Section 77(1) in Life Insurance Corporation of India (Staff) Regulations, 1960
(1)[(a) A permanent employee who has been in continuous service of the Corporation (including service with the insurer) for not less than 15 years (excluding period of probation or temporary service in respect of employees recruited on or after 1.9.1956); and(i)whose services are terminated by the Corporation for any reason whatsoever; or(ii)who voluntarily resigns from the service of the Corporation; or](b)a permanent employee(i)who dies while in the service of the Corporation;(ii)who retires from the service of the Corporation; or(iii)whose services are determined either due to continued illness or accident incapacitating him from the proper discharge of his duties; or(iv)whose services are dispensed with owing to reduction of staff for reorganisation of establishment;Will be eligible for the gratuity benefits.
