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Samvardhan - Pension Scheme ( Defined Contribution) for all LIC agents
LIC India has decided to start a Group Superannuation Cash Accumulation Scheme- ′Samvardhan′, for the Agents of the Corporation. This scheme is being started with a view to assist the agents in creating a sizeable corpus during their productive year which can be used to provide the pension in a structured way, after the accumulation period.

Main features of the scheme are as under :

Eligibility:

1. All the active agents having annual commission of Rs. 1,00,000 alongwith agency tenure of minimum 1 year can join the scheme. Membership of the scheme is voluntary.
2. Minimum age at entry ( in years) 18 completed
3. Maximum entry age ( in years) 65 completed

Contributions:

1. Minimum contribution by the Agent Rs. 500/- per month and in multiples of Rs. 500/- thereafter
2. Minimum accumulation period upto age 60 years
3. Maximum accumulation period upto age 75 years
4. Minimum deferment period- 10 years

Benefits under the Scheme:

Benefits payable after the accumulation period
Benefits payable on the death of the member
Benefits payable on withdrawal of individual member

The Scheme will run as a defined contribution under Group Superannuation Cash Accumulation Scheme of LIC of India.
  
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Source : http://www.licindia.in
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