MINISTRY OF FINANCE

(Department of Financial Services)
(Insurance Division) NOTIFICATION

New Delhi, the 19th October, 2020

G.S.R. 647(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 lndia (Staff) Rules, 1960, namely:-

1. Short title and commencement:– (1) These rules may be called the Life Insurance Corporation of India (Staff) Amendment Rules,

(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 (hereinafter referred to as the principal rules), in rule 39,-
   • in sub-rule (1), for clauses (a) to (g), the following clauses shall be substituted , namely:-

“Minor Penalties:

• censure;
• withholding of one or more increments for a specified period not exceeding three years;
• recovery from pay or such other amount as may be due to him of the whole or part of any pecuniary loss caused to the Corporation by negligence or breach of orders;
• withholding of promotion ;
• reduction to a lower stage in a time-scale of pay for a period not exceeding three years, without cumulative effect and not adversely affecting his

Major Penalties:

• reduction to a lower stage in a time scale of pay for a specified period exceeding three years with or without cumulative effect and with further direction as to whether or not the employee will earn increments of pay during the period of such reduction;
• reduction to a lower service or post or to a lower time scale or to a lower stage in a time-scale ;
• compulsory retirement ;
• removal from service which shall not be a disqualification for future employment;
• dismissal. ;
• in sub-rule (2), for the word , brackets and letters, “clauses (b) to (g)”, the word , brackets and letters “clauses (f) to (j)” shall be substituted ;
• for sub-rule (3), the following sub-rule shall be substituted , namely:-

“(3) (i) the disciplinary authority empowered to impose any of the major penalties under clauses (f) to (j) of sub-rule (1) may itself enquire into such of the charges as are not admitted or if it considers necessary so to do, appoint a board of enquiry or an enquiry officer for the purpose ;

• the disciplinary authority or any higher authority as specified in Schedule I may impose any of the penalties specified in rule 39;
• where it is proposed to impose any of the minor penalties under clauses (b) to (e) of sub-rule (1), the employee concerned shall be informed in writing of the imputation of lapses against him and given an opportunity to submit his written statement of defence within a specified period not exceeding fifteen days or such extended period as may be granted by the disciplinary authority and the defence statement, if any, submitted by the employee shall be taken into consideration by the disciplinary authority before passing However, where the disciplinary authority is satisfied that an inquiry is necessary it shall follow the procedure for imposing a major penalty under clauses (f) to (j) of sub-rule (l);

• where the disciplinary authority is of the opinion that the penalty to be imposed is any of the penalties specified in clauses (f) to (j) of sub-rule (1), and if it is lower in rank to the appointing authority in respect of the category of employees to which the employee belongs , it shall sub1nit to the appointing authority its reco1mnendations regarding the penalty that may be imposed and records of the enquiry shall also be submitted to the appointing authority in such cases and thereafter the appointing authority shall make an order imposing such penalty , as it considers appropriate ;
• where there is a complaint of sexual harassment within the meaning of rule 24A of the Life Insurance Corporation of India (Staff) Rules, 1960, the Internal Complaints Committee established in each Divisional or Zonal or Central Office for inquiring into such complaints shall be deemed to be a board of enquiry or an enquiry officer appointed by the disciplinary authority for the purpose of clause (i) of sub-rule (3);
• where two or more employees are involved in a case, the authority competent to impose a major penalty on all such employees may make an order directing that departmental enquiry against all of them may be taken in a common “.

3. In the principal rules, in rule 46, in sub-rule (2), in clause (c), in the proviso , in clause (iii), for the word , brackets and letters “(b) to (g)”, the word , brackets and letters “(f) to (j)” shall be
4. In the principal rules, in rule 48, after sub-rule (3), the following sub-rule shall be inserted , namely :-

“(4) Notwithstanding anything contained in these rules, if the order of punishment imposed by any authority is inapplicable and ineffective on technical grounds, the Chairman may call for the facts of the case, set aside the said order and remit the case to the authority which made the order or to any other authority directing to pass fresh orders imposing penalty , without further enquiry.”.

