Section 3(5) in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
(5)were in the service of the Corporation during any time on or after the 1st day of November, 1993 and had died after retirement but before the notified date, their family shall be entitled for the amount of pension payable to them from the ate on which they would have been entitled to pension under these rules had they been alive till the date on which they died, if the family of the deceased-(a)exercise 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, the entire amount of the Corporation's contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of twelve per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Corporation ; or
