IOC Superannuation Benefit Fund scheme
By Badrinath Vasandi
Indian Oil Corporation Limited
Superannuation Benefit Fund scheme
I N D E X
a. Corporation’s Contribution
b. Contributions by the employees.
c. Other Contributions
d. Deputed employees retaining lien
5. Contributions during period of leave/suspension
6. Transfer of Rehabilitation Grant
7. Refund of Contribution
9. Annuity Option offered by LIC
10. Reckonable & Past Service
a. Transfer cases
b. Period included for the purpose of reckonable
11. Review of the Scheme
12. Administration of the Scheme
13. Description of forms for claiming benefit
Forms to be filled / Annexure A to H
14. Scheme for rehabilitation of the family of the
employee dying or suffering permanent total
disablement while in service.
15. Hypothetical illustration for calculation of
reckonable service and recurring benefit under
IOCL EMPLOYEES’ SUPERANNUATION BENEFIT FUND SCHEME
1.1 A voluntary and contributory Superannuation Benefit Fund Scheme
has been introduced in the Corporation as a welfare measure for
providing social security. Specified benefits under the scheme accrue
to members on fulfillment of laid-down conditions, in the following
i. Retirement on attaining the age of superannuation.
ii. Death/permanent total disablement.
iii. Separation, after rendering a prescribed minimum service.
(The benefit in such a case is payable after the notional age
1.2 The scheme is being operated through a Trust. The Trustees
manage the funds and, upon a member’s qualifying under the
scheme, purchase annuity from the LIC to secure entitled recurring
1.3 Corporation’s Contribution
The Contributory Scheme envisages only a token contribution of
Rs.100/- per annum by IOC. The scheme is based on voluntary
contributions by the employees with no monetary cost to the
Corporation except the above token yearly contribution. (However,
the Corporation has agreed to provide administrative support, such
as deductions from salary, etc., and also to provide advice and
guidance in operating the Fund)
1.4 The scheme was introduced with effect from November 1987 in
respect of officers of the Corporation, (including such officers of AOD
who had joined AOD on or after 14.10.1981 and such non-officer
promoted to the officers’ cadre on or after 14.10.1981). The scheme
for non-officers was introduced with effect from the under-mentioned
dates in accordance with the agreements signed with the recognised
Workers’ Union of respective Units/ Region/Offices:
Sl.No Unit/Office Date of
1 Guwahati Refinery 16.12.87 01.12.87
2 Gujarat Refinery 26.12.87 01.12.87
3 Refineries HQ/Corporate
4 Calcutta Office 08.01.88 01.01.88
5 Mumbai Office 28.01.88* 01.01.88
6 Barauni Refinery 31.12.88 01.12.88
7 Haldia Refinery 29.09.89 01.09.89
8 Mathura Refinery 30.04.91 01.04.91
9 AOD 22.04.96 01.11.95
* Extended through an administrative order.
S.No. Unit/Office Date of
1 GSPL/KAPL 16.12.87 01.12.87
2 Pipelines Hqrs 24.12.87 01.12.87
3 BKPL/MJPL 29.12.87 01.12.87
4 SMPL 05.07.89 01.07.89
5 HMRBPL 26.08.89 01.08.89
1 Northern Region 23.11.87 01.11.87
2 Southern Region 23.11.87 01.11.87
3 Western Region & Marketing
4 Eastern Region 15.07.92 01.07.92
1 Eastern Region - 01.04.89
2 Western Region - 01.05.90
2.1 The Scheme applies prospectively to all officers and non-officers of
the Corporation (as mentioned at 1.4 above) in the regular scales of
pay in the Corporation, including the new entrants from the date of
the introduction of the scheme or from the date of joining, whichever
is later. However, the scheme is not applicable to the following :
Employees on deputation from other organisations to IOC.
Trainees and Apprentices (excepting those departmentally
selected from amongst employees on regular pay-roll.)
