Ref.

: CO/CRM/994/23

CRM Department, Central Office.
5th Floor (LINK), “Yogakshema”,
Jeevan Bima Marg, P.O.Box No.19953,
Mumbai – 400 021.
Tel : 66598353, Fax : 22825829
E-mail : co_crm@licindia.com
19TH December,2015.

To
All Zonal Managers,
All Regional Managers (CRM),
All Sr. Divisional Managers,
MDC, Audit & Inspection
Re: Exemption from Service Tax on Varishtha Pension Bima Yojana (VPBY)
- Plan 828 with retrospective effect.
In accordance with the directives of Govt. of India, Ministry of Finance, the amount of
Service Tax collected under Varishtha Pension Bima Yojana (Plan 828) upto 31st March,
2015 is to be refunded to the Policyholders.
Accordingly, provision is being made for ONE TIME Refund of Service Tax under
Varishtha Pension Bima Yojana (Plan 828) policies, issued from 14/8/2014 to
31/03/2015 as follows :
1. IPP Cells: To refund Service tax for policies surrendered and also policies where
annuity is being paid
2. Branch Office: To refund Service tax for policies where Death Claim have been
paid under Varishtha Pension Bima Yojana Policies, the payment of which will be
in favour of Nominee.
A Separate account code 332045 (Amount Receivable towards refund of service tax
under Varishtha Pension Bima Yojana (Plan 828)) has been allotted to account the
service tax refunded to the policyholders/nominees. The refund is to be made only
through NEFT. The letter of intimation (as per specimen enclosed & printed through
module) of refund to the policyholder’s/nominee’s account should be sent to them by
registered post.
Please note that after completion of the procedure of service tax refund to the
policyholders/nominees of the Varishtha Pension Bima Yojana, proper records are to be
maintained at Zonal Office/Branch Office as per annexure enclosed. The Zonal Office
should consolidate the annexures for the Zone and produce before the Auditors for
verification.
Kindly bring this to the notice of all Offices under your jurisdiction.

EXECUTIVE DIRECTOR (CRM)
Encl: Annexure1 & 2