SBI Life Group Superannuation Scheme:

One of the best ways to improve the quality and efficiency of work by your employees is to keep them happy.  How you can make your employees happy and help them to show their full talent in their work? 

It provides a group superannuation scheme that is the most persuasive instrument which would boost the confidence of your employees and in turn coax them up to function in a better way.

SBI Life has two categories of Group Superannuation Schemes,
They are the defined benefit scheme and defined contribution scheme.  The defined benefit scheme deals with the benefits that the employee would obtain when he retires.  The funding rate is calculated and a sort of accumulated fund is is sustained for all the members of the plan.

When a member retires the amount to supply his benefits is withdrawn from the accumulated fund and used for him. Defined contribution scheme deals with the yearly payment that the employer places in the scheme for each of his employees.

The benefits you would obtain by purchasing a Group Superannuation Scheme are,
If the employee has opted for the defined contribution scheme, he is permitted to withdraw one third of the amount at the time of retirement, maturity or on vesting age.  With the rest of the amount he can purchase another annuity as he wishes.

If he has opted for the defined benefit scheme, he will receive benefits provided by the scheme and he will be permitted to withdraw one third of its amount.

If a member of the group wants to surrender his plan, and if he has opted for the defined contribution scheme, the accumulated amount, if he wishes so, can be transmitted to the superannuation scheme of the new employer.

If he has bought a defined benefit scheme, and wants to withdraw from the group superannuation, he will be given benefits relative to the scheme and he is allowed to withdraw one third of his accumulated account.

SBI’s Life Group Superannuation is a plan that not only benefits the employee, but also assists the employer to provide for his employee.  In the end both are made happy and the company functions in a profitable manner.