News
LIC’s Group Superannuation Scheme

 

LIC’s Group Superannuation Scheme  (30-Aug-2013)

 

Life Insurance Corporation of India (LIC)) today launched its new Group Superannuation Plan, called New Group Superannuation Cash Accumulation Plan (NGSCA). It is an Employer-Employee Group Scheme which can also be offered for Government sponsored Social Security Schemes.

NGSCA is a conventional group product, which is suited for employers having Defined Constribution as well as Defined Benefit Superannuation Scheme for their employees.

Contributions paid by employer or trustees will be credited to the Policy Account maintained in the name of employer/ trustees. In case of Defined Contribution Scheme, individual member-wise Policy Account will also be maintained.

The plan offers 3 types of interest benefits and Minimum Floor Rate is guaranteed through out the term of the policy. Further, additional interest is to be declared in advance every quarter and residual addition if any payable after fifth year and every year thereafter. The plan has option for contribution by employees also and offers flexible funding options to the Employers/Superannuation Trusts.

Note: For more details contact LIC          

Post Your Comments


Enter the above code

 
Comments
Latest Updates
  • Indian expatriates in the Gulf and those intending to go there on work should expand their initials in their ...
  • Taxman turns lens on domestic assets of high net-worth individuals The Income-Tax Department is zeroing in on ...
  • Levy Cheque return charges only if customer is at fault - RBI Circular
Recent Posts
Small Savings Scheme PPF,SCSC, Sukanya Samridhi NSC etc. Revised Interest Rates
Customs Baggage Rule
Budget 2016 Highlights (Direct Tax)
CHANGES IN CUSTOMS BAGGGE DECLARATION REGULATIONS
Economic Survey 2015-16
Interest Rates of Small Saving Schemes to be revised on a Quarterly Basis w. e. f 01/ 04 /2016
Government of India extended the last date for applying for conversion of PIO cards to OCI cards to June 30th 2016 from March 31.
Highlights of the Railway Budget 2015-16
Featured Video
  • Keralarealestatesite
  • NRI Guide 2013
  • NRI Guide 2013
  • Financial planning
  • Financialplanng
  • logo