The Group Superannuation scheme is designed to provide pension to the employees/beneficiaries on the exit of the member from the service. A decreasing group insurance cover in conjunction with the superannuation benefit can also be provided to supplement the lower accumulation in the event of premature death of the member.
The scheme is of two types:
a) Money Purchase Scheme
b) Benefits Purchase scheme.
Pension which is linked to the Dearness Allowance will also be granted. The LIC’s Group (Licindia.in) Superannuation Scheme out are easy to install and provides best service, free valuation of the liability, attractive returns, safety of funds, simple administrative procedures, periodical statement on the fund position, tax, concession, etc. LIC offers a wide range of benefits options to cater to the needs of the different beneficiaries.