Family Pension Rules 2023 – Life Insurance Corporation of India
The pension plan for retired employees of LIC entails that if an employee meets the criteria outlined in the Service Rules or Staff Regulations, and has served for a minimum of thirty-three years, their basic pension will be calculated at fifty percent of their average emoluments.
The Life Insurance Corporation of India (Employees) Pension (Second Amendment) Rules, 2023 have been put in place to determine the specific amount of Family Pension that will be provided to eligible individuals. These rules, which have been implemented by the governing body, aim to ensure that families of deceased employees receive adequate financial support and security in the form of a pension. The amendment rules, which were introduced in 2023, take into account various factors such as the employee’s length of service, salary, and other relevant criteria to determine the appropriate amount of Family Pension that will be disbursed. This amendment is a significant step towards providing enhanced benefits and financial stability to the families of employees who have dedicated their lives to serving the organization.
Life Insurance Corporation of India (Employees’) Pension (Second Amendment) Rules, 2023 regarding the amount of Family Pension
MINISTRY OF FINANCE
(Department of Financial Services)
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.
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