What is Superannuation?
Superannuation is a contribution made by your employer each year(usually it is 10-15% of your basic sal) on your behalf towards the group superannuation policy held by the employer.
Conditions of Superannuation account:
The amount that the employee gets is as under:
a) < 1 year of employment : NIL
b) >1 year but < 2 years : 50% of the contribution + interest earned
c) > 2 years but < 3 years : 75% of the contribution + interest earned
d) > 3 years : 100% of the contribution + interest earned
At the end of each financial year, LIC pays an interest on the contribution made by the employer in your account. The interest rate is around 9.25% and it is set by LIC annually.
Benefits of Superannuation:
Once the employee completes 3 years of service and works till his/her retirement, he/she can make use of superannuation balance as a form of pension. He/She can withdraw 1/3rd of the accumulated balance after retirement and the rest can be availed as monthly pension till end of life.
How to Check Superannuation balance online?
1. Go to licindia.com
2. Register for a user id and password.
4. Click on 'Group Scheme Details' tab.
5. Click on 'member' radio button.
6. Get the group policy number for super annuation from your company's payroll department and enter '
7. It will ask for LIC Id no and Date of Birth fields.
8. To get LIC Id no, call LIC branch with which your employer has a super annuation account and inform that you are calling from your company and provide your name to the LIC official. They will give your LIC ID No.
9. Since most companies had not furnished the date of birth details to LIC, enter '01/07/1960' / '07/01/1960' (forgot the order, try both n check) in the date of birth field.
10 .You will get the policy enrolled and you can click on the policy number to view the details. The details will contain the accumulated balance till the last financial year. It also shows contribution made by your employer i the current financial year.