BPCL has an approved Superannuation Fund in order to provide pensionary benefits to the employees who are members of the Superannuation Fund. For the benefit of the members, we give below relevant information and attach the forms which can be downloaded.
Existence Certificate
Download form - Existence Certificate
The member who opted for annuity for guaranteed 15 years + life thereafter, will be required to submit Certificate of Existence to LIC every year after completion of guaranteed period of 15 years. The member who opted for annuity on the joint life of the member and spouse, is required to submit Existence Certificate to LIC once in a year.
ECS Mode of Payment
Download form - ECS form
The member has two options to receive his monthly payments, viz.
In case, the member opts for ECS (Electronic Clearing Service) mode of payment, he should fill in ECS Mandate Form and send it to below address along with a Photostat copy of cheque leaf :
LIC, P and GS Group,
Santacruz (West),
Mumbai-400 054
ECS facility is available at 15 cities in India.
The cities are: Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Nagpur, Kanpur, Bhubaneshwar, Guwahati, Ahmedabad, Trivandrum, Jaipur and Pune.
On receipt of this mandate, LIC will make arrangement to make the payment of pension directly to the bank account of the annuitant by ECS mode.
This facility will be effective from April and October every year.
Nomination
Download form - the Nomination form (LIC INSURANCE FORM)
Download form - superannuation Nomination Form (ICICI PRUDUENTIAL LIFE ISURANCE FORM)
The Member can appoint any one of his family to be the nominee in the event of his/her death to receive the benefits as per the option exercised by him. "Family" means the wife, husband, children and parents of the deceased member.
If the member wishes to make the changes in nomination at any later date, he should fill in the nomination form and send it to the Trustees, BPCL Superannuation Fund for their endorsement and onward submission to LIC.
Settlement of Annuities in case of death of Annuitant
At the time of retirement from company's service, the annuity in favour of retiring person was purchased from LIC with any one of the below following 3 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
- 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 LIC 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 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
- Certificate of Existence of the nominee
Together with the above documents, the nominee is required to return the unencashed cheques which were issued by LIC in favour of the member.
- Monthly pension during the joint life of member and spouse
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
- Certificate of Existence of the spouse
- Advance Receipt duly signed by the spouse
- Bank Particulars of the spouse
Correspondence with LIC
The annuitant can write directly to LIC regarding Certificate of Existence, ECS Mandate, delay or non-receipt of pension payments. Correspondence can be made with LIC official through email.
LIC Divisional Manager,
P and GS Group, New India Building,
2nd Floor, S.V.Road, Santacruz (W),
Mumbai-400 054.
Telephone No. 022 - 26183289, 26134729, 26177684, 22045585
Fax No. 022 - 2281 2712
email: licpgsdm@bom5.vsnl.net.in, licpgs3@vsnl.com
Member is required to mention the Annuity Number in all his communications. Contact the Trustees, Superannuation Fund
The member / nominee can write to
The Trustees,
BPCL Employees' Contributory Superannuation Fund,
Bharat Bhavan,
4 and 6 Currimbhoy Road,
Ballard Estate,
PO Box No. 10034
Mumbai - 400 001
Telephone No. 022-22714064, 22714014
Telefax: 022 - 22713696
- Monthly pension during the joint life of member and spouse + Return of Capital
Option 4th is recently introduced- annuity purchased from ICICI Prudential Life Insurance or SBI Life.