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SABF OPTIONS

     

 

 

REQUIREMENT BY LIC

     

OPTION NO.

OPTION DESCRIPTION

DURING LIFE TIME OF MEMBER

AFTER DEATH OF THE MEMBER

     

1

Life time of the member.  After death of member, no benefit shall acrue to his beneficiaries. 

Member is required to furnish "Life Certificate" every year two months prior to next lot is due.

Successor has to provide intimation of death of member to SABF trust through the parent unit/division of the Member so that the pension can be stopped by LIC.

     

2

Life time of the member with guaranteed benefit for 5 years.

Member is required to furnish "Life Certificate" every year after guaranteed period (5/10/15 years) is over  two months prior to next lot is due.

Nominee has to provide intimation of death of member to SABF trust through the parent unit/division of the Member so that the pension can be issued in the name of nominee rest of the guaranteed period.  After guarantee period no pension is payable to nominee.

     

3

Life time of the member with guaranteed benefit for 10 years.

     

4

Life time of the member with guaranteed benefit for 15 years.

     

5

Life time of the member with refund of the principal annuity amount to beneficiary at the time of death of the member.

Member is required to furnish "Life Certificate" once in every three years.

Nominee has to provide intimation of death of member to SABF trust through the parent unit/division of the Member so that the Case can be processed for Refund of Capital.

     

6

Joint life time of the member as well as his/her spouse.

Member is required to furnish "Life Certificate" every year two month prior to next lot is due.

Spouse has to provide intimation of death of member to SABF trust through the parent unit/division of the Member so that the Case can be processed for issue of pension cheques in the name of spouse.  If the spouse is predeceased no benefit is payable after death of the Member.

     

7

Life time of the member with guaranteed benefit for 20 years.

Member is required to furnish "Life Certificate" every year after guaranteed period (20 years) is over  two months prior to next lot is due.

Nominee has to provide intimation of death of member to SABF trust through the parent unit/division of the Member so that the pension can be issued in the name of nominee rest of the guaranteed period.  After guarantee period no pension is payable to nominee.

     

8

Joint life and last survivor pension with return of capital. 

Member is required to furnish "Life Certificate" once in every three years.

After the death of:

1. Member : Spouse will intimate so that the pension is paid in the name of spouse.

2. Spouse : Member will intimate for     records.

3. Member & Spouse : Nominee will intimate so that the case can be processed for Refund of Capital.

 

Formalities after death of Member/Spouse

Upon death of member/spouse following documents (copy enclosed) are to be submitted by the nominee(s) to SABF trust through parent Unit/Region for onward submission to LIC to enable them to process pension according to the option exercised by the member:

 

  1. Form “N”
  2. Discharge receipt duly signed by nominee(s)
  3. Death Certificate in original or attested copy.

 

 

Change of addresss/Nomination

Change of address/Nomination may be intimated to SABF trust through concerned Unit/Region.

 

In case of non receipt of pension

Members may contact following employees (through e_mail or phone) designated by LIC

  1. Mr. M B Nagpal, Manager(P&GS), LIC of India, 7th Floor, 25 KG Marg, New Delhi, PhoneNo.011-23314970, mb.nagpal@licindia.com
  2. Ms.Santosh Pangty, Officer(P&GS), LIC of India, 7th Floor, 25 KG Marg, New Delhi, PhoneNo.011-23350678, santosh.pangty@licindia.com
  3. Toll free no. at LIC of India, Central Office, Mumbai. 1800224077

 

Pension through ECS under SABF

 

SABF trust is in receipt of various complaints from annuitants/pensioners about non-receipt of pension cheques and invariably it is found that pension cheques have been delayed in post or lost in transit or the cheques have not been sent by LIC for want of Existence Certificate. It takes minimum six months to issue duplicate cheques against lost cheques even after submission of Indemnity Bond.  Also it is found that in some cases cheques are stolen and misused.   To avoid such incidents and to avoid hardship in getting pension in time, it is felt that the annuitants may be asked to switch from Post Dated Cheques mode to Electronic Clearing System (ECS) mode, which is safer mode to get pension directly to your Bank account.  To avail ECS facility members are requested to check whether their banker is ready to accept ECS, if so, members need to submit ECS mandate form (copy enclosed) duly filled in and certified by their banker, alongwith a photocopy of the cheque leaf.  Members are requested to send the original ECS form directly to LIC and copy to us.

 

Please note that while submitting ECS mandate form/Life Certificate/any other correspondence with LIC, do mention ANNUITY NO.