What is Super Annuation Benefit and how to check it online ?

This post will explain how to check your Superannuation Balance if your employer maintains it with LIC .

I will share with you an important thing today which one of my friend Subbu has figured out himself . Credit goes to him.

A lot of employees do not care to check there Superannuation amount , or they are not even aware that it exists. Knowing the amount of your superannuation can be helpful , because then you know that you have that much saving and hence when you plan your investments , you can factor in this information and take better decisions . This small amount make big chunks of your portfolio .

What is Superannuation Benefit ?

Superannuation is a retirement Benefit by employer . It is a contribution made by employer each year on your behalf towards the group superannuation policy held by the employer. This is an important part of creating wealth for your retirement .


Some other points are :

a) Superannuation Fund is a retirement benefit given to employees by the Company.

b) Normally the Company has a link with agencies like LIC Superannuation Fund, where their contributions are paid.

c) The Company pays 15% of basic wages as superannuation contribution. There is no contribution from the employee.

d) This contribution is invested by the Fund in various securities as per investment pattern prescribed.

e) Interest on contributions is credited to the members account. Normally the rate of interest is equivalent to the PF interest rate. Read what is EPF and PPF ?

f) On attaining the retirement age, the member is eligible to take 25% of the balance available in his/her account as a tax free benefit.

g) The balance 75% is put in a annuity fund, and the agency (LIC) will pay the member a monthly/quarterly/periodic annuity returns depending on the option exercised by the member. This payment received regularly is taxable.

h) In the case of resignation of the employee, the employee has the option to transfer his amount to the new employer. If the new employer does not have a Superannuation scheme, then the employee can withdraw the amount in the account, subject to deduction of tax and approval of IT department, or retain the amount in the Fund, till the superannuation age.

Source : http://www.citehr.com

What is the SuperAnnuation Amount ?



Interest Earned :
This is interest paid by LIC every year on the contribution by employer .

Rules of Superannuation on Maturity

Once the employee completes 3 years of service and works till his/her retirement, he/she can make use of superannuation balance as a form of pension. He/She can withdraw 1/3rd of the accumulated balance after retirement and the rest can be availed as monthly pension till end of life.

Steps for checking Superannuation balance online?

1. Go to licindia.com

2. Register for a user id and password.

3. Login.

4. Click on ‘Group Scheme Details’ tab.

5. Click on ‘member’ radio button.

6. Get the group policy number for super annuation from your company’s payroll department and enter ” in the policy number text box and click ok. (Talk to your finance department for getting the group policy number , this will be unique for all the employees of a company).

7. It will ask for LIC Id no and Date of Birth fields.

8. To get LIC Id no, call LIC branch with which your employer has a super annuation account and inform that you are calling from your company and provide your name to the LIC official. They will give your LIC ID No.

9. Since most companies had not furnished the date of birth details to LIC, enter ’01/07/1960′ / ’07/01/1960′ (forgot the order, try both n check) in the date of birth field.

10. You will get the policy enrolled and you can click on the policy number to view the details. The details will contain the accumulated balance till the last financial year. It also shows contribution made by your employer i the current financial year.

Are you able to see Superannuation Balance for yourself ? Were you aware of it ? Please share with us on comments section . Also please share if you find any discrepancies with the steps .

Note : Some data for this post may be out of date , If one comes to know about it , please let us know ,so that I can make the changes .

Last post was a video post where I talked personally about “How to choose mutual funds” using valueresearchonline.com site .

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By Manish Chauhan on May 13, 2009 · Posted in Other Products and Concepts

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295 Comments | Post Comment

Anonymous says:

Can some one let me know calculation sheet available to make out what ROC benificary or nominee will be getting in Life + Roc scheme for corpus of 10 lacs with start age as 42 and estimated life up to age of 90. I am unable to get answer from LIC as well my employer.

Posted on July 21st, 2009

Manish Chauhan says:

is it related to Superannuation ?

manish

Posted on July 21st, 2009

gp says:

I was eagrly searching for this valuable information.Thank you for your informative article and I could login to my details on licindia.com site. I have already commuted one third pension I am quarterly receiving annuity however I wish to withdraw the balance amount. I am 56 years old and had resigned from the Company and now I am unemployed.i shall be thankful if you could guide me for full withdrawal of the money.Thanks once again…Ram gp

Posted on July 30th, 2009

Manish Chauhan says:

@gp

I am sorry but i dont have full information on this , the best thing for you would be to bug LIC to help you on this .

Manish

Posted on July 30th, 2009

Manish Kataria says:

It is good to know.

Posted on December 15th, 2009

manish says:

Welcome to Jagoinvestor :)

Manish

Posted on December 16th, 2009

Dikul says:

how can i know my super annuation amount online????
where i register ?
naw i m working in cema.
pl. any body help me?

Posted on December 18th, 2009

manish says:

Dikul

Try asking your Company Finance dept .. Or better ask in Forums here at this blog

Manish

Posted on December 18th, 2009

Narendra Kumar Gupta says:

I was working from Feb 1995 to August 2005 with United Phosphorus Ltd at Ankleshwar Gujarat & my Super annuation Fund was getting deposited at LIC India Mumbai.After resignation from there I joined & worked from Oct 2005 to June 2006 with Hindustan Construction Co & Super annuation Fund was also deposited at Mumbai.After resignation from there I am working with Co. which does not have Super annuation Scheme.
1.I want to know how can I combine both accounts into one.
2. Or I can withdraw superannuation fund totally from both these account separately without any loss.
Please guide me.

Posted on December 25th, 2009

manish says:

Narendra

Better you ask this question on jagoinvestor forum , I have no information regarding this .
Try to get more info from your previous company .

Manish

Posted on December 26th, 2009

balbir2997 says:

Hi Manish,

Thanks for this article. I have successfully added super annuation in my LIC portal.
I got group policy number and LIC id number both from my finance department. And for
the for birth details, I tried 01/07/1960, my DOJ and DOB, and luckly DOB worked :)

Thanks again,
Balbir

Posted on January 6th, 2010

manish says:

nice .. i am glad it worked for you ..

Posted on January 7th, 2010

AnanthKRS says:

Wonderful, thanks for the info. it was very useful

Posted on January 9th, 2010

manish says:

thanks Ananth

I am glad it helped you :)

Manish

Posted on January 9th, 2010

sandeep says:

thanks. I knew my company had SA funds and i can see reports of the amount my company has…but never knew what it meant :)…

Posted on February 14th, 2010

Manish Chauhan says:

Sandeep

Glad to know that you know it now , Better know what all is yours , so that at the time when you need it, you can use them all .

Manish

Posted on February 14th, 2010

prashanth says:

My company has SAF scheme, but the policy states that the amount will be deducted from the employee salary towards SAF. Its unlike what u said that employer will fund. I am bit confused if i have to opt for it :S

-prash

Posted on March 19th, 2010

vivek sipani says:

Dear friends,
I would like to know:-
Whatever ammount i invest in SA is it deducted from my gross salary like”Housing loan Interest” i.e. is it a ammount that is above 1.0Lac normal investement which we do or not??.If any one clear ,pl help.

Posted on April 24th, 2010

Manish Chauhan says:

Vivek

Superannuation does not form part of 80C , also its not done explicitely by you . its a seperate thing .

Manish

Posted on April 24th, 2010

Shantharam says:

Friends,

Wanted to know if the 15% contribution by the company is a monthly one or yearly ?

Thanks,
Shantharam

Posted on May 4th, 2010

Ajay says:

@Shantharam,
I think it is 15% of the basic and is deducted monthly. Eventhough the 15% of yearly basic also adds up to the same value of 15% of monthly * 12 months. I am not use if the company deposits it with LIC every month / quarter / yearly.

Posted on June 7th, 2010

yashodhan says:

I received the group policy no from my employer which is GSCA/… followed by a 6 digit number. I am trying to enter those 6 digits, but it says policy number is not correct. I dont understand the problem, because the Policy number is correct as received from our payroll dept. Could you tell me what could be the problem?

thanks.

Posted on June 9th, 2010

Manish Chauhan says:

Are you sure you are putting date correctly , reverse the date order and check ?

manish

Posted on June 9th, 2010

Ashutosh says:

Thanks. Following your instruction above, I could upload my SAF in my account. Thanks once again.

Posted on July 1st, 2010

Manish Chauhan says:

Great to hear that :)

Manish

Posted on July 1st, 2010

Pash says:

I am eligible for SA and it is deducted from my salary (15% of the basic).
Does company add 15% additional basic to the SA account?
It is possible to use this under section 80C?

Posted on July 16th, 2010

Manish Chauhan says:

I dont think so , they say SA comes under 80C , but i havent seen anyone including it

Manish

Posted on July 16th, 2010

D.Venkateswaran says:

LIC Superannuation scheme: Question: Supplose my account is showing a balance of around 5 lacs after two years(my age 60 years at that time), what will be my monthly pension and upto what age, will i get pension. Whether my wife will get any amount after my death. Pl clarify.

Posted on August 15th, 2010

Manish Chauhan says:

DId you not find your answers here : http://www.licindia.in/group_schemes_004.htm

Manish

Posted on August 15th, 2010

Gautam Sarkar says:

I am working in an organization which has superannuation scheme since last 19 years. My present basic salary is 1600/- Can any one help me to know how much and in what way I will be able to get benefit from this scheme and what will be the approx. amount of pention per month.
Thank you
Gautam Sarkar

Posted on September 8th, 2010

Manish Chauhan says:

Gautam

This would be very specific to your company , you need to extract info from your department .

