LIC Group Super Annuation Scheme
What is the objective of this scheme and what is the purpose of this scheme?
LIC Group Super Annuation Scheme is a plan launched according to which, certain fixed percentage of salary of each of the member is contributed by the employer. LIC collects these contributions and thus use the accumulated amount in order to provide different benefits.
What are the benefits of this scheme?
The following are the benefits available under this LIC Group Super Annuation Scheme. When any of the members retires, then pension is provided to those members by means of using the corpus which is called contributions added with the interest.
In the event of death, the pension is payable on the life of the beneficiary. Based on the type of the pension payment scheme chosen by the beneficiary, the Corpus is used for the payment of pension. This benefit thus obtained is free from tax. Apart from the pension provided, a lump sum amount is payable on the event of death provided the employer taken a group insurance scheme along with this LIC Group Super Annuation Scheme.
In case of withdrawing from the scheme, the member is eligible to get an equitable interest which is transferred to new employer of the superannuation scheme. Or else an immediate or deferred position can also be chosen.
What are the pension options that are provided along with this scheme?
The pension options that are provided under this LIC Group Super Annuation Scheme are as follows. Provides a life pension that stop at the event of death and along with a return of capital and group pension terminal bonus on the occurrence of death. This life pension thus provided is guaranteed for about 5 or 10 or 15 or 20 years and there after for the entire life.