Section 8 in Life Insurance Corporation of India Class-I Officers (Revision of Terms and Conditions of Service) Rules, 1985
8. [ Provident Fund. [Rule 8 substituted by Amendment 96 came into effect from 1.11.1993.]
(1)Every Class-I Officer of the Corporation other than an officer on probation or an officer appointed on a temporary basis or an officer appointed on or after 01.04.2010 or a transferred employee of the Oriental Government Security Life Assurance Company Limited, who is contributing to the Pension Fund of that Company, shall contribute every month to the Provident Fund established by the Corporation at the rate of ten percent of his pay. The Corporation shall contribute to the Provident Fund an amount equal to the actual contribution of each such officer.Provided that the Corporation shall not be required to make any such contribution to the Provident Fund in respect of an officer governed by the Life Insurance Corporation of India (Employees) Pension Rules, 1995.(2)Class-I Officers who are transferred employees of the Oriental Government Security Life Assurance Company Limited and who are contributing to the Pension Fund of that company, shall be permitted to contribute to the Provident Fund established by the Corporation but the Corporation shall not be required to make any contribution to the Provident Fund in respect of such officers.]
