KOCHI: I retired from public-run company in 1997. The company had operated an Employee uperannuation Scheme with LIC covering all employees by a Master Policy under which retired/separated employees are given an annuity on retirement.
The annuity is payable throughout the life of the retired employee and on his death, annuity (pension) ceases and capital is returned to the nominee of the deceased employee. However, since I underwent a surgery in 2017 and have to incur lot of medical expenses, I requested the company to exit me from the Superannuation Scheme to enable me to utilise the Capital of over `4 lakhs from the scheme.
The company turned down my request and said no refund will be made under any circumstances. Kindly advise remedy open to me and whom to approach.
Anonymous
Unfortunately, you have no case for seeking return of the capital accrued up to your retirement in the absence of authorities agreeing for the same. There is no legal right for you to enforce.