MANU/FNSV/0032/2023

Ministry : Ministry of Finance

Department/Board : Financial Services

Notification No. : GSR662(E)

Date of Notification : 11.09.2023

Date of Publication : 11.09.2023

Notification/ Circulars Referred : Number G.S.R. 525(E), dated the 28th June 1995 MANU/CNBN/0757/1995;Number G.S.R. 554 (E) dated the 26th July, 2023 MANU/FNSV/0024/2023

Citing Reference:
Number G.S.R. 525(E), dated the 28th June 1995 MANU/CNBN/0757/1995  Referred

Number G.S.R. 554 (E) dated the 26th July, 2023 MANU/FNSV/0024/2023  Referred

Life Insurance Corporation of India (Employees') Pension (Second Amendment) Rules, 2023

G.S.R.662(E).--In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules further to amend the Life Insurance Corporation of India (Employees') Pension Rules, 1995, namely:-

1. Short title and commencement.-

(1) These rules may be called the Life Insurance Corporation of India (Employees') Pension (Second Amendment) Rules, 2023.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Life Insurance Corporation of India (Employees') Pension Rules, 1995 (hereinafter referred to as the principal rules), in rule 39, in sub-rule (1), for clause (c), the following shall be substituted, namely: -

(c) after retirement from service and was on the date of death in receipt of a pension, or compassionate allowance, the family of the deceased shall be entitled to family pension, the amount of which shall be determined at a uniform rate of thirty per cent of pay plus thirty per cent of allowances which are counted for making contribution to Provident Fund but not for dearness allowance, and in no case the family pension shall be less than the amount of minimum family pension determined by the Board from time to time".

3. In the principal rules, Appendix V shall be omitted.

[F. No. S-11013/47/2016-Ins.I] 
MUKESH KUMAR BANSAL,
Jt. Secy.

Note: The principal rules were pcxczublished in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 525(E), dated the 28th June 1995 and lastly amended vide number G.S.R. 554 (E) dated the 26th July, 2023.