LIC launches new group superannuation scheme

India Infoline News Service | Mumbai |

It is an employer-employee group scheme which is useful for employers having defined contribution

State-run Life Insurance Corporation of India (LIC) on Saturday has launched its new group superannuation plan, called New Group Superannuation Cash Accumulation Plan (NGSCA).

It is an employer-employee group scheme which is useful for employers having defined contribution and defined benefit superannuation scheme for their employees.

The NGSCA offers three types of interest benefits and minimum floor rate is guaranteed through out the term of the policy.

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.

 

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