The Group Superannuation cash accumulation plan is a non-participating plan that is suitable for employers who have defined contributions or defined benefits schemes. The employer is generally regarded the master policyholder of the policy unless he creates a Trust and appoints trustees. Under such circumstances, the Trust will be regarded the master policyholder.
The insurance company lists out a few parameters that should be considered for the scheme to be purchased.
|Minimum entry age||18 years|
|Maximum entry age||75 years|
|Maximum maturity age||85 years|
|Minimum group size for existing scheme||No restriction|
|Minimum group size for new employer-employee scheme||10|
|Minimum group size for government sponsored social security scheme||50|
|Maximum group size||No restriction|
|Defined Contribution Superannuation Scheme||The members of the policy will have individual accounts with a certain value. On the death, retirement or resignation of the employee, an amount equal to the policy account value will be payable to him/her.|
|Defined Benefit Superannuation Scheme||All members of the policy are covered under a single policy. On the death, retirement or resignation of an employee, the amount payable is calculated based on the corpus needed to buy the benefits.|
|Cooling off period||A 15-day cooling off period is provided, within which the policyholder may return the policy if he/she is not satisfied with the terms and conditions of the policy. The insurer is liable to make a refund equal to the total contributions paid, after deduction of the stamp duty charges.|
|Surrender benefit||The policyholder can choose to terminate the policy before the completion of the term. A surrender benefit is then payable to the policyholder. The guaranteed surrender value is equal to 90% of the total contributions paid after deductions of the benefits paid. Whereas the special surrender value is equal to the policy account value after deductions of any market value adjustment and surrender charges. Either the guaranteed surrender value or the special surrender value will be provided, whichever is higher.|
|Range of policies||An array of insurance policies like unit plans, micro insurance plans and pension plans are offered by LIC.|
|Phone services||Phone helpline and SMS services are available in case customers have any queries related to their policies.|
|Online Application||Individuals who wish to purchase an LIC policy can visit the official website of LIC, click on ‘Apply Now’, and fill in all the details to receive assistance for the purchase of the policy.|
|Premium Calculator||LIC has the option of calculating how much premium may have to be paid by a certain individual based on the type of plan, age, policy term, etc.|
LIC is one of the most preferred insurance companies of the country. They function with the aim to provide affordable life insurance policies to all the citizens of the country, including the socially and economically backward sections of the society residing in the rural areas. They have a reputation of having the best claim settlement ratio. In the year 2016-17, the claim settlement ratio was a whopping 98.31%, meaning LIC settled 98.31% of all claims made in the year. The achievements of the company can be gauged from the number of awards won by the company. In the year 2016-17 alone they won a total of 27 awards from various organisations.
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