Superannuation

POSTED BY prshah403 ON July 17, 2012 3:04 pm ONE COMMENT

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 retirement my total amount with LIC is 5 lacs and I opt for life time pension,

(1) After my death what amount will be given to whom? How corpus will be calculated? Or pension will be given to nominee?

(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 negative points to opt Superannuation?

Rgds,

One reply on this article “Superannuation”

  1. Dear Prshah, please check with your employer or LIC itself. There are multiple option for pension to chose from. If you want the corpus should be returned to your nominee after your death, the same is possible but in this case the pension ‘ll be lower some where around 7% yly interest rate.

    If you do not opt the refund option, the pension may go as high as 9-9.25%. But all this depend upon the exact T&C of your superannuation plan offered by LIC.

    thanks

    Ashal

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