 "LIC's new group superannuation scheme")
Life Insurance Corporation of India (LIC) today launched its new Group Superannuation Plan, called New Group Superannuation Cash Accumulation Plan (NGSCA). It is an Employer-Employee Group Scheme which can also be offered for Government sponsored Social Security Schemes.
NGSCA is a conventional group product, which is suited for employers having Defined Contribution as well as Defined Benefit Superannuation Scheme for their employees.
Contributions paid by employer or trustees will be credited to the Policy Account maintained in the name of employer/ trustees. In case of Defined Contribution Scheme, individual member-wise Policy Account will also be maintained.
The plan offers 3 types of interest benefits and Minimum Floor Rate is guaranteed through out the term of the policy. Further, additional interest is to be declared in advance every quarter and residual addition if any payable after fifth year and every year thereafter. The plan has option for contribution by employees also and offers flexible funding options to the Employers/Superannuation Trusts.
NGSCA is a conventional group product, which is suited for employers having Defined Contribution as well as Defined Benefit Superannuation Scheme for their employees.
Contributions paid by employer or trustees will be credited to the Policy Account maintained in the name of employer/ trustees. In case of Defined Contribution Scheme, individual member-wise Policy Account will also be maintained.
The plan offers 3 types of interest benefits and Minimum Floor Rate is guaranteed through out the term of the policy. Further, additional interest is to be declared in advance every quarter and residual addition if any payable after fifth year and every year thereafter. The plan has option for contribution by employees also and offers flexible funding options to the Employers/Superannuation Trusts.