India’s largest life insurer Life Insurance Corporation of India (LIC) has provide you with a brand new Group Superannuation Plan, referred to as New Group Superannuation Cash Accumulation Plan (NGSCA) which is principally an Employer-Employee Group Scheme and is greatest suited to employers having Defined Contribution in addition to Defined Benefit Superannuation Scheme for his or her workers.
According to the scheme, the Contributions will be paid at any time throughout the yr and it will likely be credited to the Group Policy Account maintained within the identify of employer/trustees/Master Policyholder. In case of Defined Contribution Scheme, Individual Policy Account in respect of every Member may even be maintained.
To be eligible for this scheme, the worker must fall within the age group of 18 and 75 years and in case of maturity age, it needs to be 85 years.
In phrases of contribution, a minimal of Rs 10,000 is required on the time of inception of this coverage and then a contribution of Rs 1,200 is necessary yearly for the members.
Also, the minimal group measurement for the brand new employer-employee scheme needs to be 10 and there isn’t any restriction on the dimensions of government-sponsored social safety schemes, as per the principles talked about within the scheme.
There are ample benefits for availing of this scheme. If there may be an exit of a member, then he/she might be liable to receives a commission beneath the Superannuation Scheme Rules of the Master Policyholder. Also, the Individual Policy Account will cease as soon as the profit is paid.
Furthermore, there might be a minimal rate of interest of 0.5% p.a. Which might be declared on the finish of every monetary yr and it will likely be assured throughout all the time period of the contract.
