LIC Of India Employees Pension Rules 1995

Topics: Pension, Retirement, Pension fund Pages: 37 (15891 words) Published: June 7, 2015
ANNEXURE - 14
LIFE INSURANCE CORPORATION OF INDIA
(EMPLOYEES) PENSION RULES, 1995

GSR 525(E) – In exercise of the powers conferred by Section 48 of the Life Insurance Corporation Act,1956 (31 of 1956), the Central Government hereby makes the following rules, namely :-

CHAPTER - I
PRELIMINARY

1.

2.

Short title and commencement (1)

These rules may be called the Life Insurance Corporation of India (Employees) Pension Rules, 1995.

(2)

Save as otherwise expressly provided in these rules, these rules shall be deemed to have come into force on the Ist day of November, 1993.

Definitions - In these rules, unless the context otherwise requires (a)

“Act” means the Life Insurance Corporation Act, 1956 (31 of 1956);

(b)

“actuary” shall have the meaning assigned to it in clause (1) of Section 2 of the Insurance Act, 1938 (4 of 1938);

(c)

“Appendix” means an Appendix annexed to these rules;

(d)

“average emoluments” means the average of the pay drawn by an employee during the last ten months of his service;

(e)

“child” means a child of the employee, who, if a son, is under twenty-five years of age and if a daughter, is unmarried and is under twenty-five years of age and the expression “children” shall be construed accordingly;

(f)

“Competent Authority” means,(i)

in relation to employees belonging to the cadre of Assistant Administrative Officers and employees belonging to Class II, Class III and Class IV, the Zonal Manager in-charge of the Zone of the Corporation; and

(ii)

in any other case, the appointing authority specified by Appendix I to these rules;

(g)

“contribution” means any sum credited by the Corporation on behalf of an employee to the Fund, but shall not include any sum credited as interest;

(h)

“Corporation” means the Life Insurance Corporation of India established under Section 3 of the Life Insurance Corporation Act, 1956 (31 of 1956);

199

(i)

“date of retirement” means the last day of the month in which an employee attains the age of superannuation or the date on which he is retired by the Corporation or the date on which the employee voluntarily retires;

(j)

“employee” means any person employed in the service of the Corporation on full-time work on permanent basis and who opts and is governed by these rules but does not include an employee retired before the commencement of these rules and who is drawing pension from the Pension Fund of the Oriental Government Security Life Assurance Company Limited in accordance with sub-regulation(2) of regulation 76 of the Life Insurance Corporation of India (Staff) Regulations, 1960, made under the Act;

* Provided that where the Chairman of the Corporation appointed by the Central Government in accordance with Section 4 of the Act was immediately preceding such appointment an Employee of the Corporation, then, subject to the terms of any contract, agreement or letter of appointment or directions issued by the Central Government, such Chairman for the purposes of these rules shall also be deemed to be an employee of the Corporation.

(k)

“family” in relation to an employee means,(i)

wife in the case of a male employee or husband in the case of a female employee;

(ii)

a judicially separated wife or husband, such separation not being granted on the ground of adultery and the person surviving was not held guilty of committing adultery;

(iii)

son who has not attained the age of twenty-five years and unmarried daughter who has not attained the age of twenty five years including such son or daughter adopted legally [......deleted ]*

(l)

“financial year” means a year commencing on the first day of April;

(m)

“Fund” means the Life Insurance Corporation of India (Employees) Pension Fund constituted under rule 5;

(n)

“notified date” means the date on which these rules are published in the Official Gazette; + Provided that the notified date in relation to...
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