Section 4(2) in Life Insurance Corporation General Rules, 1956
(2)Notwithstanding anything contained in rule 3, -(i)the Central Government shall have the right to terminate the services of a whole-time director at any time before the expiry of the term specified under that rule by giving him notice of not less than three months in writing or three months' salary and allowances in lieu thereof;(ii)a whole-time director shall have the right to relinquish his office at any time before the expiry of the term specified under that rule by giving the Central Government notice of not less than three months in writing.
