SBI Life Cap assure Superannuation:

SBI Life – Cap-assure Superannuation is a customary group superannuation that can be renewed yearly and works in your absence. 

These plans are used by the employers of companies in order to collect funds for an employee so that by the time the employee retires or resigns, or dies during service this money can be used to buy an annuity.

There are two categories of Superannuation plans.  They are Defined benefit scheme and Defined contribution scheme.  In the defined benefit scheme, the pension that you would receive along with the benefits is told beforehand. 

If you have to make any other contributions, these are calculated by actuarial evaluation.

If you have opted for the defined contribution scheme, your contribution is already told beforehand in the scheme and if it is needed only an actuarial valuation is done.

By buying SBI Life – Cap-assure Superannuation you have the benefit of,
For the ones who had opted for the Defined Benefit Scheme, when they retire, resign or are terminated from the company, they are eligible to obtain the determined pension or its equal in cost value.

Due to some unfortunate incident if the employee is permanently and totally disabled, he is eligible to get the same benefits as mentioned above as well as, if his disability is due to an accident, then he will also get the rider sum assured.

Due to unfortunate death of the employee, his beneficiary will receive the benefits as mentioned above and in addition to that he will also receive the basic sum assured.  If death has taken place due to an accident, he is eligible to receive the rider sum assured.

For the people who have opted for the Defined Contribution Scheme, when they retire, resign or are terminated from the company, with the cumulative amount you can buy an annuity, or he can think of changing his amassed amount to the superannuation account of the next employer, or the account may be allowed appreciate till superannuation of the employee. 

Suppose the employee dies during this time, the amount will provide a pension for his beneficiary.

If the employee is totally and permanently disabled, he will receive the amassed amount as well as the rider sum assured. SBI’s Life Cap-assure Superannuation is a plan that not only provides benefits for the employee, but also benefits the employer’s interests.