Disadvantages of Varishtha Pension Bima Yojana
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Disadvantages of Varishtha Pension Bima Yojana NDA Govt in 2003-04 has launched a Pension Bima Yojana .The name of the Pension Bima Yojana was Varishtha Pension Bima Yojana . But due to some reason it was discontinued .Now in PM Modi Government Finance Minister Arun Jaitley on Tuesday 19 May 2015 has one again relaunched this Scheme. This scheme is for Limited period. Starting from 15 August 2014 to 15 August 2015.In this Scheme any Indian Citizen whose age is 60 years or above can get enrolled in this Pension Yojanas .By paying a premium which start from Rs 66,665 to Rs 6, 66,665 you would be getting a pension which will vary from Rs 500 /- to Rs 5000/- depending upon the contribution made by you. The pension amount would be transferred directly into your bank account .It is Sponsored by Government and Managed by LIC . Now I will discuss what are the disadvantages of this Pension Scheme which is owned by LIC.
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Transcript of Disadvantages of Varishtha Pension Bima Yojana
Disadvantages of Varishtha Pension Bima Yojana
NDA Govt in 2003-04 has launched a Pension Bima Yojana .The name of the Pension Bima Yojana was Varishtha Pension Bima Yojana. But due to some reason it was discontinued .Now in PM Modi Government Finance Minister Arun Jaitley on Tuesday 19 May 2015 has one again relaunched this Scheme. This scheme is for Limited period. Starting from 15 August 2014 to 15 August 2015.In this Scheme any Indian Citizen whose age is 60 years or above can get enrolled in this Pension Yojanas.By paying a premium which start from Rs 66,665 to Rs 6, 66,665 you would be getting a pension which will vary from Rs 500 /- to Rs 5000/- depending upon the contribution made by you. The pension amount would be transferred directly into your bank account .It is Sponsored by Government and Managed by LIC. Now I will discuss what are the disadvantages of this Pension Scheme which is owned by LIC.
Disadvantages of Varishtha Pension Bima Yojana
1) If you are an investor who is concern about inflation than this Pension Yojana is not for you because in this you would be getting a fixed regular Pension.
2) If you are an investor who thinks that he/she needs cash before 75 Years age then it is not for you. You can only withdrawal cash only in case of Medical emergency.
3) If you are an investor who knows how to manage your retirement corpus amount then this Pension Bima Yojana is not for you.
4) If you are an investor who cannot manage his/her expanses below Rs 5000/- then this pension Bima Yojana is not for you.
5) In this Pension Bima Yojana you can take loan after 3 year of enrollement.Which is of 75% of the amount deposited in this Pension Bima Yojana. Once you have taken the loan, the interest part of loan will eat up your pension; this will in return reduce your monthly streamed income after retirement.
6) In this pension Bima Yojana you would be getting a fixed amount on monthly, quarterly or yearly basic .There will not any increment in pension in future if the inflation rate goes high.
7) In this Pension Bima Yojana whatever the pension you are getting is considered as Taxable Income. So you have to start thing about Tax saving also.
8) Since from the launching of this Scheme in 2003-04 it is close for one time. Now it is relaunched. In this way it is making us to rethink before rejoining.
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