Manish

Posted on September 8th, 2010

kumar says:

Hello,
I just wanted to thank you.
After reading about supperannuation on this website I did get my LIC id from my company and can view it online on LIC’s website.

Thanks again.!

Kumar

Posted on October 11th, 2010

Manish Chauhan says:

Kumar

Good to hear that :)

Manish

Posted on October 11th, 2010

Ajay says:

The steps worked for me…

Posted on October 17th, 2010

Manish Chauhan says:

Wonderful :)

Posted on October 17th, 2010

N.Balasubramanian says:

Request clarification Sir,
After 60 years, on receipt of commutation amount from LIC ,to the trust, who inturn has to pay, says that they will deduct income tax based on previous 3 yrs.
The commutation amount is about Rs. 2.5 lacs.
Kindly clarify. Regards. NBS

Posted on November 14th, 2010

Manish Chauhan says:

N.Bala

You should ask this question at : http://www.jagoinvestor.com/forum/

Manish

Posted on November 14th, 2010

Kunal says:

Hi Manish,

Thanks for the article, I have some queries in my mind.
My previous employer use to deduct SA amount on monthly basis and submit it to LIC (I have the reciepts). Its a private firm & I worked there almost 2.9 years. Thereafter I joined another private firm which doesn’t have any SA scheme so clear my below doubts.

Do I am eligible to withdraw SA; if yes than how much can I withdraw, partial or full amount?

If I can’t withdraw SA is there a procedure to transfer even if my present employer doesn’t have any SA scheme

Kindly clarify, thanks kunal

Posted on December 6th, 2010

Manish Chauhan says:

Kunal

I would recommend you ask this question on our Forum : http://www.jagoinvestor.com/forum/

Manish

Posted on December 6th, 2010

Kunal says:

Hi Manish,

I am able to enroll the policy…excellent and very helpful article.

I have one query who do I claim this amount from LIC? please help me the procedure.

thanks, kunal

Posted on December 7th, 2010

Manish Chauhan says:

Kunal

It would be wise to pose your question on the forum : http://www.jagoinvestor.com/forum/

Posted on December 22nd, 2010

PADMNABH TRIPATHI says:

i am having group policy and lic id but while entering DOB my policy is not getting registered?

Posted on December 23rd, 2010

PADMNABH TRIPATHI says:

i am having group policy and lic id but while entering DOB my policy is not getting registered, Ihave tried the options like ’01/07/1960′ / ’07/01/1960 & even my DOB. Now what to do?

Posted on December 23rd, 2010

Manish Chauhan says:

Try 1960/07/01

Manish

Posted on December 23rd, 2010

bhaskar gogoi says:

I tried this with the details like Master Policy No., LIC Id and ’01/07/1960′ and got my details.

Also this site damn slow, took me several attempts to get to the desired page.

Thanks

Posted on January 4th, 2011

Manish Chauhan says:

ok great

There are many who are not able to get the details

Manish

Posted on January 4th, 2011

rukesh says:

hey manish my super anuation fund goes to hdfc & not lic…then how will check the performance of ma fund…n also is choosing hdfc over lic .. a good idiea???

regards

Posted on January 16th, 2011

PADMNABH TRIPATHI says:

it is not accepting this format? I have tried all the ways?

Posted on January 17th, 2011

LIC says:

I love LIC insurance not any others.

Posted on January 17th, 2011

Manish Chauhan says:

I am sure you do !

Posted on January 17th, 2011

rukesh says:

i dnt get ma answer…il repeat…
my super anuation fund goes to hdfc & not lic…then how will check the performance of ma fund…n also is choosing hdfc over lic .. a good idiea???

Posted on January 17th, 2011

Manish Chauhan says:

Rukesh

Something similar should be there with HDFC , you should be quering this with HDFC , it should not be a major problem even if its with HDFC , but never heard or it .. people will suck your blood out if they hear it .. they just dont like it .. its a attitude issue !

Manish

Posted on January 17th, 2011

Manish Chauhan says:

Padmanabh

I am not sure in that case .. you can try asking on forum : http://www.jagoinvestor.com/forum/

Manish

Posted on January 17th, 2011

rukesh says:

thnx fr d reply manish

Posted on January 20th, 2011

Manjunath says:

Dear sir,

Can anyone, please, explain the following options of payment of Pension?

Pension guaranteed for 5/10/15/20 years and life thereafter

This is regarding the Group Superannuation scheme

Posted on January 23rd, 2011

Manish Chauhan says:

Manjunath

More lower the tenure , the larger the pension, decision is yours

Manish

Posted on January 23rd, 2011

Bhargava says:

Dear sir ,
my company SUPERANNUATION SCHEME is maintained in LIC chennai branch . i know Group Id . i am unable to get Policy id for the same . Do you have any help line numbers for getting policy id could you please post the same .
Regards
Bhargava.

Posted on February 2nd, 2011

Manish Chauhan says:

Bhargava

You should ask it on forum , you will get others views : http://www.jagoinvestor.com/forum/

Posted on February 2nd, 2011

Ajay says:

Bhragava – LIC sends a report every financial year with the contibutions, balance etc. Your payroll should have this ID with them. Check with them

Posted on February 2nd, 2011

Bhargava says:

Hi Ajay and Manish

thanks for you immediate replay. Polaris payroll gave one document for withdrawn superannuation amount . i am unable to fill few of the columns. can you please help me . i had worked Polaris 3.9 years .
I need to withdraw all my superannuation amount.
I need to withdraw all my superannuation amount.

1) Whether commuted Value is desired? YES / NO
(1/3 of Pension can be commuted by those
receiving Gratuity and 50% for others)
What i can fill for this question this yes or no

2) Tye of Pension selected
a) Life annuity with Return of Capital
(OR)
b)_______________________________________

i want to withdraw all my amount with out chosen any pension. What is the option i can choose .

c) Mode of Pension: Monthly / Quarterly / Hly / Yearly

What can choose the option

Regards
Bhargava

Posted on February 3rd, 2011

Manish Chauhan says:

Bhargava

In your case as you have not worked for 5+ yrs, you will not be eligible for gratuity , In your case , You will NOT BE ABLE to withdraw 100% of superannuation ., Its not possible so you have to go with 1/2 option . 1/3 is for people who are eligible for gratuity .

So you will get 50% money withdrawan and other 50% will have to go with LIC for pension which you will get after you are old enough to get it :( .

Now its your option which kind of pension option you choose , the less the tenure , the higher the pension , if you want to get the money at the end , you will recive less pension . Pension frequency if what you have to choose , choose monthly only

Manish

Posted on February 3rd, 2011

Professor Dhabalendu Samanta says:

Hello Manish,

I have worked in my previous organization for 10 years. I have applied for withdrawing superannuation money around 8 months back. I have not received any money till date. Whenever I asked my previous organization I receive reply – “we are following up with LIC and we will let you know as soon as settlement cheque will reach us”.

I request you to let me know how I will come to know the actual status of my superannuation money.

With Regards,
Dr. Dhabalendu Samanta
AEC, Agra, U.P.

Posted on February 7th, 2011

Manish Chauhan says:

It would be good idea to ask it on forum , there are better knowledgable people than me on this point

Posted on February 7th, 2011

Keyur Shroff says:

I was also facing the same problem last month as my DOB and other dates were not working and the LIC webpage was giving authentication related error. I contacted LIC through my company and requested them to look into the problem. Then I tried after some days and I was able to see my superannuation policy.

Posted on February 14th, 2011

Manish Chauhan says:

Keyur

Thanks for letting us know this .. It gives a good solution to others .

Posted on February 15th, 2011

P S Patil says:

Thanks I could retrieve the information as given in the artcle thanks once again.
p s patil

Posted on February 17th, 2011

Manish Chauhan says:

Nice .. can you share what you did ?

Posted on February 17th, 2011

B.Mohan says:

Hi Manish, 24.3.2011
LIC is giving me only 6% interest monthly (Rs 1182) on Rs 208364,
from last 7 1/2 Yrs i.e from 1.8.2003 tilldate, as they are giving very low rate of interest, what are my options to get high rate of interest,as we cannot fight with LIC OF INDIA, as we are old & we do not have any group & we
do not know whom to approch. Waiting for your guidance.
Thanking you,
Regards
B.Mohan

Posted on March 24th, 2011

Manish Chauhan says:

B. Mohan

Which policy are you talking about , LIC is giving you the interst as per hte policy only which you agreed by signging the documents .

Manish

Posted on March 24th, 2011

Madhu says:

Hi,

It is regarding checking of my superannuation fund balance online. I have my company’s group policy number and LIC id.
When I open ‘new user registration’ in licindia.in, it asks for following 4 information:
1) Policy No:
2) Installment Premium:
3) DOB:
4) Email ID:

Should I use the group-policy number in first box?
I don’t know what premium amount to put.

Please help,
Thanks,
Madhu.

Posted on April 3rd, 2011

Manish Chauhan says:

Yes you have to put your policy number in the first column .

Manish

Posted on April 3rd, 2011

Madhu says:

Manish, thanks for the reply.
I used 6-digit policy number, excluding GSCA. It says that policy number is used. What to do?
What premium amount to use.. as it kept varying every year and I have left the company now?

