Some clauses of Dissolution of LIC group superannuation Scheme

POSTED BY Trupal Thakkar ON October 23, 2013 2:12 pm COMMENTS (3)

Hi, Manish I read your post regarding Superannuation over here, i have a query regarding it, it would be of great help if you can help and guide me on it. I had been working with a company for past 3.9 years and there was superannuation Scheme in the CTC offered that employees completing 3 years are eligible. but due to change in IRDA rules they opted to dissolve the Trust deed with LIC and remit the dues to the respective employee in order to keep same rules for each newly joined employees as there was no fresh entry allowed after 31st July, and so the company got the necessary NOC signed by all employees. After signing i have resigned from company and they are now saying that i wont be eligible for the Superannuation money because out of 3.9 years of my service 1 year was training and so i lack 3 Months for the completion of mandatory 3 years.

And also in case of dissolution the policy i wont be a Company\’s employee when the trust will be dissolved actually as they say that everything is pending from Govt. office and IT officers approval, also they states that if the Trust would be dissolved after 4 months as per the LIC deed only those employees who would be on Company\’s payroll would be eligible for the respective dues.

I am confused for the same, request to throw some light on it and some clauses of Dissolution of LIC group superannuation schemes if available as am not getting anything on LIC website.

3 replies on this article “Some clauses of Dissolution of LIC group superannuation Scheme”

  1. ashalanshu says:

    Dear Trupal, as you have not completed the minimum service period, you are not entitled for Superannuation benefits.

    Thanks

    Ashal

  2. Trupal Thakkar says:

    Dear Ashalanshu,

    During training period there was no Superannuation in package i do understand this, but i my area of concern is that Company has decided to dissolve the trust formed with LIC and already got the NOC signed by me much before i resigned. In, that case what would be my status.

    Regards,
    Trupal

  3. ashalanshu says:

    Dear Trupal, if you were trainee, were your salary package included this Group superannuation or not?

    thanks

    Ashal

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