Section 19 in The Life Insurance Corporation Of India Development Officers (Revision Of Terms And Conditions Of Service) Rules, 1996
19. Additional Gratuity.
- This is an additional retirement benefit which is available to Class I and Class II (Development Officers) Officers.The benefit is equal to Rs. 4,000 of an Endowment Policy or Rs. 5,000 of a whole life policy at the beginning of service which shall go on increasing b2V 1,000 of an Endowment Policy or Rs. 1,250 of a whole life policy for every five years of service to the maximum of Rs. 8,000 of an Endowment Policy or Rs. 10,000 of a whole Life Policy plus admissible bonus for the entire period of service.To avail this benefit, the officer must take an Endowment Policy or Whole Life Policy for minimum of Rs. 8,000 or Rs. 10,000 respectively neither maturing nor surrendering before retirement, from the beginning of his service. If such policy is taken some time after the beginning of service, this benefit shall commence from the date of taking the policy and not from beginning of service and accordingly the increase in amount and bonus also shall be calculated from the date of taking the Policy.Since the scheme of GSLI is introduced w.e.f. 01.11.1987, the benefit of Additional Gratuity shall be available to those officers also who have not taken any qualifying policy w.e.f. 01.11.1987.