3.1 Minimum qualifying service for a member to become entitled for the
benefit under the scheme in the following events/contingencies is as
respectively mentioned against each:
Retirement on attaining
the age of
Members retiring with less than 5
years’ actual service after introduction
superannuation of the scheme are required to
contribute minimum for a period of 5
years, as detailed vide 22.214.171.124 below.
Benefit is admissible irrespective of
length of service.
Separation from service
15 years’ service which shall include
minimum of 5 years’ contribution.
1. For the purposes of minimum qualifying service (but not for
calculating benefit), service either with Government or a PSU
immediately prior to service in IOC is taken into consideration.
2. In case of death/permanent total disablement, benefit is payable in
accordance with the Scheme of Rehabilitation given at Annexure
3. In case of resignation, where laid down qualifying service has
been rendered, the benefit is payable after the notional age of
superannuation (Please also refer to 5.3.3.)
4.1 Employer’s contribution from the Indian Oil Corporation to the
contributory Superannuation Benefit Fund is a token amount of
Rs.100/- per annum.
4.2 Contributions by the employees.
4.2.1 Direct contribution as percentage of salary
Contribution of the employees is to be calculated on the salary at the
rate (as given in 126.96.36.199. below) depending upon the age at the time
of an individual’s entry into the scheme. Rate fixed at the time of
entry will remain constant unless refixed by the Trustees.
188.8.131.52 Following rates of contribution calculated on Basic Pay + Dearness
Allowance+ Non-Practising Allowance (wherever applicable) are
payable in respect of the various age groups depending upon an
individual’s age at the time of the entry into the scheme:
Age Groups Rate of Contribution
38 years or less 2%
Above 38 years but less than 48 years 3%
48 years but less than 53 years 4%
53 years and above 5%
184.108.40.206 Employees having service of less than 5 years for superannuation
are required to contribute minimum for a period of 5 years. For this
purpose, contribution is to be made on a monthly basis during the
service period and balance calculated on last salary to be paid in
lumpsum at the time of superannuation (which at employee’s request
can be adjusted against terminal amounts otherwise payable to the
4.2.2 Other Contributions
Apart from the direct contribution depending upon the age at the time
of entry into the scheme as a percentage of the employee’s salary,
additional contributions are to be made by the member employees,
as may be determined based upon the advice of actuaries from time
to time. Such contributions shall be effected as deductions from the
salary of the employee every month or by such other mode as the
Trustees may decide upon in consultation with the Corporation.
At present, amounts equal to the entitlements in respect of the
following items are to be paid into the Superannuation Fund :
• Tea/coffee allowance, at the rates fixed from time to time.
• Washing Allowance, at the rates fixed from time to time.
• Uniforms (other than protective clothing).
• Benevolent Fund for Education and other welfare benefits
payable by the employee and Corporation respectively.
• Rehabilitation grant as previously admissible, vide 4.3 below.
4.2.3 Deputed employees retaining lien
Employees of the Corporation deputed to other organisations and
retaining their lien on posts of IOC may also be permitted to continue
as members of the Superannuation Benefit Fund, provided the
employee contributes the laid down percentage of his salary to the
Fund and the employer (or alternatively the employee himself) also
makes the specified lumpsum contribution.
4.2.4 Contributions during period of leave/suspension
Employees are required to make full contribution to the Fund for
periods of leave with or without pay or leave on half average pay or
sick-leave on half pay. For details please see on 6.5.(ii). Full
contribution is also to be recovered from subsistence allowance
payable to a suspended employee. However, no contribution is to be
made for a period of study leave without pay or special leave without
pay granted to a female employee for joining her husband, but such
period shall also not be taken into account for calculating reckonable
4.3 Transfer of Rehabilitation Grant
With the introduction of SBF Scheme, the previous scheme of
offering employment to dependent of deceased employee or of
paying rehabilitation grant to spouse on death of an employee while
in service ceased to operate from the date of implementation of the
scheme. Depending upon the eligibility conditions for employment,
the rehabilitation grant w.e.f. 1997-98 onwards on the basis of last
pay drawn by the employee without any ceiling of minimum and
maximum is transferred to SBF account. Accordingly, the following
amount of rehabilitation grant as previously admissible is
surrendered by the Corporation to the Trust in case the female
spouse or dependent male spouse, as the case may be, exercises
Option R-1 or Option R-2 of the Rehabilitation scheme:
FOR OFFICERS :
Eligibility Condition Rehabilitation Grant to be
transferred to SBF Account
For female spouse of 35 years or
less who was eligible for
employment under the previous
30 months’ BP last drawn.
