Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019.
G.S.R. 324(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 further to amend the Life Insurance Corporation of India (Employees) Pension Rules, 1995, namely:
1. Short title and commencement:
(1) These rules may be called the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Life Insurance Corporation of India (Employees) Pension Rules, 1995, hereinafter referred to as the said rules, in rule 3, after sub-rule (9), the following sub-rules shall be inserted, namely:
“(10) were in the service of the Corporation during anytime on or before the 28th day of June, 1995 and are in service on the notified date:
(a) Exercise an option in writing within a period of ninety days from the notified date to become member of the Fund; and
(b) Authorise the trustees of the Provident Fund in writing, within a period of ninety days from the notified date, to transfer the entire contribution of the Corporation to their Provident Fund along with the interest accrued thereon to the credit of the Fund constituted for the purpose under rule 5; and
(c) Contribute 3.7 times of pay as on 1st March, 2019 within ninety days after the expiry of the said period of ninety days specified in clause (b); or
EXPLANATION:
For the purpose of this sub-rule, “notified date” shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019;
(11) were in the service of the Corporation during anytime on or before the 28th day of June, 1995 and had retired on or before the notified date:
(a) exercise an option in writing within one hundred and twenty days from the notified date to become a member of the Fund; and
(b) refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a), 1.3 times of the entire amount of the Corporation’s contribution to the Provident Fund including interest accrued thereon paid to them at the time of retirement;
EXPLANATION:
For the purpose of this sub-rule, “notified date” shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019;
(12) were in the service of the Corporation during anytime on or before the 28th day of June, 1995 and had died while in service on or before the notified date or had retired but died before the notified date in which case their family shall be entitled to the family pension under these rules, if the family of the deceased,—
(a) exercises an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(b) refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a) above, 1.3 times of the entire amount of the Corporation’s contribution to the Provident Fund including interest accrued thereon paid to the retired employee at the time of retirement / family of the deceased employee at the time of settlement of Provident Fund account.
EXPLANATION:
For the purpose of this sub-rule, “notified date” shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019.
3. In the said rules, in rule 7, after clause (h), the following clause shall be inserted, namely:—
“(i) (a) additional contribution made by employees in accordance with the provisions contained in clause(c) of sub-rule(10) of rule 3 of these rules; and
(b) contribution made by retired employees or family members of the deceased or retired but deceased employees under the provision of clause (b) of sub-rule (11) and clause (b) of sub-rule (12) of rule 3 of these rules.”.
4. In the said rules, in rule 34, after sub-rule (2), the following sub-clause shall be inserted, namely:—
“(3) Employees who were in the services of the Corporation on or before 28th day of June, 1995 and had retired on or before the notified date or the family of the deceased employee who was in the services of the Corporation on or before 28th day of June, 1995 and had died while in service on or before the notified date or had retired but died before the notified date and opts to be governed by this amendment rule shall be eligible for pension with effect from the notified date.”.
EXPLANATION:
For the purpose of this sub-rule, “notified date” shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019.
5. In the notes of Rule 41, after sub-clause (g), the following sub-clause shall be inserted, namely:-
(h) in respect of an employee, under sub-rule (11) of rule 3, who opts to be governed by the Life Insurance corporation of India (Employees) Pension (Amendment) Rules, 2019, commutation shall become absolute on the date on which the application for commutation is received by the Competent Authority or the date of the medical certificate given by a medical officer approved by the Corporation, whichever is later.”.