Posted on April 3rd, 2011

Manish Chauhan says:

Madhu

You should ask this on our forum now , as I think there will be some one who might have seen this already : http://www.jagoinvestor.com/forum/

Posted on April 4th, 2011

Bhagyashree says:

thanx a lot for the valuable post!!!!!!11

Posted on May 1st, 2011

satish says:

Very informative and valuable piece of information. Keep up the good work.

Posted on May 2nd, 2011

Manish Chauhan says:

Satish

Thanks

Posted on May 2nd, 2011

LIC says:

Life Insurance is being popular due to its jeevan saral plan. In this plan nominee can get @250 times of the monthly premium and total premium deposited with LA if applicable.

Posted on May 2nd, 2011

Manish Chauhan says:

Can you please compare it with SIP in mutual funds for long term like 10-20 yrs ? It would really help to take decision ?

Manish

Posted on May 2nd, 2011

gorvishal says:

Hi Friends,

I have resigned from my Job & planning to settle abroad on PR visa. I am working in my organization from last 7 years & having benefit of superannuation. Can anybody guide me whether I am eligible to withdraw 100% of my superannuation contribution by providing valid Visa (PR) copy to LIC? Does anyone know rules pertaining to withdrawal of 100% superannuation contribution in case of foreign migration of employee?

Your early reply will be highly appreciated.

Regards,

Vishal Gor
Mumbai

Posted on May 12th, 2011

saxena says:

basic question, some one in my company told me that the contribution towards superannuation which is 15% of the basic, wil come from my salary, where as i read above that contribution is made by the company ?

c) The Company pays 15% of basic wages as superannuation contribution. There is no contribution from the employee.

Posted on May 20th, 2011

Manish Chauhan says:

Saxena

Yea , it comes from the company , its added in your CTC .

Manish

Posted on May 20th, 2011

SHAILENDRA SHARMA says:

I had serve a co. for 9yr one month. When I joined, they had the trust & .S.A benefit till 5 year of service. Nothing was shown to us in writing. Mean while co. extende it to 10 years through LIC, that what I have listen. They never mentioned this benefit on papers, bu on the increament letter of 7th year it was mentioned & included in CTC. Now when I ask, they refuse to accept it & says it is lapsed as I have not completed 10 year of service? As such there was no agreement in between. My new emploey does not have such scheme. Kindly yell me how I can get my money now? What are the legal aspects for the same? Can I sue them in court?Please help me.

Posted on June 20th, 2011

Manish Chauhan says:

Shailendra

Superannuation benefit is not a mandatory thing in India ,its on employer part if he wants to provide it or not , as you didnt had any written agreement on the same , I dont think you can now push for it . If you had something in written , then there are some legal base to fight the case , still I would recommend you consult a CA on this for more deeper understanding .

Manish

Posted on June 21st, 2011

Rajesh says:

Hi Manishji,

I have resigned recently from my current company after working for 3 and half years. Can I withdraw complete superannuation accumulated? I am aware that withdrawal of superannuation would attract tax, but not sure whether 100% accumulated amount can be withdrawn.

Thanks
Rajesh

Posted on July 28th, 2011

Manish Chauhan says:

Rajesh

My case was exactly like yours . I also resigned after 3.5 yrs . You wont get 100% of super annuation . It will be part of that . I mean you will get it but after tax

Manish

Posted on July 29th, 2011

mathew says:

My company had a LIC superannaution policy. Now we were given option to continue it or discontinue. I have discontinued it. How can i get the entire money back . I do not mind even if tax is deducted, but i am urgently in need of money due to my fathers medical emergency. Please help.

Posted on August 5th, 2011

Manjunath says:

If my understanding is right, Corpus is what is left behind with LIC after commutation (max of 33% of total contribution +interest accrued can be commuted). Your annuity amount depends whether your annuity os monthly or qursterly, half yearly or Yearly and the Corpus. In the case of Annuity for life, the annuant will receive annuity till death (whatevber be the age at death). Upon the death of the annuant, his/her legal heir gets the entire amount in corpus without any interest, etc.

Posted on August 6th, 2011

Manish Chauhan says:

Manjunath

Even there is a option , if you want the corpus at the end of your death or not , If you choose that you get the corpus ,then your pension becomes more lesser .

Manish

Posted on August 6th, 2011

Manish Chauhan says:

Mathew

Are you sure you will get all the money ? I think “discontinue” here means that you dont need to contribute more in it from now onwards

Posted on August 6th, 2011

Manjunath says:

Yes, I agree with you. There are 5 differnet options one can exersie at the time of retirement/change of job/etc. They are all listed in the LIC of India web site under Group superannuation scheme.

Posted on August 8th, 2011

Anju Batra says:

Hi Manish,

Nice information.
I tried the process to check the accumulation but could not even register. It asks for premium installation amount to register. Does it mean individual installment or Company’s installment? no idea, How to proceed. Can you help? One more thing, Do you have fare idea about rate of interest paid by LIC since year 2001? If you can share, will be help.

Thanks & regards,

Anju

Posted on August 9th, 2011

Manjunath says:

Dear,

In the example you are talking about, the beneficiary or nominee will only get Rs10Lakhs, which is the corpus, in the event of the death of the annuant. If annuant lives upto 90 years, he/she will receive annuity for 48 years. The beneficiary or nominee will come into picture only at the time of death of the annuant.

Posted on August 9th, 2011

Manish Chauhan says:

Anju

the best answer will come from our forum , ask there : http://www.jagoinvestor.com/forum/

Posted on August 9th, 2011

Anju Batra says:

Hi Manish,

Fortunately, I could speak someone from LIC office and understood that only individual superannuation update can be checked online not the group one. Also I have received the rate of interest paid on our group gratuity too.

Still you made me to dig out and find answer of these questions, thanks
for that.
Anju

Posted on August 11th, 2011

Ravi says:

Very useful information…. thnQ all..

Posted on August 23rd, 2011

J Pramod Kumar says:

Hi
This was a brilliant piece of information, i have certainly benefited out of this. Keep this going

Posted on August 30th, 2011

Manish Chauhan says:

Pramod

Thanks … tell more people about it

Posted on August 31st, 2011

PRAVIN WANKHADE says:

I have worked with Ispat Industies Ltd for the period 27/01/2007 to 16/06/2007. During this tenure they have deducted my superannuation amount INR 2100 per month. When i called their HR Dept they said on my full and final settelment they gave me jan – march 07 (3 month amount) and for April – June 07 (3 month) they said they cant give the the balance amount.
Now sir i would like to ask you can i get this amount?
Please guide.

Posted on September 15th, 2011

Manish Chauhan says:

PRavin

As they said that they made all the payment , so it must be true .. also super annuation is given on certain rules ..

Manish

Posted on September 16th, 2011

S.N.Ingole says:

I got retired in the month of June’2011 after servive of 28 years. Till date I am yet to receive 1/3 commuted payment as well as monthly pension from LIC. How long I have to wait.

Posted on October 13th, 2011

Manish Chauhan says:

SN Ingole

You need to enquire it from LIC only .

Posted on October 14th, 2011

R RAVIKUMAR says:

Dear all

Pl clarify my doubt.

I have a member with account number and yearly accumulations also given for a period of 13 and half years. After my resignation my management refuse to pay my super annuation saying that i have completed the age (50 Years) and the service (15 years) period. This requirement has been implemented by the management during the 13th year of my servic. \
Pl clarify, any such rules linked with LIC is available, if so whether such rules can be impledted post facto?
I have about 1.5 Lakhs, i have all the annual accumulation papers given by management ? I am struggling to get the same from the management for the last 8 years. Advise me the possibilities? how i can get my SA accumulations?

Posted on October 21st, 2011

R RAVIKUMAR says:

Dear all

Pl clarify my doubt.

I have a member with account number and yearly accumulations also given for a period of 13 and half years. After my resignation my management refuse to pay my super annuation saying that i have not completed the age (50 Years) and the service (15 years) period. This requirement has been implemented by the management during the 13th year of my servic. \
Pl clarify, any such rules linked with LIC is available, if so whether such rules can be impledted post facto?
I have about 1.5 Lakhs, i have all the annual accumulation papers given by management ? I am struggling to get the same from the management for the last 8 years. Advise me the possibilities? how i can get my SA accumulations?

Posted on October 21st, 2011

KUNJUMATHUNNI says:

Sir,
I would like to know my LIC ID of folg Policy, which has not been provided by LIC. Please help.

Regards

From: MSP
To: Customerzone_delhi
Sent: Friday, July 01, 2011 2:35 PM
Subject: Siuperannuation – Policy No. GS/CA/48538/1452

Dear Sir,

I am an employee of Max India Ltd, who has the above SA policy with your office at Div. office 1 (25 Kasturba Gandhi Marg)..

I would like to know my LIC ID to enrol at the LIC portal. Please provide.

Regards

Kunjumathunni.M
LIC Policy holder

Posted on November 24th, 2011

Manish Chauhan says:

Did you talk to customer care of LIC ?

Manish

Posted on November 24th, 2011

KUNJUMATHUNNI says:

yes please. the folg reply
—– Original Message —–
From: customer zone
To: MSP
Sent: Monday, July 04, 2011 5:42 PM
Subject: LIC REPLY H

Dear Sir,

We may inform you that policies taken individually from LIC can only be registered in the Customer Portal..Group pension policy can not be enrolled/viewed in Customer portal..

