What is Superannuation and How can I check it online
Superannuation fund is a fund formulated by the company for the retirement benefit of an employee. In superannuation benefit fund, the money that employer sets aside earns the employee an interest rate, which is similar to what you get in a provident fund. This interest adds to your superannuation fund balance. However, an employer cannot contribute more than 20 percent of the salary towards this fund.
An employee can only get this money with the interest earned once they leave the company. However, you will not get any benefit if you leave the company before completion of one year. If you leave in the second year, you will only get 50 percent of the contribution and the interest earned. If you leave in the third year, you will get 75 percent of the contribution made by the employer and the interest. After completing 3 years, you can get 100 percent of the contribution and interest when you leave the company.
Check your balance online
You would need to get your group policy number for your superannuation. You can get it from your payroll or HR department. Once you have it, go to www.licindia.com. Login using your id and password or else create it. Click on “group scheme details tab” and then click on “member”. Insert your policy number that you got from your payroll department. Now it will ask you for two details LIC id no and Date of birth. LIC id no is the ID no of the company. You can get it by calling the LIC branch in which your company holds the superannuation account and ask them for the ID no. In date of birth, you can either put your date of birth or insert 01/07/1960 in various combinations. The reason for this is that sometimes employers do not give date of birth of the employee to LIC. In such cases, 01/07/1960 or 07/01/1960 is used as DOB. Once you are successful, you can see the total accrued balance and the contributions made by your employer until the last financial year.