Section 7(1) in The Life Insurance Corporation of India Information Technology Specialist Group (Selection, terms and conditions of service and payment of Allowance) Rules, 2007
(1)An official selected under these rules shall be required to execute an agreement with the Corporation, undertaking to serve the Corporation for a minimum period of five years. If he/she leaves the services of the Corporation before the expiry of the bond period, he/she shall be liable to pay an amount of liquidated damages of Rupees five lakhs. The amount of liquidated damages will not be reduced proportionately, even if the official have served the Corporation for a part of the bond period.
