Section 13 in Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985
13. Bonus.
(1)No Class III or Class IV employee shall be entitled to the payment of any profit sharing bonus or any other kind of cash bonus.(2)Notwithstanding anything contained in sub-rule (1), every Class III and Class IV employee shall be entitled to a payment in lieu of bonus for every year commencing on the 1st day of April and ending with the 31st day of March of the following year at such rate and subject to such conditions as the Central Government may, by notification in the Official Gazette, determine having regard to the wage level, the financial circumstances and other relevant factors:[Provided that -(i)no payment in lieu of bonus shall be payable to any employee drawing a salary exceeding Rs. 21,000/- per month.(ii)where the salary of an employee exceeds Rs. 7,000/- per month but does not exceed Rs. 21,000/- per month, the maximum payment in lieu of bonus payable to such employees shall be calculated as if his salary were Rs. 7,000/- per month.]Explanation: For the purpose of this sub-rule 'salary' means basic pay, special allowance, if any, dearness allowance.
