Section 7 in The Life Insurance Corporation of India Information Technology Specialist Group (Selection, terms and conditions of service and payment of Allowance) Rules, 2007
7. Conditions of Selection.
(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.(2)In addition to recovery of liquidated damages, the Corporation will also recover from those leaving its service before completion of the bond period, the entire amount of expenses on training given to them, if any.(3)After the amount of recovery has been determined and advised, the Corporation may charge interest at the ruling bank rate, in case the payment is not made within a maximum period of two months. The Corporation will have the right to adjust the recovery against the amount of superannuation dues payable to the officer leaving its service before the expiry of the bond period.
