Settlement Of Annuities
Settlement of Annuities in case of death of Annuitant
At the time of retirement from company’service, the annuity in favour of retiring person was purchased from LIC/I ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd. with any one of the following option:
- Monthly pension for guaranteed period of 15 years + life thereafter
In the event of death of the member before completion of guaranteed period of 15 years, the monthly pension would be paid to his nominee for remaining years of guaranteed period. The nominee is required to submit
- Death Certificate of the member
- Certificate of Existence of the nominee - Download Form - Certificate of Existence
- Advance Receipt duly signed by the nominee - Download form - Advance Receipt
- Bank Particulars of the nominee
The nominee is required to submit the above documents to the Trustees, BPCL Superannuation Fund together with unencashed cheques which were issued by Insurance company in favour of the member. In case, the member was receiving the pension directly in his bank account by ECS mode, the nominee is required to immediately instruct LIC, ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd to stop remittance of monthly pension to deceased member’s account.
- Monthly pension for life of the annuitant + Return of Capital
In the event of death of the member who had opted for Return of Capital, the monthly pension would stop immediately after death of the member. However, the nominee would be entitled to the amount of Return of Capital. To claim this amount, the nominee is required to submit the following documents to the Trustees, BPCL Superannuation Fund.
- Death Certificate of the member
- Bank Particulars of the nominee
Together with the above documents, the nominee is required to return the unencashed cheques which were issued by Insurance Company Ltd in favour of the member. In case, the member was receiving the pension directly in his bank account by ECS mode, the nominee is required to immediately instruct LIC,ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd to stop remittance of monthly pension to deceased member’s account.
- Monthly pension during the joint life of member and spouse
The member shall receive Annuity Benefits for life. Upon death of the member after the payment of Annuity benefits has commenced, the Annuity benefit payable under the Policy shall become payable to Member’s spouse for his/her life time. Upon the death of spouse, the Benefits payment shall terminate. The spouse is required to submit the following documents to the Trustees, BPCL Employees Contributory Superannuation Fund.
- Death Certificate of the member
- Bank Particulars of the spouse
- Advance Receipt duly signed by the spouse
- Monthly pension during the joint life of member and spouse_+Return on Capital
The member shall receive Annuity Benefits for life. Upon death of the member after the payment of Annuity benefits has commenced, the Annuity benefit payable under the Policy shall become payable to Member’s spouse for his/her life time. Upon the death of spouse, the Purchase Price shall be payable to the valid Nominee.
The nominee is required to submit the following documents to the Trustees, BPCL Employees Contributory Superannuation Fund
- Death Certificate of the member
- Bank Particulars of the spouse
Together with the above documents, the nominee is required to return the unencashed cheques which were issued by Insurance company in favour of the member. In case, the member was receiving the pension directly in his bank account by ECS mode, the nominee is required to immediately instruct LIC ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd to stop remittance of monthly pension to deceased member’s account.