5. In the principal rules, for Schedule – I, the following schedule shall be substituted, namely:-

“SCHEDULE – I

(See rules 6, 39 and 40)

APPOINTING, DISCIPLINARY AND APPELLATE AUTHORITIES

MINOR PENALTIES-Rule 39 (1) (a) to (e)

MAJOR PENALTIES-Rule 39 (1) (f) to G)

Notes: (1) Notwithstanding the provisions contained in this Schedule, the immediate superior Class I Officer shall have authority to impose the penalty of censure under clause (a) of sub-rule (1) of rule 39 and any appeal against the imposition of such penalty shall lie to an officer one step higher.

(2) In this Schedule, Z.M. means the Zonal Manager in charge of the Zone; D(P) means the Executive Director(Personnel) and M.D. means Managing Director. Where the authority is D.M. it shall mean (a) in a Division, the Officer-in-charge of the Divisional Office not below the rank of Divisional Manager; (b) at the Zonal Office and Central Office an Officer not below the rank of Divisional Manager, duly authorised by the Z.M., and D(P) respectively; (c) in respect of the Internal Audit Department at a place other than Central Office, the Secretary or Deputy Secretary(Audit) and (d) in respect of the Internal Audit Department at the Central Office, an officer, not below the rank of Divisional Manager duly authorised by the Executive Director (Audit).”

[F. No. S-11011/12/2019-Ins.I]

LALIT KUMAR, Economic Advisor

Note : The principal rules were published in the Gazette of India on 23rd July, 1960 and lastly amended vide number GSR 790(E), dated the 16111 October, 2019.

The post Life Insurance Corporation of India (Staff) Amendment Rules – Gazette Notification appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Ministry of Finance

LIC Policies

10 FEB 2020

The Life Insurance Corporation of India (LIC) Corporation works actively to provide a bouquet of life insurance products to meet the needs of different social strata. This was stated in a written reply to a question in Lok Sabha today by Shri Anurag Singh Thakur, the Union Minister of State for Finance & Corporate Affairs.

This has helped LIC to retain its market share of 70.52 percent in the premium for the first year and 75.64 percent in policy terms as of 31.12.2019 (provisional figures) making it a dominant player. The Words Assurance, Endowment, Whole Life, Money Back, Children Specific, Women Specific, Micro Insurance, Unit-Linked and Pension policies are part of the product line, inter-alia.

Check: Latest news for central govt employees today

To give more details, the Minister of State reported that LIC had recruited 1,14,114 agents and 4,374 development officers during the current financial year up to 31.12.2019. This recruitment drive coupled with the Corporation’s creative marketing strategies and a growth rate of 17.81 per cent of policies sold until 31.12.2019 is expected to enable LIC to cross three crore thresholds during the current fiscal year.

Shri Thakur said that LIC is constantly striving to deliver attractive products / features including the provision of higher surrender value; extension of the recovery period from two years to five years; option to take advantage of death in instalments and option to take advantage of maturity in installments (Settlement Option) etc.

Inputs from PIB

The post LIC Policies – Life Insurance Corporation of India appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Online Sale of Insurance Policies

Insurance Regulatory and Development Authority (IRDA) has informed that all Insurance Companies functioning in the country are selling their policies online except Agriculture Insurance Company of India Ltd. (AICIL), Export Credit and Guarantee Corporation (ECGC), L&T General Insurance, Raheja QBE General Insurance, SBI General Insurance and Shriram General Insurance.

IRDA has informed that the likely benefits of purchasing policies online are as under:-

i. Availability of Lower Premium rates due to reduced operational expenses o the company,

ii. Quick and hassle free purchase of the policies,

iii. Policyholder may take an informed decision by liking into the products available online,

iv. Renewal of the policy becomes easier,

v. In case of a claim event, intimation may be given in a faster way than otherwise.

The manner of settlement of claims are as per Terms and Conditions of the Policy issued by the insurance companies.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.

PIB

The post All Insurance Companies are selling their policies online – IRDA appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.