Settlement of Annuities in case of death of Annuitant

Upon retirement from company’s service, annuity in favour of the retiring BPCL Employee is purchased from LIC, ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd. with any one of the following 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 remaining years of guaranteed period. The nominee is required to submit the following documents.

1. Death Certificate of the member 
2. Certificate of Existence of the nominee - Download Form - Certificate of Existence
3. Advance Receipt duly signed by the nominee - Download form - Advance Receipt
4. Bank Particulars of the nominee

The nominee is required to submit the above documents to the Trustees, BPCL Superannuation Fund together with uncashed cheques issued by the Insurance company in favour of the member.

In case, any member receiving the pension directly in his bank account by ECS mode, the nominee is required to immediately instruct LIC, ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd. to stop remittance of monthly pension to 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.

1. Death Certificate of the member
2. Bank Particulars of the nominee

The nominee is required to return uncashed cheques issued by the Insurance Company Ltd. in favour of the member along with the above documents.

In case any member receiving the pension directly in his bank account by ECS mode, the nominee is required to immediately instruct LIC, ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd to stop remittance of monthly pension to deceased member’s account.

• Monthly pension during the joint life of member and spouse
  Members shall receive Annuity Benefits for life. Upon death of the member after the payment of Annuity benefits having commenced, the Annuity benefit payable under the Policy shall become payable to Member’s spouse for his/her life time. Upon the death of spouse, the benefits payment shall terminate. The spouse is required to submit the following documents to the Trustees, BPCL Employees Contributory Superannuation Fund.

1. Death Certificate of the member
2. Bank Particulars of the spouse
3. Advance Receipt duly signed by the spouse

• Monthly pension during the joint life of member and spouse + Return on Capital
  The member shall receive Annuity Benefits for life. Upon death of the member after the payment of Annuity benefits having commenced, the Annuity benefit payable under the Policy shall become payable to Member’s spouse for his/her life time. Upon the death of spouse, the Purchase Price shall be payable to the valid nominee.
  Nominees are required to submit the following documents to the Trustees, BPCL Employees Contributory Superannuation Fund.

1. Death Certificate of the member
2. Bank Particulars of the spouse

Nominees are required to return the uncashed cheques issued by the Insurance Company in favour of the member, together with the above documents.

In case any member receiving the pension directly in his bank account by ECS mode, the nominee is required to immediately instruct LIC, ICICI PRUDENTIAL LIFE INSURANCE or SBI Life Insurance Company Ltd to stop remittance of monthly pension to deceased member’s account.