Sail Pension Scheme is a relief package that is a necessity in the current scenario. Planning for retirement in an individual’s life is a crucial aspect for the long run. With the rising inflation level & limited social security initiatives, it is vital to plan early life retirement for senior citizens. Pension or retirement plans offer the dual benefits of investment and insurance cover to the senior citizen.
Investing a specific amount regularly towards any pension plan scheme can help accumulate a considerable sum in a phase-by-phase manner. The same will ensure a steady flow of funds once they retire. When individuals start contributing to their retirement early, they build a secure golden year money-wise over the years. A well-chosen retirement plan can help and aid in rising above inflation, all thanks to compounding power.
Every individual should do their best to invest in pension plans to secure their retired life financially. Any program that any individual chooses must be in sync with the investment goals (or retirement plans). For example, if anyone wishes to retire early, then the corpus upon maturity should be enough to support life after retirement. Hence, the key is to choose any retirement plan smartly. Keeping in mind the pensioners’ safety and security and their future, Sail Pension Scheme has played a crucial role.
About Sail Pension Scheme
SAIL has introduced the Sail Pension Scheme covering all executives (including Management Trainees) on rolls of the Company on or after date 01.01.2007 & non-executives (including trainees recruited for eventual employment purpose) on rolls of the Company on or after date 01.01.2012.
SAIL Pension Scheme gets administered through Sail Pension Trust duly constituted.
The Sail Authority has successfully organized a pension scheme issued by the guidelines as per the department of public Enterprises of the Govt. of India. The pension scheme got introduced with the approval of the Ministry of Steel & Sail Board. By implementing the pension scheme, pensions are provided to the concerned authorities’ ex-employees belonging to the Ministry of Steel and Sailboard in India’s Government.
Objectives
The primary objectives include:
- To provide social security and monetary benefit to the employees.
- To secure their future and provide a blanket of surety.
Beneficiary Covered under Sail Pension Scheme
The following beneficiaries are covered under the SAIL pension scheme:-
- Executives rolls of the Company on or after date 01.01.2007 (including those appointed at the Board level)
- Non-executives on rolls of the Company on or after date 01.01.2012.
- New entrants –
- D.O.J
a) After 01.01.2007 (Executives incl. Board level Officers)
b) After 01.1.2012 (Non-executives) also covered from the date of their joining the SAIL.
Eligibility Criteria
Eligibility criteria under Sail Pension Scheme-
- Minimum 15 years of service & superannuation from the Company.
- Death/PTD/Medical invalidation leads to the cessation of service, irrespective of service rendered duration.
Benefits under the Sail Pension Scheme
Benefits of the scheme include:
- Only in the form of annuities from multiple annuity options from the approved Annuity Provider, on the notional date of superannuation.
- Commutation of accumulated Corpus not permissible.
- In the case of Death/PTD/Medical Invalidation, benefits to accrue on the employee’s separation from the Company.
- Payment to start from the date of purchase of an annuity by employee/nominee.
- The annuity would depend upon the employee’s accumulated corpus (both Employer and Employee contributions along with interest accrued) as per the Annuity Plan opted by him/her.
- It is decided to impanel Annuity Providers as impaneled under NPS.
Procedure to Apply Online
To make the registrations under the SAIL pension scheme, the applicants need to follow the simple steps mentioned below:-
Step 1-The Applicants needs to visit the Official Website link.
Step 2-Now; on the Homepage of the website, they will get Sail Pension Scheme Option.
Step 3-They need to enter details such as-.
- SAIL personnel number
- PAN
- Bank account number
- Mobile
- Aadhaar number
Step 4-They need to upload photographs of self and spouse to complete the whole registration process.
Step 5-They need to submit the printed Annuity Application Form along with various other required documents for the start of the annuity.
Step 6-In the last, the beneficiaries can view the details of the company contribution in their pension account, annuity plans, rates provided by the ASPs, pension calculator, scheme/policy, details of Nodal Officers of their Plant/Unit, etc. through the portal after logging in with the PAN and date of birth of the concerned ex-employee.
Essential Documents Required under Sail Pension Scheme
The following documents are required while registering the applicants for the sail pension scheme:-
- Aadhar Card for the ex-employee or nominee
- PAN Card
- Canceled Bank Cheque having the name of the ex-employee/nominee printed on it.
- Proof of deposit of Voluntary Contribution, if any.
- Death certificate of ex-employee/employee in case of deceased ex-employee/employee
Advantages of Sail Pension Scheme
Advantages of Sail Pension Scheme include:
Guaranteed Pension/Income
The pensioners can get a fixed and steady income after retiring or immediately after investing, based on how they invest. The same ensures a financially independent life after retiring. One can use a retirement calculator to have a rough estimate of how much you might require after retiring.
Relief and exemption
To encourage pension schemes, the State provides tax relief on old aged people’s contributions to pension schemes. The same encourages the growth in their investments. The State takes care of their needs by not imposing regular taxes on these pension-related contributions into the schemes.
Saved money, better money
An investor can choose to pay the premium in periodic intervals or at once as a lump sum investment. The wealth will simultaneously accumulate over time to build up a sizable corpus. No matter the type of plan you go for, rest assured you would have saved money in the long run. The pension plan is designed to create an annuity, which generates a steady income stream in post-retirement life when further invested.
Assists during inflation
One of the advantages of starting to invest in pension schemes from a very early age is that it helps people counter inflation. While assessing the different pension plans, one must make sure that they look for a program that guarantees inflation-adjusted returns. Invest in a project that assures returns that help you keep with the goods’ rising prices in the long run.
Provide security
The Sail Pension scheme is another name of blessings for aged people when they need the most protection and security. The scheme gives a blanket of protection and makes them spend the rest of their lives with full dignity and respect. The scheme aims to make them self-sufficient and not leave them helpless in the sensitive stage of their lives.
Role of Aatmnirbhar Sena
Aatmnirbhar Sena is playing an essential role in initiating the Sail Pension Scheme. We are taking good care of the old age by supporting the Government in their good cause. We are working relentlessly towards making people aware of the scheme’s benefits and ensuring that maximum participation comes under the scheme.
We shall also lend our prestigious advice to the applicants and guide them throughout the process of registration. We shall make sure that no one has to live with any insecurity in old age. We shall lend and conduct workshops and skilled classes for the curious applicants to make sure they make full use of the scheme. We strive to make this scheme beneficial, a dream come true, and spread happiness in older people’s lives.
Conclusion
Sail Pension Scheme has bestowed a second life and a reason to live with dignity in aged people’s lives. The Sail Pension scheme has done a brilliant task by securing people’s lives and benefitting plenty of elderly individuals. The scheme shall be fruitful in the long run for all if appropriately implemented.