Thanks !

Team,
LIC CUSTOMER ZONE-I DELHI
H-39, New Asiatic Building,
Connaught Place
New Delhi.

Posted on November 25th, 2011

Rhaama Mohan says:

Dear All,

I have a query my company is having super annuaction fund,for my existing job i have resigned but they have not clearedmy setelment.

Kindly suggest how to get back my money.

Thanks & Regards

Rama mohan

Posted on November 26th, 2011

Manish Chauhan says:

Rhamma

They will give you the right explaination for this . what are they saying ?

Manish

Posted on November 29th, 2011

Ciby John says:

Want to know if it is compulsory to join the company’s superannuation plan. I am not interested but company is insisting that i be a part of it. Also i came to know that the funds is not deposited before completion of 5 years of each employee with LIC. I don’t know what is that agreement/adjustment with LIC. Also the company will not return back the money if i do not complete minimum of 5 years. All this i came to know only after joining and feel very cheated. I would like to come out of the scheme and since i have only completed 1 year, i don’t mind relinquishing my earlier contribution in this regard. Please advise.

Regards,

Ciby John

Posted on November 30th, 2011

SURAJ BHASIN says:

Please let me know if there is any option to check the LIC ID of Annuity can be checked as customer care numbers are always non responsive.

Regards

Suraj

Posted on December 2nd, 2011

Manish Chauhan says:

Suraj

Ask this on our forum : jagoinvestor.com/forum

Posted on December 4th, 2011

Shankar.K says:

I have resigned from one organisation after completion of 17 years of service, and they told me that you are not eligible for getting superannuation fund as you are receiving through your salary. But i have not received the same through salary before 2007. ( On 2007 they forced me to sign ). Let me know the proceedure to proceed further?

Posted on December 17th, 2011

Manish Chauhan says:

Shankar

What are your office people saying when you tell them that you were not getting it before 2007 ?

Manish

Posted on December 18th, 2011

Shri Niwas says:

I have retired from a MNC in Ghaziabad after serving 34 years.
My company provide super annuation to its employees, and I am elligible for the same and superannuation pension. I would like to know the calculation or formula to calculate monthly pension to plan tenure of the pension. How can I come to know ? please advise.

Shri Niwas

Posted on January 4th, 2012

Manish Chauhan says:

Shri

Planning for that will be little tricky .. I assume you are talking about the LIC super annuation form which you get .. you have to choose tenure and the option of getting the principle back or not in the end .. This info is not available like that … the choosing of the option should depend on few things like

– Do you want the principle amount at the end ? This if ticked YES will mean less pension each month
– Higher the tenure – lower the pension

Now combine these two things and decide which one you want

Manihs

Posted on January 5th, 2012

Hari says:

Manish,

Thanks for sharing the valuable information. I was able to view the Super Annuation Scheme contributions made by me and my employer. I would like to add some more points.

1) This is not a mandatory scheme and hence purely at the discretion of the organisations to choose criteria for providing the super-annuation scheme for the employees.

2) There can be 2 parts -> Employee contribution & Employer contributions. Though the Employee contribution is absent in general, there might be cases where the organisation asks for contributions from employee as well.
For instance, our organisation contribuites equal amount of employee’s share to the Super Annuation Fund(capped at 10% of basic). While employee’s share and interest on it is fully available for annuity plans, the employer’s share may vary depending on the service contributed – ranging from 10% for less than 5 years to 100% for 9 years and above.

You need to know the following before going to the provider’s portal
a) Whether your company is providing Super Annuation benefit. If so, are you eligible for the Super Annuation in case of any criteria.
b) The reference id’s (such as LIC id and policy number) of the Super Annuation scheme.

Thanks,
Hari.

Posted on January 11th, 2012

Madhusudhan Kumar says:

Hi..
For Date of Birth, I used 01/07/1960, 07/01/1960, DOB, DOJ. It says it is invalid authentication. What did you use?

Thanks,
Madhu

Posted on January 11th, 2012

Madhusudhan Kumar says:

Try group policy number as 48538 and lic id as 1452.

Posted on January 11th, 2012

Manish Chauhan says:

Hari

Thanks for providing that additional information :)

Posted on January 11th, 2012

SURAJ BHASIN says:

Dear Madhusudhan

Thanks for the guidance.

Regards

Posted on January 16th, 2012

darshan singh says:

Really very good piece of information to one and all. Keep it moving

Posted on January 19th, 2012

darshan singh says:

I m getting pension since may 2010 after opting for 1/3 withdrawl and 2/3 for pention. Can i modify it at this stage?

Posted on January 19th, 2012

Manish Chauhan says:

Darshan

I dont think you can modify it

Manish

Posted on January 20th, 2012

SUBRAMANYA C P says:

I AM WORKING AS A PRODUCTION EXECUTIVE IN JK TYRE & INDUSTRIES LTD,MYSORE.
I WANT TO CHECK THE LIC SUPERANNUATION SCHEME STATUS ONLINE.
HOW TO CHECK.
LIC ID NO: 10833

Posted on February 1st, 2012

Manish Chauhan says:

Its mentioned in the article

Posted on February 2nd, 2012

pkmme says:

Hi Manish,

I resigned from my company after 2.2 yrs of service. Shall i get any amount accumulated in my superannuation account? I was told that we need to complete 3 yrs to get any amount from the superannuation.

Cheers.

Posted on February 10th, 2012

Shankar.K says:

Dear Manish

Pls find the reply received rfom my Payroll Helpdesk.

Dear Shankar,

For period prior to 2006 Oct you was not eligible for Superannuation allowances,for further clarification please get in touch with HRMG.

Kindly advice me in this regard.

Regards
Shankar.K

Posted on February 12th, 2012

Manish Chauhan says:

The right place to ask this is jagoinvestor.com/forum

Posted on February 13th, 2012

Manish Chauhan says:

pkmme

Yes .. you get it only if you complete 3 yrs in company

Posted on February 13th, 2012

Shankar.K says:

Dear Manish

Where i have to escalate the issue, or to whom the rightperson to contact .
Kindly Guide

Regards
Shankar.K

Posted on February 22nd, 2012

Manish Chauhan says:

Make a LOGIN at forum jagoinvestor.com/forum and start a thread there .. you will get appropriate reply there

Posted on February 23rd, 2012

DILIP Konar says:

i was working with HCC company , there was superannuation scheme was running. i had leaved from that company, but i want to continue my company,s superannuation scheme myself.

Posted on March 17th, 2012

Manish Chauhan says:

Dilip

It does not work that way .. superannuation you can continue only when you are employed!

Posted on March 18th, 2012

Vishesh Kavi says:

I have worked in a company for 4 years, and then changed my job, i want to transfer my super annuation fund to the new company , but my previous employer says i can do only if i had worked there for 5 years. please advise what i can do.
1 Can i transfer the fund to my new organisation. , if yes what will i get
2. Can i withdraw the fund since i have already worked more than 3 years in the previous company.
3. if i withdraw , what will i get,

Posted on March 24th, 2012

Manish Chauhan says:

Vishwesh

Superannuation is an employee’s voluntry contribution and 15% of his basic salary will be deducted for the same. When ever he leaves the particular organization, he can withdraw the amount. But Employee can withdraw 1/3 of Superannuation Fund as tax free income and with rest pf 2/3 he has to buy an annuity plan (pension plan)

Posted on March 24th, 2012

Vishesh Kavi says:

I got your point sir, but my question is still,
1. Can i transfer the super annuation fund to the new organisaition like PF transfer.
2. i have worked for more than 3 years, can i withdraw

Posted on March 26th, 2012

Manish Chauhan says:

Vishesh

Yes i am not sure on these points , kindly ask it on our forum , you will surely get a right answer there : http://jagoinvestor.com/forum

Posted on March 26th, 2012

Noduletech says:

I have worked more than 16 months and left the company in 2007 Aug, can i with draw the supper annuation amt now ? in 2012

Posted on May 28th, 2012

Manish Chauhan says:

I am not sure if you will get it like this , start a thread on our forum for this : http://www.jagoinvestor.com/forum

Posted on May 29th, 2012

sunu says:

if i opt for superannuation (ICICI) and leave the company after 2 months (only 2 months contribution done amounting to rs 8000) will the entire money vanish ? I was working in the company for 2 years but opted for supperannuation late. in that case does my entire money vanish ? assuming that i dont work any more or i dont have SA in further work. what will be best for me here ?

Posted on May 29th, 2012

Manish Chauhan says:

Can you extend this conversation on forum , that would help you get some better replies : http://www.jagoinvestor.com/forum

Posted on May 29th, 2012

sunu says:

i am unable to create user it says email already exist

Posted on May 29th, 2012

Manish Chauhan says:

You must have got a mail with login/password

Posted on May 30th, 2012

Budhendra Bhati says:

Sir,
pls explain me following options in superannuation withdrawal.
1. Life pension
2. pension guaranteed for 5/10/15/20/years + life
3. Life pension with return of corpus
4. Joint life pension.
i am an young person of 38 years which option is best for me.

my Balance is 170000/-

Posted on May 31st, 2012

Manish Chauhan says:

this question is better suitable for our forum : http://www.jagoinvestor.com/forum

Posted on June 1st, 2012

Amitabha Roy says:

Thanks a lot. I can check my Superannuation accumulation in LIC website now with the help of this valuable post.

