Section 3(1) in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
(1)(a)were in the service of the Corporation on or after the 1st day of January, 1986 but had retired before the 1st day of November, 1993; and(b)exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and(c)refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause(b), the entire amount of the Corporation's contribution to the Provident Fund including interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Corporation; or
