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  3. BOC Abhimana Retirement Scheme

BOC Abhimana Retirement Scheme

BOC Abhimana Retirement Scheme

  • Bank of Ceylon introduces Abhimana pension scheme which will customize your investment portfolio. So you could live in peace and live life to its fullest with the knowledge that your future is secure

 

Why do I need a Retirement Plan?

  • To live the retirement life free of financial difficulties
  • To  have money for monthly expenses
  • For a guaranteed monthly benefit

 

Why from Bank of Ceylon?

  • Largest Commercial bank in Sri Lanka
  • 100% State owned Bank
  • Financial stability

 

 Why join for “BOC Abhimana”

  • Highest benefits
  • Most featured retirement scheme in the market
  • Secured long-term return upto lifetime benefits

 

Retirement  Benefit amount?

  • Any amount  in multiples of Rs. 10,000/-

 

How can I join for this Scheme?

  • At any BOC branch located in island wide

 

How do I get the Retirement Benefit?

  • Monthly retirement benefits will be credited to the Savings Account and can be withdrawn from any BOC branch or from  an  ATM etc.

 

What is the period and amount of Contribution?

  • For installment options, monthly contribution would depend on the age, selected retirement plan option and the retirement benefit amount. ( Can arrange as a standing order)
  • Also can invest as a Lump sum amount at the time of joining the scheme.

 

What happens if I fail to deposit  monthly installments?

  • Retirement plan can be activated by depositing the due amounts
  • If you fail to make 12 consecutive or intermittently monthly installments, the retirement plan will be terminated an outstanding amount will be returned

 

At my death, what will happen?

  • Any person nominated by you  or in the event that there is no nomination legal heirs can receive the benefit /funds (Amount and the payment pattern is at the discretion of the bank)

 

Can my employer contribute to my monthly contribution?

  • Yes. Employers can arrange retirement plans on behalf of their employees either as joint contributions or fully by the employer

 

Can my EPF fund be invested for this scheme?

  • Yes. If you are above 55 years of age, you can get retirement benefits from next month onwards

 

Can this be terminated during the contributory period?

  • Yes,  at following instances,

-  Voluntarily

-   Death

-   Non-payment of monthly contributions 12 months continuously or intermittently.

 

* Conditions Apply

(Bank of ceylon holds the authority to change, add or revise any condition, term or statement in this facility)

For more information, please contact the Manager at your nearest BOC Branch or call centre: 011 220 4444

 

Who are eligible?

  • Any Sri Lankan individual above 18 years of age
  • Private sector employees
  • Semi-government employees (Government Corporations / Boards / Authorities)
  • Self employed persons
  • Non – resident Sri Lankans(not for dual citizenship holders)
  • Retired persons (by paying Provident Fund or Savings as a Lump sum)
  • Private sector employers (for their employees through joint contributions)

 

What are the Retirement Plan Options?

Retirement Plan Option

Ret. Benefit commences from (age)

Retirement Benefit period

1

Year 55

10 years (120 installments)

2

Year 55

15 years (180 installments )

3

Year 60

10 years (120 installments )

4

Year 60

15 years (180 installments )

5

Year 55

Life time

6

Year 60

Life time

7

Year 55 or  above

Next month to 10 years (120 installments)

8

Year 55 or above

Next month to 15 years (180 installments)

9

Year 55 or above

Next month to life