Posted on June 6th, 2012

Amitabha Roy says:

It is dd/mm/yyyy format. Birth day can be picked with the date picker or can be typed as 31/12/1980.

Posted on June 6th, 2012

Manish Chauhan says:

Welcome

Posted on June 6th, 2012

PATTEL KUMAR says:

I am s member of superannuation scheme. My old employer was contributing to superannuation ,At present there is no contribution, I will retire on 17.05.2015 on attaing 58 years. My superannuation account balance is aorunf 650000/- How much i will get as monthly pension after commuting 1/3 of the amount

Posted on June 27th, 2012

Manish Chauhan says:

You can expect 4-5% of the remaining amount as pension per year , It also depends on which mode you choose ?

Posted on June 27th, 2012

PATTEL KUMAR says:

Dear Manish
I am surprising that If i take 1/3 commutation balance will be around Rs.434000/-against I am getting only 5 % return as yearly pension Rs.(21700) . If suppose I deposit in F.D I will get apprx Rs.40000/- per year .

I choose 1/3 commutation and balance as annutiy on attaining on age of 58. Pl clarify the point

Pattel Kumar

Posted on June 27th, 2012

Manish Chauhan says:

the sad truth is that any pension plan in India gives around 4-5% only , thats how it is !

Posted on June 28th, 2012

PS says:

I have Superannuation policy through my MNC. I want to know detail for withdrawal part. It would better if you can guide with example. Like if at the time of retirment my total amount with LIC is 5 lacs and I opt for life time pension, after my death what amount will be given to whome? How corpus will be calculated? Or pension will be given to nominee?

Posted on July 12th, 2012

Manoj Sharma says:

What is the pocedure of withdrawn of Superannuation from previous employeer M/s Shree Cement Limited.

Posted on July 12th, 2012

PS says:

In addition..
(1) Presently LIC is giving 9 to 9.5% return, the same will be given for pension also?

(2)You have written : “Corpus is what is left behind with LIC after commutation (max of 33% of total contribution +interest accrued can be commuted)” could you explain in detail?
(3) What is major negetive points to opt Superannuation?

Kindly advise.

Posted on July 12th, 2012

Manish Chauhan says:

Which product gives 9-9.5% , who told you that ?

Pension will not be more than 5%

Posted on July 13th, 2012

Manish Chauhan says:

Ask on http://www.jagoinvestor.com/forum/

Posted on July 13th, 2012

Manish Chauhan says:

PS ask it here http://www.jagoinvestor.com/forum/

Posted on July 13th, 2012

Albert Nicholas says:

14.07.2017

Life Insurance Corporation of India
Mumbai

Sub: Non-deposit of Annuity Amount

Ref: Annuity No. OS0042848

Dear Sir,
This is to inform you that I have regularly been receiving Cheque for Rs 1,647/- in every six months i.e June & December for the last 10 which was directly credited ti my S B Account No 23268 with Canara Bank. 74 Janpath, New Delhi.

While checking up with my bank statement, it was understood that the amount of Rs 1,647/- has not been credited to my aforesaid account for the last one year i.e December 2011 & June 2012.

You are requested to please arrange to credit the amount of Rs 3,294/- (i.e 1,647 X 2) t my above mentioned S.B Account No. 307101023268 at the earliest and oblige.

For your kind information, my current address is mentioned below :

ALBERT NICHOLAS
C-623 UPPER GROUND FLOOR
PARIYAVARAN COMPLEX,
NEB SARAI, NEW DELHI-30

MOBILE NO. 9811890625

I shall be thankful for your immediate action in the matter.

Thanking You
Yours Faithfully

ALBERT NICHOLAS

Posted on July 14th, 2012

PS says:

I have tried to ask in http://www.jagoinvestor.com/forum/

but not able to create login due to error.

Yearly return 9 to 9.5% is shown in yearly Superannuation policy statement from LIC which I received. My opening balance was 1.5 lacs and interest received 14k.

This is my just 3rd year of contribution towards Superannuation.

Posted on July 17th, 2012

Manish Chauhan says:

Sent you the login/pass , now you can ask it

Posted on July 17th, 2012

nipun says:

-Is it correct to show the superannuation as part of CTC?
-Is an employer free to make rules like – employee will get his superannuation fund only if he completes 5 years service with the them?
-What rights does an employee have , if he has no information about his superannuation account no. , the balance from the employer?
-What if the employee does not work till his retirement? will he loose all his superannuation fund.
– What if employer is not maintaining superannuation fund with LIC , and another employer does not have superannuation scheme? What would happen to the fund?
Kindly confirm
Thanks
Nipun
9462099866

Posted on July 24th, 2012

Manish Chauhan says:

- Yes most of the companies show super annuation in CTC only . If they do not show it , then your CTC will be lower , simple

– Its not a employer rules , its super annuation product rule

– You need to find out the information, ignorance is not a solution

– No , but you need to work for atleast 5 yrs, on leaving your job you will get it

– I m not sure on this one

Posted on July 24th, 2012

Satish Krishnan says:

Hi,
I have paid SAF for a period of 1 year, and i would like to stop SAF, can i get the full amount which i have paid or only 33% of the accumulated money and remaining i have to get the Pension as per LIC.

Regards
SAtish Krishnan

Posted on August 7th, 2012

Manish Chauhan says:

You will get only 33%

Posted on August 8th, 2012

Satendra Dusad says:

I am working in a division of Pvt Ltd Company. Our Division have different rule with that of Main Company in respect of Superannuation. Main Company deposit Superannuation for all employees having manger level while we at division deposited only for CEO Level. Could I know the impact of the same. Is this is acceptable to LIC Fund that Main company and Division have separate rules.

Thanks in advance

Posted on August 22nd, 2012

Manish Chauhan says:

Yes it might happen . Note that its a benefit and not a standard thing which every company does, So it can happen !

Posted on August 22nd, 2012

DR AK SAXENA says:

whom to contact in LIC to know the status of my LIC superannuation claim after 60 yrs of age? how long it takes after sending the claim?

Posted on August 29th, 2012

ananth says:

Manish,
Thanks for the Clear details and guildelines to check the superannuation on the LIC webpage. I could do it in 5 mins, and check the balance. One clarification: It shows only the accumalated value, how can I check what is the interest earned for a particular year or for this amount?

Posted on August 30th, 2012

Manish Chauhan says:

Ananth

I am not sure on that. you can do that with LIC using a RTI query !

Posted on August 31st, 2012

Sudhanshu says:

My company has been aquired by another compnay which does not have Super Annuation so Management/Trustees has decided to close the scheme.

Now i get pension from LIC, is this pension will be taxable.

Posted on August 31st, 2012

Manish Chauhan says:

Yes it will be taxable , i mean the pension , not the amount you get from superannuation

Posted on August 31st, 2012

G.Manikandan says:

G.Manikandan September 11, 2012 at 5:18 pm

First off all thanks to every one who all are given ideas and solutions and very useful one. once again thank u u very much.

Posted on September 11th, 2012

Manish Chauhan says:

Thanks

Posted on September 12th, 2012

Manjeet says:

Dear Manish,

As a practice company provide statements as per finicial year period for ex March 11 to April 12.

Does march month contribution included in a yearly superannuation statement issued by Organsiation or it will remit in the next finical year statement.

Kindly confirm.

Posted on October 17th, 2012

Manish Chauhan says:

Are you sure they are giving mar – apr , because generally its Apr – Mar

Posted on October 19th, 2012

Lokesh says:

Dear Manish,

Is it good to continue the SA instead of taking the money as part of the monthly salary, could you please clarify on this?

Posted on November 14th, 2012

Anu says:

Hi Manish,

I tried to log in to lic india but first thing it is asking is for a policy number and insurance premium.

http://www.licindia.in/NewUserRegistration.htm

can you provide me link to complete step 2 of login process?

Posted on November 14th, 2012

Manish Chauhan says:

No idea on that .. those things you will have to find yourself !

Posted on November 15th, 2012

Manish Chauhan says:

If you can get it as part of salary, better take it and invest on your own !

Posted on November 15th, 2012

Anu says:

Let me explain you my question.
You have written:
1. Go to licindia.com

2. Register for a user id and password.

I am not able to find link to register for a user id and password on licindia home page.
Link on home page “New user? Click here” is taking to a page where first thing it is asking is policy number and premium, which doesnt looks like for super annuation fund because for super annuation we dont have a fixed premium.

I have group policy number with me.

Posted on November 15th, 2012

Prateek Agarwal says:

‘The balance 75% is put in a annuity fund’-How to check the balance at this stage?Can this be withdrawn afterwards?

Posted on November 18th, 2012

Manish Chauhan says:

You can only use RTI in this case .!

Posted on November 20th, 2012

M.A.ZOKANDE says:

MR. MANISH/PATTEL KUMAR.
YOU WILL BE GETTING ABOUT 6% OF YOUR BALANCE WITH LIC, WHICH IS TOO MEGRE. INTEREST SHOULD BE AT LEAST 10%. WEE SHOULD TAKE UP WITH LIC.

Posted on November 21st, 2012

Manish Chauhan says:

What will you take up with lic ?