For female spouse of more than
35 years of age who would have
been ineligible for employment
25 months BP last drawn.
Eligibility Condition Rehabilitation Grant to be
transferred to SBF Account
For female spouse who would
have been eligible for employment
30 months BP last drawn.
The above amount of rehabilitation grant will be transferred only
under Option R-1 and R-2 of the Rehabilitation Scheme.
1. No such surrender of rehabilitation grant is envisaged where
employment has been provided by the Corporation under Option
2. Please also refer Annexure – 6.
4.4 Refund of Contribution
4.4.1 An employee resigning from the service of the Corporation without
completing 15 years of qualifying service shall be refunded his direct
contribution by way of percentage of salary with interest thereon. The
rate of interest will be reviewed on yearly basis. The rate would be
linked with the average yield on 10 year Govt. Securities (GSEC).
4.4.2 An employee who is dismissed/removed from service or who
abandons his job or loses lien on his appointment will be refunded
only his direct contribution as percentage of salary without interest.
5.1 The maximum benefit payable under the scheme to the
superannuating employee is @40% of the last salary (as respectively
defined for individual’s contribution as percentage of salary) for the
guaranteed period of 15 years or upto death of the member,
whichever is later.
5.2.1 32 (full) years’ reckonable service should be completed by an
employee for drawing full benefit as in 5.1 above. For reckonable
service of less than 32 years, the benefit would be proportionately
less. A service of 9 months will be deemed as full year’s service; a
service of 3 months or more but less than 9 months will be deemed
as ½ year’s service; a service of less than 3 months will not be taken
5.2.2 Salary freezing as on 1.1.2003 for service upto 31.12.2002:
Amount of Pension Benefit for the reckonable service upto
31.12.2002 will be calculated on the salary as on 1.1.2003, and
pension benefit for the reckonable service after 1.1.2003 will be
calculated on Actual salary as on the date of superannuation or by
escalating salary of 1.1.2003 @7% p.a. whichever is lower.
5.3.1 In case of death or permanent total disablement of an employee
while in service, it will be construed that the employee had rendered
full 32 years’ service for drawing full benefit.
5.3.2 In case of an employee in service, where the spouse predeceases or
dies subsequently before opting for any option under Rehabilitation
Scheme (annexed to this scheme), the son/daughter of the family is
entitled to the maximum pensionary benefit only i.e. 40% of the last
salary. The son/daughter cannot exercise any of the other two
options under Rehabilitation Scheme.
5.3.3 In case of resignation, after rendering minimum 15 years of service,
employee will be entitled to pro-rata benefit provided he makes
contribution for at least 5 years. The rate of annuity shall be 1/80th of
the salary on the date of resignation for every completed year of
reckonable service. The benefit shall be payable from the date on
which the resigning employee would have superannuated if the
employee is alive or from the date of death or permanent total
disablement if such a contingency takes place prior to the notional
date of superannuation.
5.4 Annuity Option offered by LIC
5.4.1 The superannuation/disabled employee or eligible dependent of
deceased employee, as the case may be, has the option to elect
anyone of the following recurring benefits offered by LIC within the
purchase price of standard annuity option (i.e. life-time with
guarantee for 15 years). Option once exercised shall be final and
Option Period for which benefit is payable
1. Life time of the member. After death of the member, no benefit
shall accrue to his beneficiaries.
2. Life-time of the member with guaranteed benefit for 5 years.
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.
