Home India Ministry of Finance Notification for publication Lic Family Pension...
Date: 11-Sep-2023 Category: Extra Ordinary State: Union Government Country: India

Notification for publication Lic Family Pension

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

What it means

  • The notification introduces the Life Insurance Corporation of India (Employees’) Pension (Second Amendment) Rules, 2023. It amends the 1995 pension rules for LIC employees.

Key Changes

  • The amendment modifies Rule 39(1)(c) of the Life Insurance Corporation of India (Employees’) Pension Rules, 1995, relating to family pension.
  • The family pension amount will be determined at a uniform rate of 30% of pay plus 30% of allowances which are counted for contribution to Provident Fund (but not for dearness allowance).
  • The family pension shall not be less than the minimum family pension amount determined by the Board from time to time.
  • Appendix V of the principal rules has been omitted.

Impact Analysis

LIC Employees and their Families

  • Action Item: LIC to communicate these changes to employees and update pension calculation processes.

Life Insurance Corporation of India (LIC)

  • Action Item: LIC to review and update its internal policies and procedures related to employee pensions.

Government

  • Action Item: The Ministry of Finance should monitor the implementation of these rules by LIC.

Key Entities Referenced

Central Government: The authority issuing the notification and amending the pension rules. Life Insurance Corporation of India (LIC): The organization whose employee pension rules are being amended. Life Insurance Corporation Act, 1956: The act under which the Central Government is exercising its powers to amend the pension rules (Section 48). Indian Life Insurance Corporation (Employees’) Pension Rules, 1995: The principal rules being amended by this notification.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-11092023-248643 xxxGIDHxxx CG-DL-E-11092023-248643 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 521] नई दिल्ली, सोमिार, जसतम्ब र 11, 2023/भार 20, 1945 No. 521] NEW DELHI, MONDAY, SEPTEMBER 11, 2023/BHADRA 20, 1945 जित्त मत्रं ालय (जित्तीय सिे ाए ं जिभाग) अजधसचू ना नई दिल्ली, 11 जसतम्बर, 2023 सा.का.जन. 662(अ).—केन्द्रीय सरकार, िीिन बीमा जनगम अजधजनयम, 1956 (1956 का 31) की धारा 48 द्वारा प्रित्त िजियों का प्रयोग करते हुए, भारतीय िीिन बीमा जनगम (कममचारी) पेंिन जनयम, 1995 का और संिोधन करने के जलए जनम्नजलजखत जनयम बनाती ह,ै अर्ामत:्- (1) संजिप्त नाम और प्रारंभ:- (1) इन जनयमों का संजिप्त नाम भारतीय िीिन बीमा जनगम (कममचारी) पेंिन (िसू रा संिोधन) जनयम, 2023 ह।ै (2) ये रािपत्र म ें उनके प्रकािन की तारीख को प्रिृत्त होंग े । (2) भारतीय िीिन बीमा जनगम (कममचारी) पेंिन जनयम, 1995 (जिसे इसम ें इसके पश्चात मूल जनयम कहा गया ह)ै में जनयम 39 के उप-जनयम (1) म,ें खंड (ग) के स्ट्र्ान पर जनम्नजलजखत खडं रखा िाएगा, अर्ातम : (ग) सेिा स े सेिाजनिृजत्त के पश्चात तर्ा मृत्य ु की तारीख को यदि िह पेंिन या अनुकंपा भत्ता प्राप्त कर रहा हो, मृतक का कुटुंब उस कुटुंब पेंिन का हकिार होगा जिसकी रकम का अिधारण िेतन के 30 प्रजतित तर्ा भत्तों के 30 प्रजतित के एक समान िर पर भजिष्य जनजध म ें अिं िान के जलए गणना की िाती ह,ै लेदकन महगं ाई भत्त े के जलए नहीं की 5764 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] िाती ह ैऔर दकसी भी ििा म,ें कुटुंब पेंिन बोडम द्वारा समय-समय पर अिधाररत न्द्यनू तम कुटुंब पेंिन की रकम स े कम नहीं होगी। (3) मूल जनयम म ें पररजिष्ट 5 का लोप दकया िाएगा। [फा. स.ं एस-11013/47/2016-बीमा-I] मुकेि कुमार बंसल, संयक्ु त सजचि रटप्पणी: मलू जनयम, भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप- खंड (i) म ें सा.का.जन. स.ं525(अ), तारीख 28 िून 1995 के द्वारा प्रकाजित हुए र् े और सा.का.जन. स.ं554(अ), तारीख 26 िुलाई 2023 द्वारा अंजतम बार संिोधन दकया गया। 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 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. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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