Posted on November 25th, 2012

Sanjay says:

I am a businessman. Can I be eligible to open a Supperannuation Account for my retirement age (60+ age). If not, how can I get a pension facility ?
Please provide me some information.

Posted on December 5th, 2012

Manish Chauhan says:

Its just a benefit to salaried people . I think for pension thing , you should read this – http://www.jagoinvestor.com/2011/10/pension-plans-drawbacks.html

Posted on December 11th, 2012

Pradeep Anavatti says:

Thanks Manish,
This is good article. Please let me know how to know the status of application of super annuation after applying for withdrawal.

Posted on December 13th, 2012

ashok k vig says:

Sir,

I was a employ in a private sector company and our management deposited SA till Dec 2010 there after the management changed and new management stoped the deposit I got retired on 09.06.2011 but the present management is not fullfilling the forms to LIC please guide me how can I get my money and pension.

Regards,

Ashok

Posted on December 13th, 2012

Dheeraj Puri says:

The superannuation accumulation miniumum interest rate of LIC is 9% goes upto 9.66% depending upon the fund size of the Superannuation fund of the company with LIC. The pension option mostly pension choose is Return of Capital where Pension rate is around 70/1000 depending upon the corpus and mode of annuity payment.

Posted on December 18th, 2012

Dheeraj Puri says:

If you are taking it immediately it is taxable, but If you keep it till your retirement the commutation value 1/3 is non taxable and you will get pension on the balance fund as per our pension option. You fund will accumulate with minimum 9% and higher depending upon the superannuation fund size of your company.

Posted on December 18th, 2012

Vinay Jain says:

Dear sir,
I had joined Limited Co. in Dec.07 and left in Aug.09, and there was a Deduction of 15% of basic Salary as Superannuation contribution. They have created their own Superannuation trust not with LIC and deposited our amount in that Fund. After I left the Co. , they told me that you have not completed Service of 5 years, so your Contribution has been forfeited. Superannuation contribution was part of my CTC, not paid by Employer other then CTC.

Now they have made rule that Superannuation contribution may be withdrawn or to be paid to Employees, who are at present on Pay Roll, not to Employees, who left the Co. earlier.
Pl. advice, Can I get my Superannuation contribution of 21 month back, as this is Hard Earned Money.

Thanks & regards,
Vinay Jain

Posted on December 19th, 2012

Manish Chauhan says:

Vinay

At the time of joining what was the agreement with your company , if it said that you will have to serve for 5 yrs to claim that , only then you will be able to get it , else not

Posted on December 19th, 2012

Manish Chauhan says:

Thanks for that info !

Posted on December 19th, 2012

Manish Chauhan says:

If things are not going as per rules, you need to file a case against them !

Posted on December 19th, 2012

Manish Chauhan says:

I am not sure on that right now , you might want to open a thread on this – http://www.jagoinvestor.com/forum/

Posted on December 19th, 2012

ravi says:

Hi Manish,

Thanks you very much for the clarity

I worked in an organization for 1.8 years and moved to new company. Is it wise to continue or shall I withdraw the amount? my employer contribution was 15 % to the basic. Pl assist

Ravi

Posted on December 21st, 2012

Manish Chauhan says:

YOu should ideally transfer the EPF to your new company !

Posted on December 21st, 2012

Chethankumar says:

Sir,
my employer has selected ICICI group super annuation fund, where employer pays 12% of basicpay+D.A and 8% of Basic + D.A is deducted from my salary every month, i want to know how exactly the plan works and if the deduction is around 5k every month and if the same salary is hiked 3% every years, waht will be the amount i get after 38 years of service, pls advice

Posted on December 22nd, 2012

Manish Chauhan says:

Its not so easy to calculate like this , there can be many factors in between . Will you do the job at same place for 38 yrs ?

Posted on December 24th, 2012

Manish Chauhan says:

If you need the money right now , only then you should withdraw , else transfer it !

Posted on December 24th, 2012

Kiran Shet says:

Dear Manjunath,

I have a related query on taxation of the commutation amount, my previous employer says the commutation amount is taxable at 30%, however I understand from various posts and responses on the net that, the commutation amount should be added to the individuals income of that particular FY and taxed as per the tab slab for that FY.

which is this correct ?
a) Tax to be deduced at 30% of the Commutation amount ?
b) Commutation amount to be added to income of that FY and taxed accordingly ?

Your response and input will be greatly appreciated.

Regards,
Kiran

Posted on December 26th, 2012

Manish Chauhan says:

Kiran

Better ask on forum – http://www.jagoinvestor.com/forum/ , other readers might not check your question !

Posted on December 29th, 2012

Dhananjay Dable says:

Dera sir
i was working in a private company and resigned after completion of 5 years. company has deducted the superannuation amount for 5 years but now i wnt to withdraw the same as the new company dont have the scheme. what to do for withdraw the amount as earlier company is not responding also i dont have the ac no ant the status of the fund also . pl guide

Posted on January 30th, 2013

Manish Chauhan says:

Better file an RTI now .. because you have to settle it from EPFO , not your previous company !

Posted on January 30th, 2013

SGupta says:

I want to change the bank a/c no. where the superannuation pension is deposited every month. Does anyone know the process of changing the bank a/c for superannuation pensions.

Posted on February 10th, 2013

Manish Chauhan says:

I am not sure if this can be done so easily, can you check with our forum members – http://www.jagoinvestor.com/forum/

Posted on February 11th, 2013

AMIT SAWANT says:

My dad was employee of RCF LTD Chembur and was on verge of retirement on 31st AUG 2012. But due to illness he expired on April 2012. His employer RCF LTD Chembur has group super annuation policy of all employees in which my father was member. Me and my sister is nominee of the policy. Further after my dad ‘s death the employer asked to submit a form in which they took bank account details . The actual query is the pension is going to start from march-2013, but me and my sister want the corpus back which is with LIC back as we as shortage of funds . Is there any loan facility with this group super annuation policy.

Posted on February 27th, 2013

AMIT SAWANT says:

As a nominee can we withdraw 1/3 rd amount of group super annuation policy corpus after opting for pension of life with return of corpus. The pension has not still started.

Posted on February 27th, 2013

Manish Chauhan says:

Yes .. if you can produce the death certificate and whatever is required by the procedure !

Posted on March 1st, 2013

Manish Chauhan says:

Only if your father had opted for the 1/3rd funds back !

Posted on March 1st, 2013

Kumar says:

There is an important aspect that most of the people opting for superannuation miss out. I learnt this the hard way when I started to receive my pension. The pension that you receive will be about 1.5% less than the market rates. So if a bank FD is able to give you 9%, the pension that you receive will be 7.5%. What this means is over a 20 year period you are at a loss of 30% (20yrs x 1.5), the amount you would have saved on tax on your super annuation. So if you are looking at a longer pension receiving period, you are better off not to opt for super annuation.
Instead pay tax, get the amount as your salary and invest it wisely.
If the company is giving you superannuation benifit as an extra (not included in CTC) which is very unlikely, only then opt for it.

Posted on March 5th, 2013

AMIT SAWANT says:

thanx for your valuable information. We have filled one form since me and sister are nominee. We deposited around 1,30,000 (equivalent amount of corpus which was deposited by company since 4-5 years) . I want to clear even after start of pension we can withdraw 1/3 rd amount because me and sister are in requirement of money .The option we selected is life pension with return of corpus , but dont know that father had selected 1/3 rd option. please guide sir.

Posted on March 6th, 2013

Prem Pratick Kuymar says:

Hi,

I am working on Contract, Can I on my own open a Superannuation account? and tranfer 15% of my basic or does my employeer has to do this.

If yes, there when I can do this in Delhi?

Thanks,
Prem Pratick Kumar

Posted on March 7th, 2013

Manish Chauhan says:

Its from employer , you cant do it on your own !

Posted on March 7th, 2013

Manish Chauhan says:

Hi Amit

I think you will have to file a RTI to resolve this , my understanding is limited in this !

Posted on March 8th, 2013

Manish Chauhan says:

Thanks for sharing that Kumar !

Posted on March 13th, 2013

JATINDER SINGH says:

Sir my father was employed in powergrid corporation of India limited he was expired in Jan 2010 just before 1 year of his retirement. I have his group annuity per month of Rs 4146 per month w.e.f June 2010 getting in my bank account . And was also opted 1/3rd commutation that i got Rs. 134300. Now in Feb 2013 pension increase about Rs.350 first time in these 3 years. Kindly let me know by which method LIC annuity increases and in how much time? Can i claim this whole amount of Rs. 7 lacs now? Policy number 311249 annuity no 011M0519089503.

Posted on March 23rd, 2013

Manish Chauhan says:

You can get this info by LIC only and by way of filing RTI

Posted on March 27th, 2013

manik says:

My employer has communicated that the government’s directive is that No New entrants can enter into Superannuation fund, managed by LIC. When did such directive come from the government?

Posted on March 27th, 2013

RAJ says:

My father was working for a MNC as a Executive Director and expired in 2003.He had still 2 yrs of service left before retirement.The company had a Group Superannuation scheme.They have paid 2/3rd corpus by check to my mother (who was the nominee) and 1/3rd they have put in P&GS Dept in LIC,in her name.My mother gets a regular monthly pension at a rate of interest much less than the market rate.Can she withdraw this balance 1/3rd corpus amount and invest somewhere else?
Raj

Posted on March 31st, 2013

Manish Chauhan says:

No you cant get that 1/3rd ! , it has to be for pension only

Posted on April 3rd, 2013

RAJ says:

Thankyou !

