Life Insurance Corporation's new annuity plan with return of corpus with group pension terminal bonus - Approval by Commissioner to deed of variation executed by approved superannuation funds incorporating new annuity plan - Part B of Fourth Schedule read with rule 89 of Income-tax Rules

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....n of corpus with group pension terminal bonus - Approval by Commissioner to deed of variation executed by approved superannuation funds incorporating new annuity plan - Part B of Fourth Schedule read with rule 89 of Income-tax Rules Circular No. 500 Dated 9/12/1987 1. As per rule 89 of Income-tax Rules, 1962, the trustees of an approved superannuation fund may either enter into a scheme of insu....

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....l to the corpus is returned with the group pension terminal bonus to the beneficiary. Existing annuitants may also avail of the benefit of this plan which has been introduced by the LIC in order to give higher returns to beneficiaries of approved superannuation funds and to meet the criticism that annuity payment represented only periodical payment marginally higher than the interest on capital an....