6. Joint life-time of the member as well as his/her spouse.
7. Life-time of the member with guaranteed benefit for 20 years.
8. Joint life and last survivor pension with return of capital.
5.5 The member employee/eligible dependent has the option to
commute 1/3rd purchase price of annuity, which 1/3rd is payable by
the Trust outright and out of the balance purchase price, a reduced
recurring benefit shall be made available depending upon the option
exercised. 1/3rd Commutation amount of pension to be calculated at
the LIC current rates limited to the rates prevailing as on 31.10.2003
and the 2/3rd amount of will be calculated at the rates prevailing on
the date of purchasing annuity from LIC.
5.6 The recurring payment of superannuation benefit can be made on
monthly, quarterly, half-yearly or yearly basis depending upon the
6.0 Reckonable & Past Service
6.1 Past service is not fully reckonable for pensionary benefit; it is
discounted. No member is required to contribute towards an eligible
past service rendered in the Corporation before the applicability of
the Scheme in his case. For calculating reckonable discounted
service, the following formula applies :
(1-d/100) x d = credit for past service. ‘d’ denotes past service before
introduction of Scheme.
(a) Discounted past service worked out as per the discounting
formula will be fully eligible in respect of officers in position in
November, 1987. Similar will be the case for non officers, where
the Unit/Office/Region concerned had joined the Scheme
effective Nov., 1987. Discounted eligible past service for nonofficers
of a Unit/Office/ Region joining the scheme after
November 1987 would be calculated by taking
Unit/Region/Office’s joining the Scheme minus the intervening
period (calculated to days) after 30th November, 1987 to the first
of the month in which the scheme became applicable to nonofficers
of the Unit/Region/Office.
(b) The training period of all departmentally selected
GETs/Management Trainees who were on regular rolls either
prior to November, 1987 or thereafter shall be counted for the
purpose of reckonable service under the scheme.
6.2 Reckonable service is worked out on the basis of the discounted
eligible past service (as explained vide 6.1) plus the actual service
the employee puts in after his entry into the scheme. (For illustration,
refer to Annexure 2)
6.3 For the purpose of reckonable service, past service of non-officer
employees promoted as officers after introduction of SBF Scheme
shall be calculated as under:
i) Where the scheme for non-officer employees was introduced in
November, 1987 itself:
The entire past service in IOC as non-officer employee will be
taken towards reckonable service, after applying the discounting
formula, for benefits under the scheme.
ii) Where the scheme for non-officer employees was introduced
after November, 1987:
The entire past service as non-officer employee minus the
intervening period (calculated to days after 30th November,1987
to the date of promotion as officer or first of the month in which
the scheme became applicable to non-officer employees of the
Unit, whichever is earlier) will be taken towards reckonable
service after applying the discounting formula, for benefits under
the scheme. ‘’
The above provision at (b)(ii) will also apply in respect of nonofficers
continuing to be non-officers where for non-officers the
scheme was introduced after Nov., 1987.
6.4 Transfer cases
6.4.1 Cases of non-officer employees transferred between
Units/Offices/Regions covered under SBF scheme and those not
covered under the same will be regulated as under:
i) Transfer from a non-covered Unit/Office/Region to
Unit/Office/Region covered under SBF Scheme :
Membership of the scheme will commence from the date of joining.
The service rendered in the non-covered Unit/Region/Office shall not
count towards reckonable service for calculating superannuation
benefit but would count for minimum qualifying period.
6.5 The following period are included for the purpose of reckonable
I) Service rendered on deputation to other organisations. Provided
the employee remits individual contribution and the borrowing
organisation, the employer’s contribution as per laid-down scale;
alternatively, the employee may himself remit the employer’s
contribution also. Delay in remittance of such contribution is liable
to interest being charged from the member at 1% higher than the
borrowing rate for IOC apart from the Trustees taking further
action as deemed appropriate in a case.
ii) Period of leave as EL, SL, CL, Maternity Leave and Leave
Without Pay on medical grounds not exceeding 90 days.
iii) Period of suspension pending enquiry or as a measure of
iv) Intervening period on reinstatement of dismissed employees with
full back wages, he shall be extended the benefit towards
discounted past service excluding the intervening period during
which he had remained out of employment.
v) Training period as Officer Trainee in respect of departmental
employees who were actually contributing to the scheme before
selection as Officer Trainees.