Posted on April 3rd, 2013

Manish Chauhan says:

Check on our forum – http://www.jagoinvestor.com/forum/

Posted on April 3rd, 2013

K. Anand says:

Dear Sir,

I am currently employed in Siemens and they gave option to opt for superannuation scheme. Would it is advisable to get SA amount in hand everymonth. If I opt for the amount everymonth, would I allowed to collect the amount which I paid so far in SA scheme.
Kindly advice.

Posted on April 6th, 2013

sachin says:

Hi Manish

My company has been aquired by another compnay which does not have Super Annuation so Management/Trustees has decided to close the scheme. I have the following queries:

1. If I opt to withdraw 1/3 amount. How much tax (percentage) will be deducted?
2. when the pension will start? Will it start immediately or after the age of 58-60?
3. How pension I am going to get assuming total corpus amount is Rs1.6lacs?
4. Pension option is the best? I am given various pension options out which I feel below mentioned 2 options are good:

Option 1
” i) Joint Life Pension with 100% of Annuity payable to the Spouse and Return of Corpus to the Nominee on the death of the Spouse ”

Option 2

“f) life with return of Corpus : In this , the pensioner will get the pension money till his life, & after his life, the corpus would be paid to the nominee in lump sum. Therefore in this option the pension amount is comparatively less”

5. Last but not least, do you advice me to withdraw 1/3 amount now or should I keep 100% amount in the pension fund.

Rgds
Sachin

Posted on April 12th, 2013

Manish Chauhan says:

Hi Sachin

it would be better to opt for the pension for whole life, but then the amount of pension would be lower and it will start only later in life. Not right now .

I am not sure if I have all the answers for you . You should start a thread on this at our forum – http://www.jagoinvestor.com/forum/

Posted on April 12th, 2013

sachin says:

Thanks for the prompt reply.

Some queries still unanswered:

1. Should I withdraw 1/3 amount now and what will be the %age of tax deduction.

2. Which the following pension options should I opt for:
a. Life pension
b. pension guaranteed for 5/10/15/20/years + life
c. Life pension with return of corpus
d. Joint life pension.

Rgds
Sachin

Posted on April 12th, 2013

Manish Chauhan says:

Yes you can do that, but note that SA fund is tax beneficial also

Posted on April 12th, 2013

Kumar says:

I have contributed to Superannuation for close to 20 Months. Now I plan to leave Job and do a Business.

What will happen to my Fund.

I know my SA policy Number

I am in no Hurry to withdraw the same. I can keep it for some years(58) or can contribute on my own.

Thanks,
Kumar

Posted on April 19th, 2013

Manish Chauhan says:

I think you will be able to get pension out of it later , There is lot of unclarity about it , I will try to find out on that !

Posted on April 19th, 2013

Satish says:

Hi,

Is it possible for me to check the pension service details online? Else , what is the option?

Satish

Posted on April 30th, 2013

Manish Chauhan says:

No its not possible . try RTI

Posted on May 6th, 2013

Satish says:

Hi Manish,

Thanks for your response.

My problem is, I got my PF transferred from RPFC Pune to a trust in Gurgaon (my company being exempted). For pension transfer, EPF Pune asked me to submit another Form-13 – does pension transfer require separate Form-13 or is it because my PF transfer was to trust that I am asked to submit another form-13.
I submitted another Form-13, but not sure if my pension service has been transferred to RPFC Gurgaon.

Also, when I sent the Annexure-K to RPFC Gurgaon myself, for pension updation, EPF Gurgaon says the details in Ann-K is not sufficient. My Ann-K has my date of joining EPS, exit from EPS, new EPS number. What more is needed in Ann-K. Should pension amount be mentioned?

Regards,
Satish

Posted on May 6th, 2013

jayendra Chauhan says:

Hello,I have been with previous employer with 5 year & resign from last 3 month, but still I am not getting superannuation. I have checked with employer , they replied we can not do any thing . LIC will do for you.How can i get this money.I checked on line on LIC site. its show the total amount.
Please guide me.
Thanks

Posted on May 25th, 2013

Manish Chauhan says:

Jayendra

Yes, Only LIC will be able to give it back to you .. file a RTI if required

Posted on May 25th, 2013

Sat says:

Hi , I had opted superannuation scheme of LIC with previous employer about 2 years and now current employer do not have the same, how much amount i will get if i have to withdrw or is there option for me to contribute regularly myself if I wan to make this my retirement plan. Is the accumulated fund totally with LIC & employer do not hold any funds?

Posted on May 29th, 2013

Manish Chauhan says:

Its totally with LIC and you can only get some part payment of it when you leave the company

Posted on May 31st, 2013

prosenjitacharje says:

Dear Manish,

Thanks for helping us out with your gr8 artical like always. I have a query.

I have recently resigned from a MNC pharmaceutical organization after my 10 years of service, which gives me superannuation benefit from LIC.
my query is they give me two option to exercise.
(1st option) 1/3 withdraw of annuity (2nd option) 1/2 withdraw of annuity.

My question, Is both the cases it is tax free or in both the cases the amount is after deduction of tax?

Regards,

Prosenjit Acharje

Posted on June 18th, 2013

Manish Chauhan says:

Yes its tax free, but the amount might be before tax .

Posted on June 21st, 2013

Ganesh Bhat B says:

Dear Manish,
I retired from services on 31st May, 2012 and subsequently the papers were submitted to LIC through the company. It has taken more than one year and recently I recieved the communication regarding the pension which says that the pension will start from 1st June, 2013 i.e exactly after 1 year and they say that interest is added to the capital based on which pension is calculated. Is there something called waiting period of one year? The interest for one year is practically insignificant compared to the pension amount for 1 year.

Posted on July 17th, 2013

Manish Chauhan says:

I am not aware about it . You can either raise this on our forum – http://www.jagoinvestor.com/forum/ or file a RTI asking this to them !

Posted on July 18th, 2013

Rahul says:

Manish Sir,Thanks for the Information

Posted on July 27th, 2013

Nilesh says:

Dear Manish,
I left one of the limited company after completion of 4 years & 9 month.
and now i have joined new company which does have superannuation scheme.
still i am eligible to get superannuation return from previous company with whom i had for 4 years & 9 month.
regards
Nilesh

Posted on August 13th, 2013

Manish Chauhan says:

Yes, why not !

Posted on August 21st, 2013

Sandeep Garg says:

I worked with organiation for 15 years (sau company 1) and resigned to move to another sister company within same group (say Company 2). My accumulated SA balance (of company 1) transfered to Sister concern SA account (Comany 2) with LIC.

after 9 months I resigned from sister concern (company 2) and joned new organisation (Company 3).

Now when i tried to transfer my SA from previous organisation (Balance transfered from company 1 plus company 2 contribution for 9 months) to SA of company 3, Company 2 is refusing to transfer even contribution transfered from company 1. please advice.

Posted on August 25th, 2013

Manish Chauhan says:

Whats the ground of rejection . I suggest filing a RTI asking for detailed rules on this and check if you are following it yourself or not ?

Posted on August 26th, 2013

Pankaj Jain says:

Last month I opted for superannuation and my org deducted the amount but today I got communication that government of India has instructed LIC to stop any new additions to the existing pension schemes. Is this correct that now employees can’t opt for superannuation as per government direction?

Thanks

Posted on August 29th, 2013

Manish Chauhan says:

Not sure .please check with govt using RTI

Posted on August 29th, 2013

Santanu says:

Hi Manish,

Just few question here.
What is the difference between this plan and EPF/PPF?
Can any employer has both superannuation plan and epf? I think epf is a kind of mandatory for all companies and in such a case why companies subscribe this plan?

Thanks for your answer in advance.
Regards
Santanu

Posted on September 13th, 2013

neelim dutta says:

hi,manish.i’m a regular reader of your blog.i work for a NGO having a group superannuation scheme in conjugation with group insurance with LIC.the contributions are 3 % of my basic per month plus an yearly uniform allowance goes into the fund per annum.the employer pays for the yearly insurance premium.i’ve paid 34 no.s of monthly instalments into the said fund and i want to withdraw from the scheme.can you please suggest me on this,thanking you – neelim.

Posted on September 14th, 2013

Manish Chauhan says:

I dont think there is an option like “withdrawing” . You will get pension out of this amount later .

Posted on September 17th, 2013

Manish Chauhan says:

yes, this is compulsory in most of the companies, most of the employees are not aware about this superannuation thing and come to know only when they leave their jobs !

Posted on September 17th, 2013

neelim dutta says:

thanx,manish.can the amount which i’ve deposited so far be made paid up instead of withdrawing it,if so then how do i go about it.plz reply,thanking you – neelim.

Posted on September 17th, 2013

Manish Chauhan says:

Better enquire this with LIC or the super annuation company ,. they will be able to give the right answers on this.

Posted on September 17th, 2013

Dhanesh Sethi says:

Hi Manish,

Great piece of information on how to check SA status online. But unfortunately after entering the Policy Number and Branch ID number, I tried actual Date of Birth and both the options suggested by you 01/07/1960 & 07/01/1960, it does not work. Any further suggestion please?

regards,
Dhanesh.

