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Benefits for you

Former employees of Bharat Petroleum, who are members of the Superannuation Fund, are entitled to pension benefits. Find all the relevant superannuation information on pension plans, monthly pension and BPCL Employee Benefits below -

Existence Certificate

Download form - Existence Certificate
Members who opt for annuity for guaranteed 15 years + life thereafter, will be required to submit Certificate of Existence to LIC every year after completion of the guaranteed period of 15 years. Members who opt for annuity on the joint life of the member and spouse, are required to submit Existence Certificate to LIC once in a year.

ECS Mode of Payment

Download form - ECS form
Members have two options to receive monthly payments, viz.

• Cheque
• ECS Credit

In case a member opts for ECS (Electronic Clearing Service) mode of payment, he will be required to fill in an ECS Mandate Form and send it to the below-mentioned address, along-with a Photostat copy of a cheque leaf:

LIC, P and GS Group,
Santacruz (West),
Mumbai-400 054.

The ECS facility is available at 14 cities in India - Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Nagpur, Kanpur, Bhubaneshwar, Guwahati, Ahmedabad, Trivandrum, Jaipur and Pune.
On receipt of this mandate, LIC will make arrangements for the payment of pension directly to the bank account of the annuitant via the ECS mode. This facility will be effective from April and October every year.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 PRUDENTIAL LIFE INSURANCE FORM)

Members can appoint any one of his family as nominee in the event of his/her death to receive benefits as per the option exercised by him. "Family" means wife, husband, children and parents of the deceased member.
If the member wishes to make any change in nomination at any later date, he will be required to 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 is purchased from LIC as part of any one of the following 3 options:

  • 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 the remaining years of the guaranteed period. The nominee is required to submit the following.
    • 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 remaining uncashed cheques issued by LIC in favour of the member. In case, a member receives pension directly in his bank account  via ECS mode, the nominee is required to immediately instruct LIC to stop remittance of monthly pension to the deceased member's account.

  • Monthly pension for life of the annuitant + Return of Capital
    In the event of death of the member opting 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 opting for Return of Capital, the monthly pension would stop immediately. 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 with LIC officials can be done via email or post at the following addresses -
  • 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
    Members are required to mention the Annuity Number in all communications.  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 has been recently introduced as Option 4. Annuity can be purchased from ICICI Prudential Life Insurance or SBI Life.