7.0 Review of the Scheme
Trustees may review the availability of funds annually or at such
other intervals as may be fixed by the Trustees to decide whether
any revision in the maximum entitlement and/or rate of the member’s
contribution under the scheme is warranted.
8. Administration of the Scheme
8.1 Finance Department, Refineries, Hqrs administers the Scheme, with
regard to purchase of annuities, investment of funds and
maintenance of accounts etc. Policy changes/interpretations are
issued by Corporate Office.
8.2 Applications in prescribed forms for grant of (I) recurring
superannuation benefit or (ii) for exercise of option R-1 under the
Rehabilitation Scheme vide Annexure 1 are to be addressed to
ED/GM of the Unit/Region/Office, who after due verification will
forward the same to Finance Department, Refineries, HQ for
purchase of annuity from the LIC. Application for other options under
the Rehabilitation Scheme will be forwarded with comments from the
Unit/Region to the Division’s HQ for decision.
9. Prescribed forms for claiming benefit
9.1 The following forms are currently prescribed for claiming
For nominating the person(s) in the event of
death while in service, for receiving the
2. Claim Forms*
Forms ‘E’ to ‘I’
i) For availing the superannuation benefit upon
reaching the age of superannuation
ii) For availing the superannuation benefit upon
death/permanent total disablement of the
employee. Form ‘I’ pertains to the issue of
death/permanent total disablement certificate
to be used by Human Resource Department.
In case Option R-2 under the Rehabilitation
Scheme is exercised, these forms would be
required to be filled up two months before the
notional date of superannuation of deceased
(*Forms ‘A D’ and ‘E’ to ‘I’ are also available in
H.R./Finance Department at each
To be filled by eligible female spouse/dependent
male spouse seeking Option No. R-3 of the
(The Unit/Region will send the proposal alongwith
the application form to Division’s HQ for
concerned Director’s approval.)
Upon death of a member when the eligible spouse elects Option R-1
or R-2 of the Rehabilitation Scheme, the following procedure for
transfer of rehabilitation grant to the SBF Trust has been laid down:
The detailed particulars of the deceased employee and the spouse in
the prescribed proforma may be sent to Division HQ on the basis of
which Division HQ would advise the amount towards the
rehabilitation grant, if any to be transferred to SBF Trust. The HR
Deptt. of Division HQ will intimate the Unit/Office/Region concerned
to send a credit note to SBF Trust for the Rehabilitation grant.
SCHEME FOR REHABILITATION OF THE FAMILY OF THE EMPLOYEE
DYING OR SUFFERING PERMANENT TOTAL DISABLEMENT WHILE IN
In case of death or permanent total disablement of an employee while in
service, the spouse may opt, within 6 months of the death of the employee,
for any one of the following three options (designated R-1, R-2 and R-3 or R-
3A) for the rehabilitation of the family. Option once exercised shall be final
and no change thereafter shall be permissible.
R-1 From the 1st of the month following the date of death of the employee, a
monthly recurring superannuation benefit calculated as of 32 years service,
irrespective of actual length of service at the time of the demise of the
employee, which is 40% of last salary shall be payable for guaranteed 15
years or life-time of the spouse, whichever is longer. If the spouse also
expires earlier than 15 years, then the benefit will be extended to the
nominee who will continue to get the same till the completion of total 15
years. For this purpose, the spouse will also give the name of the nominee
to the LIC.
