India’s biggest life insurer Life Insurance Corporation of India (LIC) has come up with a new Group Superannuation Plan, called New Group Superannuation Cash Accumulation Plan (NGSCA) which is basically an Employer-Employee Group Scheme and is best suited for employers having Defined Contribution as well as Defined Benefit Superannuation Scheme for their employees.
The Trust so formed will be the Master Policyholder/Policyholder of the scheme. Otherwise the employer itself will be the Master Policyholder/Policyholder. The contribution can be paid at any time during the year. Contributions paid by employer/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 primary benefits to an employer enrolled in the New Group Superannuation Cash Accumulation Plan. The LIC will invest your contributions in various securities and you will receive an interest and other benefits. When an employee retires, they will receive the money as retirement corpus. Your monthly superannuation contributions and other administrative charges for each employee can be deposited in the same policy account.
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