LIC Of India Employees Pension Rules 1995

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);

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(i)

“date of retirement” means the last day of the month in which an employee attains the age of