Section 35 in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
35. Amount of Pension.
(1)In respect of employees who retired between the 1st day of January, 1986 but before the 31st day of July, 1987, basic pension and additional pension will be updated as per the formula given in Appendix-III.(2)In the case of an employee retiring in accordance with the provisions of the Service Rules or of the Staff Regulations after completing a qualifying service of not less than thirty three years the amount of basic pension shall be calculated at fifty per cent. of the average emoluments.(3)(a)Additional pension shall be fifty per cent. of the allowances drawn by an employee during the last ten months of his service;(b)no dearness relief shall be paid on the amount of additional pension.Explanation : For the purpose of this sub-rule "allowances" means allowances which are admissible to the extent counted for the following purposes only, namely:-(i)making contributions to the Provident Fund;(ii)grant of house rent allowance;(iii)payment of gratuity; and(iv)re-fixation of salary on promotion.(4)Pension as computed being the aggregate of sub-rules (2) and (3) above shall be subject to the minimum pension as specified in these rules.(5)An employee who has commuted the admissible portion of his pension as per the provisions of rule 41 of these rules shall receive only the balance of pension, monthly.(6)(a)In the case of an employee retiring before completing a qualifying service of thirty-three years, but after completing a qualifying service of ten years, the mount of pension shall be proportionate to the amount of pension admissible under sub-rules (2) and (3) and in no case the amount of pension shall be less than the amount of minimum pension specified in these rules.(b)Notwithstanding anything contained in these rules, the amount of invalid pension shall not be less than the ordinary rate of family pension which would have been payable to his family in the event of his death while in service.(7)The amount of pension finally determined under this rule shall be expressed in whole rupee and where the pension contains a fraction of a rupee, it shall be rounded off to the next higher rupee.(8)[ Notwithstanding anything contained in these rules, in relation to an employee covered by the proviso to clause (j) of rule 2 or an employee appointed as a Managing Director under Section 20 of the Act, Pension shall be calculated in accordance with the provisions of sub-rule(2). The amount of Pension so calculated shall not be less than what he would have been entitled to, had he continued in the grade of Zonal Manager (Selection Scale), when the Pension becomes due and payable to him.] [Sub-Rule (8) added vide Government Notification dated 22.4.1997]
