Section 8 in The Life Insurance Corporation Of India Class I Officers (Revision Of Terms And Conditions Of Service) Rules, 1996
8. Provident Fund.
(1)Every Class I Officers of the Corporation other than an Officer on probation or an officer appointed on temporary basis or an officer who is contributing to an approved Superannuation Fund, shall contribute every month to the Provident Fund established by the Corporation at the rate of 10 per cent of his basic pay and the Corporation shall also contribute to the Provident Fund every month an amount-equal to the actual contribution of each such officer subject to a maximum of 10 per cent of the basic pay 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 Ltd., and who are contributing to the Pension Fund of that Company, which is being continued with modifications as a separate Fund for such employees only, shall be entitled to pension according to the rules of that fund.(3)Class I Officers referred to in sub-rule (2) may, however, 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.
