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Varishta Pension BIMA Yojana-828

Plan Number: 828

 Plan name: Varishta Pension BIMA Yojana

 Guaranteed Lifetime Pension Effective returns 9.38% p.a Available From 15/08/2014 to 14/08/2015 Details: This is an immediate Annuity plan,
which provides for immediate pension in consideration of lump sum amount. 

This is a Government subsidized scheme and will provide an effective yield of 9.38% p.a.

The pension payable is guaranteed for the 
life time with return of purchase price.
Pension Rates and Modes of Pension: Pension rates for different modes of pension are as below (for all ages)

 

   
MODE OF PENSION
   
FEATURES Monthly Quarterly Half yearly Yearly
Minimum Pension 500 1,500 3,000 6,000
Minimum Purchase Price 66,665 66,170 65,430 63,960
Maximum Pension 5000 15000

30,000

60,000
Maximum Purchase Price

6,66,665

6,61,690

6,54,275

6,39,610
Yeild 9.00% 9.07% 9.17% 9.38%
     

 

 BENEFITS: Pension will be paid during the life time of the pensioner.
Pension will be credited directly to the Bank Account of Pensioner. 
In event of death of the pensioner, purchase price will be paid to the nominee.

 ELIGIBILITY CONDITIONS : Age at Entry: Minimum 60 years lbd and above.

 

 Maximum ceiling will apply to all family members combined.

 

 Family will comprise Pensioner, his/her Spouse and dependents

 

  All Age Proofs will be accepted.

 

 Premiums should be paid by cheque/draft drawn on local clearing house member bank. Cash will not be accepted.

 

 Service Tax: Service tax is payable @3.09% of Purchase Price.

 

 Policy Loan: Allowed after 3 years up to 75% of purchase price. 
Loan interest will be recovered from the Pension and Loan amount will be recovered from claim payable.

 

 Surrender Value: Allowed after 15 years. Full purchase price will be paid. However,
in case of money required for treatment of critical illness of self/spouse,
surrender of policy may be allowed even earlier. Surrender value payable will be 98% of Purchase Price.

 

 

 

 

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