Section 41(5) in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
(5)The commutation of pension shall become absolute in the case of an employee -(a)retiring on superannuation or voluntary retirement who submits an application for commutation of pension before the date of retirement, on the date following the date of retirement :Provided that the employee governed by sub-rule(3) of rule 31 shall not apply for commutation of a part of his pension before the expiry of the notice of three months and the commutation of pension shall become absolute only on the expiry of the period of notice referred to in sub-rule (1) of rule 31;(b)retiring on superannuation or on voluntary retirement if he applies for commutation of pension after the date of retirement but before the completion of one year from the date of retirement, on the date the application for commutation is received by the Competent Authority;(c)retiring on superannuation or on voluntary retirement, if he applies for commutation of pension after one year from the date of retirement, on the date of the medical certificate given by a medical officer approved by the Corporation;(d)who has retired prior to the 1st day of November, 1993 and who opts to be governed by these rules, on the 1st day of November, 1993, where the application for commutation is made within the period specified by clause (b) of the sub-rule (1) of rule 3;(e)who was in the service of the Corporation on or after the 1st day of November, 1993 but who retired prior to the publication of these rules, on the day immediately following the date of his retirement, where the application is made within the period specified by clause (b) of sub-rule (2) of rule 3;(f)who retired on or after the 1st day of November, 1993, but died prior to the notified date, on the day immediately following the date of his retirement, where the application for commutation is made by the family of the deceased within the period specified by clause (a) of sub-rule(5) of rule 3;(g)in respect of whom invalid pension under rule 32 or compassionate allowance under rule 33 is admissible, commutation shall become absolute on the date of the medical certificate given by a medical officer approved by the Corporation.(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.] [Inserted by Notification No. G.S.R. 324(E), dated 23.4.2019 (w.e.f. 28.6.1995).]Chapter - IX General Conditions
