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HEARTY WELCOME To Presentation on SWAVALAMBAN NEW PENSION SCHEME (LITE)

HEARTY WELCOME To Presentation on SWAVALAMBAN NEW PENSION SCHEME (LITE). Swavalamban A Pension Solution for Government of India Administered by PFRDA. Designed to provide regular old age income from age 60 till death It is a Pension Scheme for Subscribers

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HEARTY WELCOME To Presentation on SWAVALAMBAN NEW PENSION SCHEME (LITE)

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  1. HEARTY WELCOME To Presentation on SWAVALAMBAN NEW PENSION SCHEME (LITE)

  2. SwavalambanA Pension Solutionfor Government of India Administered by PFRDA Designed to provide regular old age income from age 60 till death It is a Pension Scheme for Subscribers It is based on Defined Contribution System Safe and Reasonable market based returns over long term Simple, Flexible and Transparent system. It is portable – can be operated from anywhere in India

  3. Swavalamban Scheme Issue of unique Permanent Retirement Account Number (PRAN) to each subscriber Services will be offered to individual subscriber through Aggregators (LICHFL)/LIC as facilitator Designated offices of LIC will act as collection centres for designated areas Low cost structure.

  4. Eligibility conditions for enrolment / opening account: Citizen in un-organized sector, and Aged between 18 and 55 years, and Not a member of Employees Provident Fund and Miscellaneous Provisions Act 1952 and/or any scheme for pension after retirement from work Swavalamban Scheme

  5. Eligibility for Govt. contribution: Minimum of Rs. 1,000 and a maximum of Rs. 12,000 per annum of contribution. A member of unorganized sector and not a member of Employees Provident Fund and Miscellaneous Provisions Act 1952 and/or any scheme for pension after retirement from work Swavalamban Scheme

  6. Government Contribution Government will contribute Rs. 1,000 per year to each account opened. This contribution from Government will be available only for accounts with a minimum contribution of Rs. 1,000 and a maximum contribution of Rs. 12, 000 per annum for five years. Swavalamban Scheme

  7. To join Swavalamban, the Subscriber should.. Complete the requisite subscription form, in duplicate in black ink Comply KYC norms like Affix colored photograph in both the forms Provide photo-identity, proof of residence and Age proof. Remittance of contribution in agreed form Swavalamban Scheme

  8. In case of survival at age 60, ( a ) The subscriber can withdraw 60% as lump sum, and 40% will have to be annuitized to ensure a minimum pension of Rs. 1,000 per month; ( b ) In case 40% of the corpus is not sufficient to buy an annuity of Rs1000/- pm, the commutation portion can be reduced to that extent. Swavalamban SchemeBenefits

  9. In case of premature exit before age 60, subject to the condition that.. 80% of the corpus will be annuitized to yield a minimum annuity of Rs. 1,000. In the alternative, if the corpus is not sufficient, 100% of the corpus will be annuitized to provide for an annuity of Rs. 1,000 minimum. Swavalamban Benefits

  10. In case of death of the subscriber the entire money can be withdrawn by his heirs immediately, without annuitizing any portion of the corpus OR they can also opt for annuity provided the fund available is sufficient to provide an annuity of Rs1000/- pm. Swavalamban Scheme Benefits

  11. Swavlamban Pension Scheme

  12. PROCESS FLOW AT THE LEVEL OF NODAL AGENCY Subscriber Registration And Initial Contribution Swavalamban Scheme

  13. Identify eligible subscribers & explain the scheme. Collect completed application forms, check form along with KYC documents submitted and attest by signing on page 3 of the application form Collect Rs.100 to 12000 from the subscriber along with the the application form for the PRAN. Transfer the contribution simultaneously with documents to designated office of LIC

  14. Nodal agency to send both the application forms along with the KYC documents and the data in excel sheet as per structure to designated office of LIC (PRAN will not be there in the first list) Data Structure Sr. No. Agency Code No. Branch Code No. PRAN No. Subscribers Name Father’s Name Date of Birth Amount NL – CC No. Process Flow At the level of Nodal Agency

  15. DOLIC will send the PRAN cards & kits to nodal agency for distribution amongst subscribers Before the receipt of PRAN kits Nodal agency will receive PRAN numbers from DOLIC. Nodal agency will incorporate the PRAN numbers in the data structure as above & send soft copy of the same in future with subsequent contributions Process at designated office of LIC (DOLIC)

  16. Send the PRAN kit to nodal agencies concerned Incorporate the PRAN numbers in the data structure as above & send soft copy of the same to respective nodal agencies Transfer the contribution of Subscriber for whom PRAN is generated to the LIC HFL Current Bank Account (Aggregator) Every pre-fixed day of the week. Process at DOLIC

  17. Swavalamban Registration Complete Process Flow DOLIC Nodal Agency t LIC C.O Distribution of the card to the Agents 1. Submission Of Form 2. Verification of details PRAN CARDS Rejections Subscriber 3. Consolidation & Submission of Forms along with KYC documents NSDL/FC DOLIC Generate PRN and/or Rejection Letter Consolidation 17

  18. PROCESS FLOW Subsequent Contribution Swavalamban Scheme

  19. Deduct or collect the contribution from subscriber Transfer the same to DOLIC Send list, in soft copy as well as hard copy, in the structure already given Process FlowAt Nodal Agency

  20. Transfer the amount to LIC HFL Account Send details of transfer and data to CO P&GS, Mumbai Process At DOLIC

  21. Swavalamban Fund Transfer Complete Process Flow Nodal Agency Fund Manager Annual Fund Statement Rs.100 fpr the first time Nodal Agency to collect subsequent subscription & send to P&GS Unit both data & Fund Rejections Annual Statements Subscriber CO P&GS • Annual fund statement HFL A/C Mumbai LICDO Consolidation Fund to Trustee Bank & Data to CRA 21

  22. Charges levied by NSDL At the time of joining, one-time cost of Rs. 35 for obtaining PRAN card. Every year, Rs. 70 per annum as cost of record-keeping Transaction cost: ‘Nil” for first 12 transactions. Rs. 5/- per transaction thereafter, in each year. Swavalamban Scheme

  23. The contributions, net of charges, would be converted to Units depending on the NAV and credited to subscriber’s account. The corpus would be value of the units to the credit of the member. A statement of account of entire transactions and the market value of the corpus will be sent to subscribers, once a year. Swavalamban Scheme

  24. WithLIC as facilitator, you get added benefits Hassle free and error free quality service Prompt Response to queries and complaints Huge and well spread infrastructure Systems already implemented and running smoothly for LIC agents ‘ similar scheme

  25. THANK YOU

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