Section 50(8) in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
(8)In this rule,(a)the expression "commercial employment" means -(i)an employment in any capacity including that of an agent, under a company, cooperative society, firm or individual engaged in trading, commercial, industrial, financial or professional business and includes also a directorship of such company and partnership of such firm, but does not include employment under a body corporate, wholly or substantially owned or controlled by the Central Government or a State Government;(A)has no professional qualifications and the matters in respect of which the practice is to be set up or is carried on are relatable to his official knowledge or experience, or(B)has professional qualifications but the matters in respect of which such practice is to be set up are such as are likely to give his clients an unfair advantage by reason of his previous official position, or(C)has to undertake work involving liaison or contact with the offices or officers of the Corporation.(ii)setting up practice, either independently or as a partner of a firm, as adviser or consultant in matters in respect of which the pensioner-Explanation - For the purpose of this clause, the expression "employment under a co-operative society" includes the holding of any office, whether elective or otherwise, such as that of President, Chairman, Manager, Secretary, Treasurer and the like, by whatever name called in such society.
