Section 41(1) in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
(1)An employee shall be entitled to commute for a lump sum payment of a fraction not exceeding one-third of his pension:Provided that in respect of an employee who is governed by sub-rule (5) of rule 3 of these rules, the family of such employee shall also be entitled to commute for a lump sum payment a fraction not exceeding one-third of the pension admissible to the employee.
