Life Insurance Corporation of India (Employees’) Pension (Second Amendment) Rules, 2023 regarding the amount of Family Pension

Life Insurance Corporation of India (Employees’) Pension (Second Amendment) Rules, 2023 regarding the determination of uniform rate of Family Pension

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION

New Delhi, the 11th September, 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 published 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.