Section 3 in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
3. Application.
- These rules shall apply to employees who,-(1)(a)were in the service of the Corporation on or after the 1st day of January, 1986 but had retired before the 1st day of November, 1993; and(b)exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and(c)refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause(b), the entire amount of the Corporation's contribution to the Provident Fund including interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Corporation; or(2)(a)have retired on or after the 1st day of November, 1993 but before the notified date; and(b)exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and(c)refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (b), 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 on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Corporation; or(3)(a)are in the service of the Corporation before the notified date and continue to be in the service of the Corporation on or after the notified date; and(b)exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and(c)authorise the trust of the Provident Fund to transfer the entire contribution of the Corporation to their Provident Fund alongwith the interest accrued thereon to the credit of the Fund constituted for the purpose under rule 5; or(4)join the service of the Corporation on or after the notified date; and(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(6)joined the service of the Corporation on or after the 1st day of November, 1993 but who have died while in the service of the Corporation before the notified date, their family shall be entitled to the family pension under these rules;Provided that the family of such a deceased employee refunds within one hundred and eighty days from the notified date the entire amount of the Corporation's contribution to the Provident Fund, if any, and interest accrued thereon together with 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;Provided further that the family of such a deceased employee shall apply in writing for grant of family pension; or(7)were in the service of the Corporation during any time on or after the 1st day of January, 1986 and had died while in service on or before the 31st day of October, 1993 or had retired on or before the 31st day of October, 1993 but died before the notified date in which case their family shall be entitled to the family pension under these rules, if the family of the deceased, -(a)exercises 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 six 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(8)joined the service of the Corporation on or before the 31st day of October, 1993 and who died while in service on or after the 1st day of November, 1993, but before the notified date in which case their families shall be entitled to family pension under these rules if the family of the deceased employee,(a)exercises an option in writing within one hundred and twenty days from the notified date to become a member of the Fund; and(b)refund within sixty days from the date of 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, including 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 of the employee till the date of refund of the aforesaid amount to the Corporation.(9)[ (a) joined the service of the Corporation before the 28th day of June, 1995, and are in its service on the notified date;(b)exercise an option in writing within one hundred and twenty days from the date of publication of this notification to become member of the Fund; and(c)authorised the trustees of the Provident Fund to transfer the entire contribution of the Corporation to their Provident Fund alongwith the interest accrued thereon to the credit of the Fund constituted for the purpose under Rule 5.]Note : For the purposes of this rule, other than sub-rule (3), "Notified date" shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 1997.(10)[ were in the service of the Corporation during anytime on or before the 28th day of June, 1995 and are in service on the notified date -(a)exercise an option in writing within a period of ninety days from the notified date to become member of the Fund; and(b)authorise the trustees of the Provident Fund in writing, within a period of ninety days from the notified date, to transfer the entire contribution of the Corporation to their Provident Fund alongwith the interest accrued thereon to the credit of the Fund constituted for the purpose under rule 5; and(c)contribute 3.7 times of pay as on 1st March, 2019 within ninety days after the expiry of the said period of ninety days specified in clause (b); orExplanation. - For the purpose of this sub-rule, "notified date" shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019;(11)were in the service of the Corporation during anytime on or before the 28th day of June, 1995 and had retired on or before the notified date -(a)exercise an option in writing within one hundred and twenty days from the notified date to become a 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), 1.3 times of the entire amount of the Corporations contribution to the Provident Fund including interest accrued thereon paid to them at the time of retirement;Explanation. - For the purpose of this sub-rule, "notified date" shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019;(12)were in the service of the Corporation during anytime on or before the 28th day of June, 1995 and had died while in service on or before the notified date or had retired but died before the notified date in which case their family shall be entitled to the family pension under these rules, if the family of the deceased, -(a)exercises 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, 1.3 times of the entire amount of the Corporations contribution to the Provident Fund including interest accrued thereon paid to the retired employee at the time of retirement / family of the deceased employee at the time of settlement of Provident Fund account.Explanation. - For the purpose of this sub-rule, "notified date" shall mean the date of publication of the Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2019.] [Inserted by Notification No. G.S.R. 324(E), dated 23.4.2019 (w.e.f. 28.6.1995).]