Posted on September 19th, 2013

Manish Chauhan says:

Hi Dhanesh

This procedure is very old. Not sure if it will work now !

Posted on September 25th, 2013

rajiv sharma says:

Hi,

I want to know whether the pesnion of 2/3 of corpus under a super annuation scheme (with LIC) must be coming from LIC or individual have option to choose the company from where he/she wants to take pension.
Thanks
Rajiv

Posted on October 17th, 2013

Manish Chauhan says:

It comes from LIC mostly

Posted on October 18th, 2013

krishna rao says:

Are there any circumstances under which the entire superannuation fund can be paid to the person after retirement but before death -for instance on medical grounds.
Thanks

Posted on November 17th, 2013

S K Maity says:

Very good to know.

Regards

S K Maity

Posted on December 9th, 2013

S K Maity says:

Excellent information.

Posted on December 9th, 2013

Jayendra says:

Hi,

My last company have superannuation scheme. I have been worked 5 years and i got it 1/3rd amount of super annuation. Please let me know how can i withdraw pending 2/3rd amount .
And also i have registered standard chartered bank account in the superannuation policy, Now i want to change it because its difficult to maintain 25000 RS P.M.. Please advise me how can i change it..
Thanks
Jayendra Chauhan

Posted on March 31st, 2014

Shivam Chodankar says:

Hi!

I work for a company which has a superannuation scheme with LIC. Now the company has given us an option of to continue or discontinue a our superannuation contributions voluntarily. I am presently in a dilemma whether or not to continue since i don’t know much about it. Could you pls guide me and let me know what could be the best for me. Have completed 5 yrs of service in the company.

Posted on April 5th, 2014

Debjyoti Banerjee says:

Dear Manish,
I work in a well known PSU. When i joined this company, they offered LIC Group Superannuation Pension Scheme. 7.5% of basic is paid employee and another 2.5% is paid by employer. So when I was calculating my savings u/s 80 c, the employee side contribution (mine) was added along with my EPF contribution. The remaining amount after subtracting from 1,00,000 u/s 80 c, i invested in PPF. So yes, if employee contributes in Superannuation scheme, it comes under Sec 80 c.
Regards,

Posted on April 8th, 2014

Manish Chauhan says:

You can continue it if company is making contributions on their behalf also , but note that later in life it gets really complicated to claim that fully

Posted on April 10th, 2014

Manish Chauhan says:

THe rest will be given as PENSION Later in life !

Posted on April 10th, 2014

Mallikarjun says:

Dear Manish,
I had done volounter contribution towards Super Annuation. However now I am moving to different organization. My current employer says, I will not get refund on the Super Annuation. Is there a possibility to get teh Super Annuation contribution done by me. It is around 1 laksh amount, which is alot for me.

Posted on April 16th, 2014

Manish Chauhan says:

Why will you not get it , whats the reason given by him ?

Posted on April 21st, 2014

Mallikarjun says:

Thanks for the reply Manish.
The reason given is I have not completed 5 years of service in the organization.

Posted on April 21st, 2014

Manish Chauhan says:

Yes, 5 yrs has to be completed to get full super annuation .. but I think even now you should get some partial amount. When I left my Job at Yahoo after 3.5 yrs, I was able to get 33% of my super annuation !

Posted on April 21st, 2014

Mallikarjun says:

Thanks for your response Manish.
I tried to explian, but there is no hope. As they say it is rule and 5 years completion is must.
Thanks alot for your response.
I was checking with you is there any leagal way to get this amount or I should forget. As mentioned I have done this voluntirily from my CTC.
Thanks again.

Posted on April 21st, 2014

Manish Chauhan says:

Ask them to show you the rules . Tell them as per rules there is no requirement for completion of minimum 5 yrs of service .The super annuation is always passed on to a 3rd party company (mostly LIC) . So they should give you proof of this . Threaten them a bit on why you will register a police complaint of FRAUD on company . While they might be fine to say that its a rule, but they cant just say this . They have to show you proper proof for this !

Posted on April 21st, 2014

Mallikarjun says:

Dear Manish,
Thanks for response.
They have an FAQ about SAF in the intranet which says as below
“2.2.2 Options at Resignation
Associate has to complete 5 years of service at Organization to withdraw the SAF accumulations”

I am not sure how to proceed?
Once again thanks a lot for your time and response.

Posted on April 21st, 2014

Kerul says:

Thanks for such a wonderful information. It was quite helpful.

Posted on April 22nd, 2014

Sujit says:

My Organization has Superannuation scheme. How do i enroll for it? Am i required to open any account anywhere? or just declare the amount limit in FBP and thats it?

Posted on April 23rd, 2014

Dinesh Bhat says:

Hi Manish,
This is really a great piece of information. Thanks much for sharing the information.
Have a question,
I am working in a company and my company is contributing to the superannuation. I am able to see the accumulated amount online as well. It is with ICICI. Now I have resigned after being worked for 2.6 years. I believe, I will get only 75% + Interest as it is less than 3 years.

Would you please let me know, what should be my next move? My next company is not having Superannuation concept. So, I should be withdrawing the amount and find a better place to invest or keep it for longer?. Can I contribute to make the investment for 3 years? Can you please share your thoughts?

Thanks,
Dinesh

Posted on April 28th, 2014

Manish Chauhan says:

Hi Sujit

You org is the best place you can find info , contact the finance team !

Posted on April 29th, 2014

Manish Chauhan says:

Thanks

Posted on April 30th, 2014

Payal says:

Hi Manish,

Thanks for all the information. It is really helpful.
Just one question, my company gives the option of investing in superannuatation fund but the money invested is deducted from my salary. In your post you have mentioned that the employer contributes to the fund but here I am sseing that the employee needs to contribute. I am bit confused. Please enlighten me…:)

Thanks.

Posted on June 17th, 2014

Nilufer says:

Hello Manish,

Can contribution to superannuation be increased by an individual, just like how we have Voluntary Provident Fund..? Employer can contribute his exact figure to superannuation, and over and above that if we want to contribute, can that be done??

Posted on June 25th, 2014

Manish Chauhan says:

Actually , I have not heard about it … Not possible I guess

Posted on July 3rd, 2014

Manish Chauhan says:

Its never a mandatory things for company . They might do it, or dont . Here they are giving you an option if you want to in that kind of fund. My personal suggestion is do not opt for it, if you have the control on yourself for investing that part yourself in something .

Manish

Posted on July 5th, 2014

Payal says:

Thanks Manish for your suggestion. I am not planning to invest in this plan.

Posted on July 5th, 2014

aparna says:

Hi Manish,

Thanks for all the above article.
I have a query regarding SA. i had worked in a company for 3.4 years and resigned before 9 months and currently not working. Our company has employees group superannuation scheme, since i completed 3 years of service they have informed that I will be eligible for the same. Our employer contribution is 10% for this scheme.
– As per your point (h) I would like to withdraw the full amount in account after deducting the tax.Will it be possible?
I don’t want to opt for pension plans(In that i will get 1/2 and remaining 1/2 will be with LIC) .

– I have read withdrawal terms that “An employee can withdraw his or her entire accumulations along with interest when he/she moves abroad on producing the consent letter from the Commissioner of Income Tax Office. But the amount so payable is taxable under Income Tax Act, 1961. Tax amount will be deducted from the proceeds and balance will be paid to the employee by employer”.

Is this applicable only for people going to abroad.?? will I get the full amount back? My total SA amount is less than 1 Lakh.

Thanks..

Posted on July 18th, 2014

RAN SINGH says:

Respected sir
I am retired from National Fertilizers Limited, Bathinda as a Deputy Manager on 31.12.2102 as per superannuation and I have deposit Rs 116581/-on 16.05.2013
as per commuted value 80876/- received and monthly pension Rs 892/- per month started
Kindly tell me how much my amount is balance & when I can withdraw the whole amount
with regards
Ran singh
Master Policy No. GSCA/345697

Posted on August 8th, 2014

Murthy says:

Thank you for the information.It is useful.

Posted on August 21st, 2014

Manish Chauhan says:

You will have to file a RTI for that

Posted on September 20th, 2014

Manish Chauhan says:

I think I dont have sufficient knowledge on the SA part .

Posted on September 21st, 2014

Darshan says:

Hi Manish,
wonderful article. I worked for a company for 8 years in india and now settled in canada. I am receiving amount every year. If I notify LIC that I am living in Canada, am i still eligible to receive money?
can I claim to withraw all money as I live in canada?
thank you

Posted on October 1st, 2014

Chetana says:

I have left the company in April 2014 and filed for Super annuation settlement in May 2014. Still I have not received the settlement from LIC. As per my last company, LIC has huge backlog and hence there is a delay. Does it take this long to settle? There is no response from LIC regarding this. Please advise.

Posted on October 14th, 2014

Manish Chauhan says:

Hmm. No idea on this !

Manish

Posted on October 15th, 2014

Manish Chauhan says:

Yes why not .. its your own money !

Manish

Posted on October 16th, 2014

Darshan says:

thank you Manish

Posted on October 16th, 2014

Harish says:

Hi,

I am been with company from 10 year but SA scheme is started in 2014 only.
If I invest 5000 per month, how much pension I will receive. Assuming I will work till retirement and my current age is 33.

Posted on October 21st, 2014