |
| Death Benefit | |
| Critical Illness Surrender (98%) | |
| Surrender After 15 Years |
LIC Varishtha Pension Bima Yojana 828
LIC Varishtha Pension Bima Yojana 828 was a government-supported pension scheme introduced specifically for senior citizens aged 60 years and above. The scheme provided a guaranteed lifelong pension through a one-time investment, helping retirees secure a stable and regular source of income during their retirement years.
Under this immediate annuity plan, the subscriber paid a single premium amount, and LIC paid pension at regular intervals for the lifetime of the pensioner.
Introduction to LIC Varishtha Pension Bima Yojana 828
The Government of India reintroduced Varishtha Pension Bima Yojana in 2014 to provide financial security to senior citizens. The scheme was administered exclusively through LIC and offered guaranteed pension benefits backed by the Government.
The scheme remained open for subscription from 15 August 2014 to 14 August 2015 and attracted many retirees seeking stable returns and assured income.
Launch and Withdrawal Dates
- Launch Date: 15 August 2014
- Withdrawal Date: 14 August 2015
This version of the scheme was available only during the specified subscription period.
Eligibility Criteria
- Minimum Entry Age: 60 years completed
- Maximum Entry Age: No upper age limit
- Premium Payment: Single premium only
- Medical Examination: Not required
The absence of medical requirements made the scheme easily accessible for senior citizens.
Key Features
Immediate Pension
Pension payments commenced immediately after the purchase of the policy and continued throughout the lifetime of the pensioner according to the selected payout frequency.
Pension Payment Modes
Policyholders could choose any of the following pension payment frequencies:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Pension Limits
The scheme offered pension amounts within specified limits depending on the payout mode.
- Monthly Pension: ₹500 to ₹5,000
- Quarterly Pension: Up to ₹15,000
- Half-Yearly Pension: Up to ₹30,000
- Yearly Pension: Up to ₹60,000
Guaranteed Return
The scheme provided an assured return of approximately 9% per annum, offering predictable income and protection from market fluctuations.
Return of Purchase Price
Upon the death of the pensioner, the original purchase price paid under the policy was returned to the nominee or legal heirs.
Loan Facility
After completion of three policy years, policyholders could avail loans up to 75% of the purchase price, subject to LIC's prevailing rules.
Lock-in Period
The policy carried a lock-in period of 15 years. Surrender during this period was generally permitted only in cases of terminal or critical illness, with 98% of the purchase price payable as surrender value. After completion of 15 years, the full purchase price became payable on surrender.
Free Look Period
A free look period of 15 days was available, allowing the policyholder to cancel the policy and receive a refund subject to applicable conditions.
LIC Varishtha Pension Bima Yojana 828 Calculator
The LIC Varishtha Pension Bima Yojana 828 Calculator helps estimate the pension amount payable based on the investment amount and selected payout option.
How the Calculator Works
Step 1: Enter Age
The applicant must be at least 60 years old to qualify for the scheme.
Step 2: Select Pension Mode
Choose the preferred pension frequency:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Step 3: Enter Purchase Price
Input the lump sum amount proposed for investment under the scheme.
Step 4: Calculate Pension
The calculator estimates the pension amount payable according to the selected purchase price and payout mode.
For example:
- An investment of approximately ₹6,65,665 could generate a monthly pension of around ₹5,000.
- An investment of approximately ₹63,960 could generate a yearly pension of around ₹6,000.
The pension payable under the scheme was directly linked to the purchase price and remained subject to the prescribed pension limits for each payout frequency.
Benefits of LIC Varishtha Pension Bima Yojana 828
Regular Income Support
The scheme provided a fixed pension at regular intervals, helping senior citizens meet their day-to-day financial needs with confidence.
Lifetime Pension
Pension payments continued throughout the lifetime of the pensioner, ensuring a dependable source of income during retirement.
Assured Returns
Since the scheme was administered by LIC under the Government of India, it offered guaranteed pension benefits without exposure to market fluctuations.
Easy Accessibility
The plan required no medical examination and involved a simple enrollment process, making it convenient for senior citizens.
Tax Advantages
The purchase price paid under the scheme qualified for tax benefits under Section 80CCC of the Income Tax Act, subject to prevailing tax rules.
Return of Purchase Price
Upon the death of the pensioner, the entire purchase price was returned to the nominee or legal heirs.
Loan Facility
Policyholders could avail loans against the policy after completing three years, providing access to funds when required.
Flexible Pension Options
The scheme allowed pensioners to choose a payout frequency according to their financial requirements and convenience.
