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Is lumpsum Benefit allowed in place of Pension?

April 26, 2017allowed benefit lumpsum Pension

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Is lumpsum Benefit allowed in place of Pension?

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Yes. At the option of the beneficiary, permanent disablement pension, where the daily rate payable is not significant, can be commuted for a lumpsum payment subject to the fulfilment of the following two conditions :- (i) that the permanent disablement has been assessed as final, and (ii) the daily rate of permanent disablement does not exceed Rs 5/- and the total commuted value does not exceed Rs 30,000/- (effective from April-D3).