It is human nature to neglect saving without external motivation, making compulsory measures and
regulations necessary to enforce lifelong savings.

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The majority of short-term depositors withdraw their accumulations without earning proper returns.
It is a fact that one cannot achieve long-term goals using only short-term income plans
Here is why LIC's SSS scheme is important

The SSS program by LIC is a comprehensive savings plan that offers a wide range of benefits for both
employees and employers.

Benefits for employees,

1 Maturity Benefit
(a) Enabling the employee to ensure a good sum at the time of retirement or, say, after 15
years, etc., as per the plan chosen by the employee.
(b) Protection and guarantee of maturity are ensured under the Section 37, LIC Act-1956,
backed by the sovereign guarantee of the Government of India.
(c) Employees can assure a good amount of accumulation, higher than the PF contribution, and
can avoid the technical barriers associated with PF.

2 Limited pay facility, as per the plan chosen.

3 Loan Facility: Option to take a loan against the policy [Liquidity]

4 Tax Benefits: Tax deductions under Section 80C and 10(10D)

5 Accident Disability Benefit: Additional sum assured in case of accidental disability

6 Accident Death Benefit: Additional sum assured in case of accidental death.

7 Life Cover: Death benefit equal to the sum assured

Benefits to the employer
1 Under the LIC Salary Savings Scheme (SSS), the employer can avail of tax benefits under the
following sections
Section 36(1)(iv) of the Income-tax Act, 1961: Employer's contributions to the SSS scheme are
allowed as a business expense, reducing the employer's taxable income.
[Please note that tax laws and regulations are subject to change]

2 The SSS scheme provides a substantial retirement benefit, making it financially beneficial for
employees to stay with the organization until retirement

3 The employer can contribute or participate flexibly to the SSS premium for employees. The level
of participation may vary based on an employee's seniority or their importance to the
organization.

4 Offering these types of welfare schemes to employees is a key factor in achieving a high grading
during organizational standardization.

5 Moreover, it is a human obligation and a reciprocal process of giving and taking.

6 In the event a situation arises, employees may continue this plan personally after leaving the
organization, provided the employer permits it.