Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana.

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Minimum Entry Age 60 years (completed)
Maximum Entry Age No limit
Minimum Pension: Rs. 500/- per month
Rs. 1,500/- per quarter
Rs. 3,000/- per half-year
Rs. 6,000/- per year
Maximum Pension: Rs. 5000/- per month
Rs. 15,000/- per quarter
Rs. 30,000/- per half-year
Rs. 60,000/- per year

Pension Payment: During the lifetime of Pensioner, a pension in the form of immediate annuity as per mode chosen by the Pensioner shall be payable.

Death Benefit: On death of the Pensioner the Purchase Price shall be refunded.

Please visit LIC website for more information on this insurance policy.