Section 14 in Life Insurance Corporation of India Class III and Class IV Employees (Revision of Terms and Conditions of Service) Rules, 1985
14. Superannuation and retirement.
- An employee belonging to the Class III or Class IV, appointed to the service of the Corporation on or after the 22nd February, 1983, shall retire on completion of [60 years] [Notified in Gazette of India dated 22.0.5.1998.] of age:Provided that the competent authority specified in Schedule IV to the Staff Regulations may, having regard to the recommendations of a Committee, constituted for the purpose and consisting of one Officer not below the rank of Zonal Manager and two Officers not below the rank of Deputy Zonal Manager/Sr. Divisional Manager, is of the opinion that it is in the interest of the Corporation to do so, direct such employee to retire on completion of 55 years of age or at any time thereafter on giving him three months' notice or salary in lieu thereof.
