Pensionary benefits to employees mentioned in proviso to sub-rule (j) of Rule 2 and employees appointed as Managing Director under Section 20 of the Act (LIC Act 1956) and who were in service on or after 1st January 1996;
Notwithstanding anything contained in these rules, in respect of an employee appointed as Managing Director under Section 20 of the LIC of India Act 1956, and in respect of an employee covered by proviso to sub-rule(j) of Rule 2,who were in service on and after 1st January 1996, the pensionary benefits shall be calculated in accordance with the provisions contained in the Central Civil Services(Pension) Rules 1972 and the Central Civil Services( Commutation of Pension)Rules, 1981, as applicable to Central Government servants and in accordance with the instructions issued by the Central Government there under from time to time;
Provided that where such an employee who has retired on or after 1.1.1996 and before the date of publication of these rules in the Official Gazette or the family of such employee in the event of death of such employee, gives a notice in writing within 90 days of the publication of these rules, expressing an option not to be governed by the provisions of this rule, then , the provisions of the above paragraph shall not apply in respect of such employee or the family of such employee as the case may be. Option once exercised under this proviso shall be final”.
“EXPLANATORYMEMORANDUM IN THE NOTIFICATION DATED 13/8/2001
1. The Central Government has accorded approval of extending the pensionary benefits, gratuity and encashment of leave, as applicable to Central Government servants, to Chairman or Managing Director ofthe Corporation who is governed by the Life Insurance Corporation of India (Employees) Pension Rules,1995, with effect from 1-1-1996, Accordingly, the Life Insurance Corporation oflndia (Employees) Pension Rules, 1995 is amended with effect from 1st January, 1996.
2. It is certified that no employee of the Corporation appointed as a Managing Director or employees covered by the proviso to sub-rule (j) of Rule 2 of the Life Insurance Corporation of India (Employees) Pension Rules, 1995, is likely to be affected adversely by the notification being given retrospective effe