Section 7 in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
7. Composition of the Fund.
- The Fund shall consist of the following, namely:-(a)the contribution by the Corporation at the rate of ten per cent. per month of the pay of the employee;[Explanation 1 :For the purpose of this rule "pay" includes - [Explanation renumbered as Explanation 1 by Notification dated 22.4.1997](i)the basic pay,(ii)allowances other than dearness allowance which count for the purposes of making contribution to the Provident Fund and payment of dearness allowance,(iii)dearness allowance payable on the basic pay and the allowances specified in clause (ii) above, upto Index Number 1148 in the quarterly average of the All India Consumer Price Index for Industrial Workers in the series 1960=100; and(iv)allowances to the extent they count for Provident Fund, house rent allowance, gratuity and for refixation of salary on promotion:]Provided that the Corporation shall not make any contribution to the account of the Provident Fund of the employee ;[Explanation 2 :On and from the date of publication of Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 1997, "pay" includes - [Explanation 2 inserted vide Government Notification dated 22.4.1997](i)the basic pay,(ii)allowances other than dearness allowance which count for the purposes of making contribution to the Provident Fund and also payment of dearness allowance,(iii)allowances to the extent they count for Contribution to the Provident Fund, house rent allowance, gratuity and for refixation of salary on promotion:]Provided that the Corporation shall not make any contribution to the account of the Provident Fund of the employee ;(b)the accumulated contributions of the Corporation to the Provident Fund and interest accrued thereon upto the date of such transfer in respect of the employees;(c)the amount consisting of contributions of the Corporation along with interest refunded by the employees who had retired before the date of publication of these rules but who opt for pension in accordance with the provisions contained in these rules;(d)the investment in annuities or securities purchased out of the moneys of the Fund and interest thereon;(e)amount of any capital gains arising from the capital assets of the Fund;(f)the additional annual contribution made by the Corporation in accordance with the provisions contained in rule 11 of these rules;(g)any income from investments of the amounts credited to the Fund;(h)the amount consisting of contribution of the Corporation along with interest refunded by the family of the deceased employee.(i)[ (a) additional contribution made by employees in accordance with the provisions contained in clause(c) of sub-rule(10) of rule 3 of these rules; and [Inserted by Notification No. G.S.R. 324(E), dated 23.4.2019 (w.e.f. 28.6.1995).](b)contribution made by retired employees or family members of the deceased or retired but deceased employees under the provision of clause (b) of sub-rule (11) and clause (b) of sub-rule (12) of rule 3 of these rules.]
