Section 3(12) in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
(12)were in the service of the Corporation during anytime on or before the 28th day of June, 1995 and had died while in service on or before the notified date or had retired but died before the notified date in which case their family shall be entitled to the family pension under these rules, if the family of the deceased, -(a)exercises an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and(b)refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a) above, 1.3 times of the entire amount of the CorporationÂ’s contribution to the Provident Fund including interest accrued thereon paid to the retired employee at the time of retirement / family of the deceased employee at the time of settlement of Provident Fund account.Explanation. - For the purpose of this sub-rule, "notified date" shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019.] [Inserted by Notification No. G.S.R. 324(E), dated 23.4.2019 (w.e.f. 28.6.1995).]
