Amendment to General Insurance Employees Pension Scheme 1995 & LIC Employees Pension Rule 1995

The Ministry of Finance, Department of Financial Services, has issued notifications on 26th July 2023, making significant amendments to the General Insurance Employees Pension Scheme 1995 and the Life Insurance Corporation of India (LIC) Employees Pension Rules 1995. These amendments aim to bring crucial changes to the pension schemes, impacting the pension benefits of employees in these sectors.

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 26th July, 2023

S.O. 3346(E).—In exercise of the powers conferred by section 17A of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby frames the following Scheme further to amend the General Insurance (Employees’) Pension Scheme, 1995, namely :-

1. Short title and commencement. –

(i) This Scheme may be called the General Insurance (Employees’) Pension (Amendment) Scheme, 2023.

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

2. In the General Insurance (Employees’) Pension Scheme, 1995, in paragraph 49, in sub-paragraphs (1) and (6), for the words ‘two years’, the words ‘one year’ shall respectively be substituted.

[F. No. M-16017/19/2023-Ins-I]

MUKESH KUMAR BANSAL, Jt. Secy.

Note : The Principal Scheme was published vide notification No.S.O.585 (E) dated the 28^th June, 1995 and subsequently amended by notification No. S.O.475 (E) dated the 3^rd July, 1996, S.O.342 (E) dated the 22^nd April, 1997, S.O.461 (E) dated the 18^th June, 1999, S.O.1221 (E) dated the 6^th December, 1999, S.O. 590(E) dated the 22^nd June, 2000, S.O.775 (E) dated 14^th August, 2001, S.O.1086 (E) dated the 2nd November, 2001, S.O. 778 (E) dated the 5^th July, 2004, S.O.636 (E) dated the 4^th May, 2005, S.O.1794(E) dated the 19^th October, 2006, S.O. 2473(E) dated 08^th October, 2010 and S.O. 236(E) dated 23^rd January, 2016.

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 26th July, 2023

G.S.R. 554(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 (Amendment) Rules, 2023.

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

(2) In the Life Insurance Corporation of India (Employees) Pension Rules, 1995, in rule 50, –

(i) In sub-rules (1) to (7), for the word ‘Board’ wherever they occur, the words ‘Competent Authority’ shall be substituted;

(ii) In sub-rule (1) and sub-rule (6), for the words ‘two years’, the words ‘one year’ shall be substituted.

[F. No. S-11012/02/2020-Ins.1]

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 G.S.R. No 525(E) dated 28^th June, 1995 and lastly amended vide G.S.R.No.482(E) dated 7^th July, 2021.