Section 19 in Life Insurance Corporation of India (Staff) Regulations, 1960
19. Superannuation and Retirement.
- [(1) An employee belonging to Class III or Class IV and a transferred employee belonging to Class I or Class II shall retire on completion of age 60; but the competent authority may, if it is of the opinion that it is in the interest of the Corporation to do so, direct such employee to retire on completion of 55 years of age or at any time thereafter, on giving him three months' notice or salary in lieu thereof.Provided that an employee who is a member of any approved superannuation fund, as defined in clause (a) of Section 58-N of the Indian Income tax Act,1922 and which has been recognised and allowed to be continued by the Corporation, shall be permitted upon request to retire before the date of retirement specified in this sub-regulation either (a) on completion of 25 years of service or (b) on completion of 20 years of service, provided he has reached age 50 or (c) on completion of 20 years of service if he is incapacitated for further active service. (see note)] [Notified in Gazette of India, Part-III Section 4 dated 21.1.1977.](2)[ An employee belonging to Class I or Class II appointed to the service of the Corporation on or after 1st September,1956, shall retire on completion of [60 years] [Notified in Gazette of India, Part-III Section 4 dated 21.1.1977.] of age, but the competent authority may, if it is of the opinion that it is in the interest of the Corporation to do so, direct such employee to retire on completion of 50 years of age or at any time thereafter on giving him three months' notice or salary in lieu thereof.]Explanations : [1. Where an employee is directed by the competent authority to retire as aforesaid, it shall not be deemed to be a penalty under Regulation 39 or any other provisions.] [Notified in Gazette of India, Part-III Section 4 dated 21.1.1977.]
