Navigating LIC Superannuation: Can Employees Contribute Directly and What About Taxes?

Superannuation: Contribution to LIC Superannuation Policy

Contribution to the LIC superannuation policy by the employer could not be continued after some years of the inception of the trust.

1) Can the employee start contributing directly now, condoning (if any) the break in payment?

2) If the employee doesn't want to draw now and wishes to withdraw later, does the employee still have to reach out to the employer to claim this money, as there could be a possibility that the employee may not continue employment with the employer over a period of years due to retirement or superannuation?

3) Is there any tax implication for withdrawing the superannuation amount, such as TDS/Income Tax?

Employee Contribution to Superannuation

If it is a group contribution by the employer, it is not possible for the employee to contribute directly. The employee needs to approach the employer for withdrawal. There will be TDS deduction on the superannuation amount irrespective of the tax slab to which you belong.