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of <h1>LIC Launches Annuity Plan with Corpus Return & Group Pension Bonus for Superannuation Fund Beneficiaries.</h1> Life Insurance Corporation (LIC) has introduced a new annuity plan that includes the return of the corpus along with a group pension terminal bonus. This plan aims to provide higher returns to beneficiaries of approved superannuation funds. The plan addresses previous criticisms by ensuring that on the death of the member, the sum assured equal to the corpus is returned to the beneficiary. Trustees of approved superannuation funds can incorporate this plan through a deed of variation, which requires approval from the Commissioner of Income-tax, provided it complies with Part B of the Fourth Schedule and relevant Income-tax Rules.
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