Ministry of Finance 

16.10.2019

Insurance

Life Insurance Corporation of India (Staff) Amendment Rules, 2019

MANU/FNSV/0035/2019

In exercise of the powers conferred by Clause (cc) of Sub-section (2) of 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 (Staff) Rules, 1960, namely:-

1. (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2019.

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

2. In the Life Insurance Corporation of India (Staff) Rules, 1960 in rule 61, in clause (c) the following proviso shall be inserted, namely:-

"Provided that in the event of compulsory retirement as a measure of penalty under the provisions of clause (e) of sub-rule (1) of rule 39 a payment equal to the employee's last salary for the period of privilege leave to his credit as on the date of his compulsory retirement subject to maximum of 240 days, shall be allowed to the retiree employee."

Tags : Rules Amendment Insurance

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