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Artifact 7 - Superannuation Pension Calculator-Guidelines
Artifact 7 - Superannuation Pension Calculator-Guidelines
Artifact 7 - Superannuation Pension Calculator-Guidelines
User Manual
Superannuation pension calculator is designed to calculate employees
yearly superannuation pension amount after his separation from the
organization. To calculate the pension amount employee needs to enter few
details like Superannuation balance, Age, Pension Scheme and commutation
proportion. This calculator does not include Joint Life Pension Scheme. For
any queries related to Joint Life Pension scheme request you to connect with
Corporate Separation Cell.
Please enter your Superannuation balance here. You can find the
superannuation balance in Salary slip >> Retirals as on month end. Or
you can find the balance in following link Ultimatix >> Employee
Services>>My Documents>> Miscellenous Documents
Please select the pension scheme from the 5 option given in the
dropdown. Please find brief of the schemes below.
For 1) Life Pension: Employee will be getting pension till he survives. No amount
will be given to beneficiary after a demise of employee. Under this option pension
amount will be higher than all other schemes.
For 2) Pension Guaranteed for 5 + Life: In this scheme Employee will be getting
pension till he survives and first 5 years Pension is Guaranteed i.e. In case the
pension has been started for the employee and employees demise occurs after 2
years, then for next 3 yrs the beneficiary will get the pension. However, further no
pension will be given to the beneficiary, also the corpus amount (Superannuation
fund balance) will be retained by the LIC.
Please Note: If the employees demise occurs after first five years then neither
pension nor the Superannuation balance lying with LIC will be given to the
beneficiary.
For 3) Pension Guaranteed for 10 + Life: In this scheme Employee will be
getting pension till he survives and first 10 years Pension is Guaranteed i.e. In case
the pension has been started for the employee and employees demise occurs after
3 years, then for next 7 yrs the beneficiary will get the pension. However, further no
pension will be given to the beneficiary, also the corpus amount (Superannuation
fund balance) will be retained by the LIC.
Please Note: If the employees demise occurs after first Ten years then neither
pension nor the Superannuation balance lying with LIC will be given to the
beneficiary.
Superannuation
Commutation/Withdrawal
allowed
1/2 of total Superannuation
accumulation
1/3 of total Superannuation
accumulation
Amount after the commutation will be retain by the LIC and it is called
as 'Corpus Amount '. The pension will be calculated based on the
Corpus amount.