R-2 I) From the 1st of the month following the death of the employee, full
salary (BP+DA) last drawn by the employee till the notional date on which
the employee would have retired on attaining the age of superannuation will
be paid by the Corporation to the eligible spouse (and in the event of
spouse’s death to dependent nominee(s), if any) provided the nominees
a) The full PF accumulation (excluding VPF plus interest thereon).
b) The gratuity payment.
c) The amounts received towards:
-by way of Group Insurance Scheme (under PF Scheme).
No interest shall be payable on the above deposits in addition to the
commitment towards payment of last salary. The above amounts held in
deposit shall revert to the nominees on the date on which the deceased
employee would have reached the age of superannuation.
ii) Thereafter, from the notional date of superannuation of the deceased
employee, the spouse would be entitled to superannuation benefit under the
SBF Scheme, which shall, if otherwise accruing under the SBF Scheme
based on the actual years of service, be payable for a guaranteed period of
15 years or life-time of the spouse, whichever is longer.
R-3 For employment of otherwise eligible, suitable, dependent and
unmarried son/daughter (which shall also include son/daughter legally
adopted prior to the death of the employee), the following provisions shall
a) A dependent son/daughter on possessing the prescribed qualification and
fulfilling the job specifications will be considered for employment provided
there is a regular induction level vacancy of a type, within three years of
the death/permanent disablement of the employee, for which a person of
his/her age, background, qualifications, attainments and physical fitness
would have been otherwise considered.
b) Employment of eligible son/daughter must be sought within 6 months of
the death or permanent disablement of the employee, and be sought in
the prescribed format (Annexure 4). Employment under the scheme will
be offered within a period of three years.
c) A son/daughter who is the candidate for employment must also meet the
prescribed medical fitness and other standards for employment. A
woman candidate shall be considered only against such a vacant post for
which she would have been ordinarily considered and/or for employment
against which there is no statutory prohibition.
d) After the expiry of three years, the claim for employment will lapse.
e) In case of employment of dependent child, the spouse in addition
(from the date of the death of the employee) shall be entitled to
the benefit, if any otherwise accruing, under the SBF Scheme
based on the actual years of service for a guaranteed period of 15
years or her life-time, whichever is longer.
1) The minimum qualification to be eligible under option R-3 shall be
Matric + ITI in the related trades or other higher induction level
qualification as per existing policy.
2) In case the dependent ward does not posses the induction level
qualification as stated above, he/she shall be provided an opportunity
to acquire such qualification by extending the existing normal waiting
period of three years to a maximum limit of seven years, based on
merit of each case to be approved by Divisional Headquarters.
3) During the waiting period and the while the dependent child is
studying to acquire the induction level qualification, the family of the
deceased employee may be allowed to retain a suitable corporation
quarter in the township, wherever provided, at normal rent, subject to
availability of quarter in township.
R- 3A (Alternate Option to Option R-3) – In the event the family of
deceased employee does not opt for employment of eligible dependent
son/daughter under option R-3 or do not acquire the requisite induction level
qualification within the permissible waiting period, the Corporation shall grant
an amount equivalent to 60 (Sixty) months Basic Pay plus DA as
rehabilitation grant in lieu of employment to mitigate the hardship of the
deceased employee family.
Note: 1. Option R-2 and R-3 shall not be admissible to the spouse
(female/male) who is already in employment in the Corporation.
2. The beneficiary will have the option to elect any one of the optional
recurring benefit offered by LIC within the purchase price of the standard
3(a) Spouse opting for Option R-2 is required to deposit terminal benefits
with IOC, viz. PF, Gratuity, etc., upto the notional date of retirement.
b) The spouse under Option R-2 is required to deposit PF amount upon
its closure as is finally settled in favour of all nominees combined
together. (If the deceased employee had nominated more than one
beneficiary towards PF, Gratuity, etc., the nominees are required
either to give up their right and title to the said amounts in favour of
the spouse or the spouse would be required to deposit an amount
equal to the dues payable respectively towards PF, gratuity, etc. from
4. Outstanding HBA (including the amount, if any, adjusted from
gratuity) to the extent not covered by Mortgage Redemption Scheme
is to be cleared by the spouse. The spouse may be allowed, if a
request therefor is made, a period of 24 months to repay the
outstanding HBA (at the normal rate of interest). Other dues/loans
such a Conveyance Advance, Festival Advance, Furniture on hire,
etc., are also required to be cleared by the spouse. There is no
objection to adjustment of dues towards superannuation benefit fund
against the separation payments payable to an employee provided
he makes a specific request therefor in advance in writing.
