ONGC SELF CONTRIBUTORY POST RETIREMENT & DEATH

IN SERVICE SUPERANNUATION BENEFIT TRUST

(PRBS Section, 'A' Wing, 6th Floor, B. S. Negi Bldg., Tel Bhavan, Dehradun)
Ph.(0135)- 2793541/42/52, Email : prbstrust@ongc.co.in

No.ONGC/PRBS/Settlement/Rates/Aug/2022 Dated: 10.08.2022

SUBJECT- PRBS SCHEME- INDICATIVE RETURNS ON THE NET CORPUS UNDER DIFFERENT ANNUITY OPTIONS
BASED ON THE ANNUITY RATES PROVIDED BY THE INSURERS FOR THE EMPLOYEES RETIRING IN AUG, 2022

Kotak
ICICI TATA AIA MAX
Annuity Option/Insurer LIC SBI Life HDFC Life Bajaj Allianz Mahindra
Prudential LIFE LIFE
Life
GST-Nil Effective annuity rates after GST @1.8%
A. Annuity for life with Return of Capital on Death
5.77% 6.05% 6.45% 6.60% 6.35% 6.33% 6.51% 6.69%

B. Annuity for Life

8.18% 7.68% 7.84% 8.40% 7.91% 8.10% 7.57% 8.54%

C. Annuity for Life Guaranteed for 5 years

8.12% 7.64% 7.80% 8.32% 7.84% 8.06% NQ NQ

D. Annuity for Life Guaranteed for 10 years

7.98% 7.54% 7.72% 8.18% 7.71% 7.94% NQ NQ

E. Annuity for Life Guaranteed for 15 years

7.78% 7.40% 7.60% 8.00% 7.51% 7.79% NQ NQ

F. Annuity for Life Guaranteed for 20 years

7.54% 7.22% NQ 7.79% 7.28% 7.59% NQ NQ

G. Annuity for Joint Life Survivor Pension *

7.00% 6.55% 6.81% 7.27% 6.70% 7.04% 6.62% 7.34%

H. Annuity for Joint Life Survivor Pension with

Return of Capital on death of last survivor * 5.75% 5.92% 6.39% 6.55% 6.33% 6.29% 6.53% 6.66%

I. Deferred annuity for life with RoC

-Deferred for 1 Year NQ 6.05% NQ NQ 6.50% NQ NQ 6.57%
-Deferred for 2 Year NQ 6.48% NQ NQ 7.09% NQ NQ 7.16%
-Deferred for 3 Year NQ 7.01% NQ NQ 7.72% NQ NQ 7.78%
-Deferred for 4 Year NQ 7.57% NQ NQ 8.33% NQ NQ 8.29%
-Deferred for 5 Year NQ 8.19% NQ NQ 9.05% NQ NQ 9.13%
-Deferred for 6 Year NQ 8.85% NQ NQ 9.62% NQ NQ 9.51%
-Deferred for 7 Year NQ 9.57% NQ NQ 10.38% NQ NQ 10.10%
-Deferred for 8 Year NQ 10.33% NQ NQ 10.94% NQ NQ 10.85%
-Deferred for 9 Year NQ 11.14% NQ NQ 11.70% NQ NQ 11.45%
-Deferred for 10 Year NQ 12.00% NQ NQ 12.44% NQ NQ 12.02%
J. Deferred annuity for Joint Life with RoC *
-Deferred for 1 Year NQ 5.92% NQ NQ 6.46% NQ NQ 6.47%
-Deferred for 2 Year NQ 6.20% NQ NQ 6.97% NQ NQ 6.99%
-Deferred for 3 Year NQ 6.63% NQ NQ 7.52% NQ NQ 7.52%
-Deferred for 4 Year NQ 7.10% NQ NQ 8.05% NQ NQ 7.94%
-Deferred for 5 Year NQ 7.60% NQ NQ 8.69% NQ NQ 8.73%
-Deferred for 6 Year NQ 8.14% NQ NQ 9.20% NQ NQ 9.01%
-Deferred for 7 Year NQ 8.73% NQ NQ 9.93% NQ NQ 9.54%
-Deferred for 8 Year NQ 9.36% NQ NQ 10.49% NQ NQ 10.25%
-Deferred for 9 Year NQ 10.04% NQ NQ 11.32% NQ NQ 10.86%
-Deferred for 10 Year NQ 10.78% NQ NQ 12.20% NQ NQ 11.51%
* In case of option G, H & J : The return indicated is for an employee whose age is 60 years and that of his/her spouse is 55 years.
For other age combinations the return will vary accordingly for all insurance companies.

Points to Consider:-

1. The above mentioned rates are effective annuity rates for all options after adjustment of GST @ 1.8% for employees
superannuating at the age of 60 years. In case of options A, H, I & J the capital amount will be refunded by insurance
company after adjusting the same. No GST is chargeable in case of LIC where employee has not opted for NPS.

2. These rates are valid for the employees retiring in Aug, 2022 and are valid till 07.09.2022.
3. Employees who are superannuating on 31.08.2022 and have submitted their claim application, if any change is required, may
resubmit their option (B.3 of PRBS Claim form) of insurer and annuity option (B.2 of PRBS Claim form) in Webice after rejection
of claim through concerned establishment/ICE Team.
4.The employee who wish to transfer their PRBS fund to NPS on the date of separation are also required to fill "PRBS final
settlement" form in WEBICE and choose "Benefit type" as NPS. Further, for availing NPS benefit, employee should have an
active Corporate ONGC NPS Account.
5. The details of various annuity options is also attached.

(Bhaskar Gupta)
DGM(F&A)-EO PRBS
 Details of Various Annuity Options
Annuity Options
Annuity for life with return of capital on Death (A) The annuitant / beneficiary will receive
Annuity for life (B)
Annuity for life guaranteed for 5 years (C )
Annuity for life guaranteed for 10 years (D)
Annuity for life guaranteed for 15 years (E)
Annuity for life guaranteed for 20 years (F)
Annuity for Joint Life Last Survivor Pension with
100% reversion to the spouse (G)
Annuity for Joint Life Last Survivor Pension with The annuitant will receive pension till
100% reversion to the spouse and with return of he/she is alive and on his death the
capital(H)
Deferred annuity for life with RoP(I)
Deferred annuity for Joint Life with RoP(J)
Description Return of Capital
pension till he/she is alive. On his/her Yes, Capital is returned
death, the nominee will receive the to nominee after death of
purchase price of annuity/capital money. member
The annuitant / beneficiary will receive
pension till he/she is alive, no return of
No Capital is returned
capital.
In these four options, the annuitant /
beneficiary will receive pension till he/she No Capital is returned
is alive. If he/she dies before the
guaranteed period, the nominee will
receive pension only up to the guaranteed No Capital is returned
period
No Capital is returned
No Capital is returned
The annuitant will receive pension till
he/she is alive and on his death the
No Capital is returned
spouse gets the equivalent pension.
spouse gets the equivalent pension and Yes, Capital is returned
on the death of spouse the nominee will to nominee after death of
receive the purchase price/Capital money. member and spouse.
Under this option, if retiring employee
does not want to start annuity immediately
after retirement, he/she may defer the
Yes, Capital is returned
annuity for a future period i.e. from 1 to 10
to nominee after death of
years at higher rate. However, during the
member
deferment period no annuity will be paid
and the corpus amount will also not
increase.