Superannuation Pension Plan Withdrawal ?

POSTED BY P.V.R.SARMA ON June 6, 2011 3:17 pm ONE COMMENT

I have resigned from a Company at Mumbai where employees super annuation scheme was there through LIC. After resignation, I was told by my previous employer that I need to keep 1/3rd of the total amount with LIC and I will get monthly pension. I have been getting Rs. 1,078/- every month since last 3 years. Now my age is 51 years. I have financial problems. Can I close this account and withdraw the balance amount available without any pension. Because the pension amount is very meagre and not useful.

Kindly advise me how to proceed….. Is there any possibility that the pension amount will be increased after some time ?

P.V.R.Sarma

Mobile : 9505054159

One reply on this article “Superannuation Pension Plan Withdrawal ?”

  1. At the time of resigning , you must have filled the form and mentioned the options like “getting the money at the end of tenure” or “life long pension” .

    I dont think you can get the money in between , this is the biggest reason I dont like LIC products like these , no liquidity !

    Manish

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