5. The dependent spouse who has opted for Option R-3 of the scheme,
i.e., employment of son or daughter, cannot claim the benefit of Post-
Retirement Medical Attendance Facility. (Since the spouse is
expected to wait for employment of son/daughter for 3 years, the
facility of Post-Retirement Medical Attendance Facility may be
extended to the spouse for a maximum period of 3 years from the
date of death/permanent total disablement of the employee or till
employment of her son/daughter under Option R-3, whichever is
earlier, subject to the payment of lump sum contribution at the rates
prescribed by IOC from time to time. As soon as employment is
offered to the dependent child, the facility of PRMA shall cease to be
available to the spouse of the deceased employee.)
6. In case of an employee dying or suffering permanent total
disablement due to an injury arising out of and in the course of the
employment, besides the above provisions of the option of the
choice, Management may consider additional rehabilitation
measures on merit of each case and family circumstances.
7. No provision of this scheme will be deemed to constitute any claim,
right or entitlement on the part of anybody.
PENSION & ANNUITY CALCULATION SHEET
Indian Oil Corporation Limited Employees Superannuation Benefit Fund
Scope Complex, Core-2,7, Institutional Area, Lodhi Road, New Delhi-110 003. Fax; 011-24362751,Tel.No 24306223,24306389 Grams: 'OILREFIN'
1. Employee Number / Assessee No. 99999
2. Employee Name
3. Designation MGR
4. Beneficiary Name
5. Option Number / Mode of Payment 8
8. Age on Retirement/Death 60
12. Past Service 21.72
13. Discounted Past Service 17.00
16. Service after joining SABF 4.84
17. Total Reckonable Service 37.00
18. Entitlement of Benefit % 33.95
21. Annuity Amount 1826660.00
22. Amount Of Benefit per Month 2658.79
25. Total Price of Annuity 1217773.26
27. Purchase Price Annuity(25a+25b - 26) 1217772.89
30. Paid To LIC [25(a)+28(a)+29(a)]
20. Total Salary 43947.00
19. Last Pay Drawn - Basic 24970.00
- D A 18977.00
- Protected Pay 0.00
6. Date of Birth 11/10/1947
7. Date of Birth of Beneficiary 29/10/1949
9. Date of Joining IOCL 15/02/1966
14. Date of Retirement/Death 31/10/2007
15. Notional Date of Retirement 31/10/2007
11. Date of SABF Agreement 01/11/1987
28. Add Int. Paid to LIC for 0 - 3 1 days 0.00
29. Additional Annuity 0.00
26. Less 1/3 Commuted Pension 608887.00
Amount of Pension under various options (30a-28a x Annuity Rate / 12000 )
per month (Rs.)
23. Total Amount Of Benefit per Month(Rs.) 13776.06
24. Opted for 1/3 Commutation- Yes (Rs.) 9184.04 4592.02
Option Description of options
Life time of the member. After death of the member, no benefit shall accrue to his beneficiaries.
Life time of the member with guaranted benefit for 5 years.
Life time of the member with guaranted benefit for 10 years.
Life time of the member with guaranted benefit for 15 years.(Standard Option)
Life time of the member with return of capital to the beneficiary on death of the member.
Joint life time of the member as well as his/her spouse.
Life time of the member with guaranted benefit for 20 years.
Joint life and last survivor pension with Return of Capital.
[2/3 * 23(a)] [1/3 * 23(a)]
(S.No 10 - S.No 9)
(1 - d/100)*d Where 'd' denotes
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