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.
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.
2.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.
56. Residuary provisions -
Matters relating to pension and other benefits in respect of which noexpress
provision has been made in these rules shall be governed by the
corresponding provisions contained in the Central Civil Services (Pension)
Rules, 1972 or the Central Civil Services (Commutation of Pension) Rules
1981 applicable for central government employees.