Pension Payment Modes
| Mode | Minimum Pension | Maximum Pension |
|---|---|---|
| Monthly | ₹500 | ₹5,000 |
| Quarterly | ₹1,500 | ₹15,000 |
| Half-Yearly | ₹3,000 | ₹30,000 |
| Yearly | ₹6,000 | ₹60,000 |
The pension amount depended on the purchase price invested under the scheme and the selected payout frequency.
Pension Calculation Example
For example, if a senior citizen invested approximately ₹6,65,665 and selected the monthly pension option, the scheme could provide a pension of around ₹5,000 per month based on the guaranteed return structure.
Similarly, an investment of approximately ₹6,39,610 under the yearly payout option could generate an annual pension of around ₹60,000.
Such estimates can be calculated easily using a LIC Varishtha Pension Bima Yojana 828 Calculator available on insurance and pension planning platforms.
Important Note
The scheme was structured to provide a balance between capital safety and regular income. Investors seeking a modest pension could choose the minimum investment level, while larger investments enabled higher pension payouts within the prescribed limits.
Surrender and Loan Provisions
Surrender Before 15 Years
Premature surrender was generally permitted only in cases of critical or terminal illness. In such situations, 98% of the purchase price was refundable.
Surrender After 15 Years
After completion of the lock-in period, the policyholder could surrender the policy and receive the full purchase price.
Loan Facility
Loans were available after three policy years, up to 75% of the purchase price. Interest on the loan was generally recovered through deductions from pension payments.
Death Benefit and Nomination
In the event of the pensioner's death, the nominee or legal heirs received the full purchase price originally paid under the scheme, ensuring preservation of the invested capital.
How to Apply for LIC Varishtha Pension Bima Yojana 828
- Visit a LIC branch office or authorized LIC service center.
- Complete the application form for Plan No. 828.
- Submit age proof, identity proof, and other required documents.
- Pay the applicable single premium amount.
- Select the preferred pension payment frequency.
- Receive the policy document after successful processing.
- Pension payments commence according to the chosen payout mode.
Comparison with Other Retirement Options
| Feature | LIC Varishtha Pension Bima Yojana 828 | Bank Fixed Deposit | National Pension System (NPS) |
|---|---|---|---|
| Minimum Age | 60 Years | No Restriction | 18–60 Years |
| Income Type | Immediate Lifetime Pension | Interest Income | Market-Linked Retirement Corpus |
| Returns | Approximately 9% Guaranteed | Depends on Bank Rates | Market-Linked |
| Lock-in Period | 15 Years | Varies by Deposit | Generally Until Retirement |
| Loan Facility | Available After 3 Years | Available Against FD | Partial Withdrawal Facility |
| Tax Benefit | Eligible Under Section 80CCC | Interest Taxable | Eligible Under Applicable Tax Provisions |
| Return of Principal | Returned to Nominee on Death | Returned at Maturity | Depends on Withdrawal Rules |
LIC Varishtha Pension Bima Yojana 828 at a Glance
LIC Varishtha Pension Bima Yojana 828 was a government-supported pension scheme created specifically for senior citizens seeking a dependable source of retirement income. Backed by LIC and the Government of India, the plan offered guaranteed pension payments for life along with protection of the invested purchase price.
Frequently Asked Questions (FAQs)
What is LIC Varishtha Pension Bima Yojana 828?
LIC Varishtha Pension Bima Yojana 828 is an immediate annuity pension scheme designed for senior citizens. By making a one-time investment, policyholders receive a guaranteed pension throughout their lifetime.
Who can purchase this scheme?
Any Indian citizen aged 60 years or above was eligible to invest in the scheme. No medical examination was required for enrollment.
What are the age eligibility requirements?
The minimum entry age was 60 years, while there was no upper age limit, making the scheme accessible to all eligible senior citizens.
How is the pension amount determined?
The pension amount depends on the purchase price invested and the selected payout frequency. The scheme was structured to provide an assured return of approximately 9% per annum.
What payout options are available?
Policyholders could choose to receive pension payments on a monthly, quarterly, half-yearly, or yearly basis according to their financial needs.
Conclusion
LIC Varishtha Pension Bima Yojana 828 served as a reliable retirement solution for senior citizens by offering guaranteed lifelong pension benefits backed by the Government of India. With flexible payout modes, assured returns, return of purchase price to nominees, and protection from market volatility, the scheme provided long-term financial security. Existing and prospective investors could use the LIC Varishtha Pension Bima Yojana 828 Calculator to estimate pension income and better plan their retirement finances.
Note: All images and videos used on this website are sourced from Google or YouTube. If you have any issues regarding any image or video, please contact us via email through our official website.
If you find any problem with this post or wish to request its removal, please contact us through:
https://licpolicycalculator.in/contact-us
