Dear Sir,
I served with a MNC 20 years and awaiting superannuation benefits from LIC. As per company's policy I can claim 1/3 as commuted value on retirement. On 2/3 balance I would receive pension. My question is:
1. Is 1/3 commuted value is taxable?
2. Is my pension amount taxable. As per LIC, I would be receiving Rs.3800/- per month as pension.
3. I would be receiving a EPF pension of appx.1500/- per month.
4. Will my nominee get the 2/3 balance amount from LIC on my death?
I greatly appreciate and thank you for your replies.
best regards rajalakshmi