Section 13 in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
13. Payments out of the Fund.
- The payment of benefits by the trust shall be administered as follows, namely:-(a)the trust shall purchase immediate annuities from the Corporation in respect of each employee or his family, as the case may be, at the time he or his family becomes eligible for the benefits under these rules;(b)the trust shall, subject to the availability of additional sums in the Fund, to be provided by the Corporation as required under rule 5 (3) purchase additional annuities as and when it becomes necessary to revise upwards the benefits payable in accordance with these rules;(c)the trust shall, in the event of the benefits payable under these rules being revised downwards for any reason whatsoever, credit the benefits received from the Corporation under the annuities purchased as exceed the benefits payable under these rules, to the Fund.Chapter - IV Qualifying Service
