ANNEXURE - 10 Life Insurance Corporation of India Class-III Employees (Special Allowance for Passing Examination) Rules, 1988 157 ANNEXURE - 10 LIFE INSURANCE CORPORATION OF INDIA CLASS-ITI EMPLOYEES (SPECIAL ALLOWANCE FOR PASSING EXAMINATION) RULES, 1988* G.S.R. 491(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, namely :
1. Short title, commencement and application:
(1) These rules may be called the Life Insurance Corporation of India Class-II] Employees (Special Allowance for Passing Examination) Rules, 1988.
(2) They shall be deemed to have come into force on the 1st day of October, 1986.
(3) They shall apply to all the Class-III employees of the Corporation.
2. Special Allowance:
Subject to the conditions specified in rule 3, a Class-III employee of the Corporation who has successfully completed the period of probation and passed the professional or technical examination set out in column (1) of the Table below shall be paid a special allowance at the rate specified in the corresponding entry in column (2) of the said Table :
Provided that no such employee shall be entitled to the payment of special allowance for more than one such examination.
TABLE ** SI.
No. Professional/Technical Examination Special Allowance
(1) (2)
(i) | Examination of the Insurance Institute of India, Mumbai:
(a) Licentiate (a) Rs. 555/- per month.
(b) Associateship (b) Rs. 1505/- per month.
(c) Fellowship (c) Rs. 2575/- per month.
(ii) | Examination of the Institute of Actuaries, London. Rs, 555/- per month on passing each subject.
(iii) | Examinations of the Actuarial Society of India. Rs. 555/- per month on passing each subject.
(iv) | Examinations of the Institute of Chartered Accountants of India and the Institute of Costand Works and Accountants of India:
(a) Intermediate (a) Rs. 1080/- per month.
(b) Final Group ‘A’ or ‘B’ (b) Rs. 1845/- per month.
(c) Final Group ‘A’ and ‘B’ (c) Rs. 2575/- per month.
(v) |Master of Business Administration of a recognised Rs. 2575/- per month.
University/Institution:
(vi) | Final examination of Institute of Company Secretaries | Rs. 2575/- per month.
of India * Notified on 22.4.1988 effective from 1.10.1986 ** Revised by notification GSR 271 (E) dated 15.04.2021 158 Conditions:
The payment of the special allowance under rule 2 shall be subject to the following conditions, namely:
(1) the employee is not in receipt of any special increment for passing any of the examinations specified in rule 2 orthe examinations of the Chartered Insurance Institutes, London, or of the Indian Life Offices Association;
(2) anemployee who fails to keep alive his membership of the concerned Institute, shall not be paid the special allowance on and from the last date on which the renewal of membership is to be effected under the rules of the Institute;
(3) thespecial allowance shall be discontinued on and from the date the employee ceases to bea Class-III employee;
***(3A) notwithstanding anything contained inthese rules, a Class-III employee governed by the provisions of the Life Insurance Corporation of India (Special Allowances for In-House Development of Actuarial Capability) Rules, 2002 shall not be entitled to any allowance in respect of passing of examination ofthe Institute of Actuaries, Londonor Actuarial Society of Indiaasthecasemay be.
*(4) [Deleted] @4. AClass-III employee who was in receipt of any special increment for passing the examination of the Federation of Insurance Institutes or the Institute of Actuaries, London orthe Institute of Chartered Accountants of India and the Institute of Cost and Works Accountants of India and had reached the maximum of the scale of pay referred to in sub-rule (1) of Rule 4** [or had drawn the first of the increments referred toinrule 7] ofthe Life Insurance Corporation of India Class-III and Class-IV Em ployees (Revision of Terms and Conditions of Service) Rules, 1985 shall be paid subject to the provisions of sub-rules (2), (3) & (4) of Rule 3, allowance for passing such examination in accordance with the Table below:
TABLE SI.
No Date from which Allowance is payable Amount
(1) (a) Where the employee has reached the maximum of the | Half of the amount of special scale of pay referred toin sub-rule (1) of Rule4 ofthe Life | allowance referred to in column Insurance Corporation of India Class-III andClass-IV | (2) of the Table under Rule 2.
Employees (Revision of Terms and Conditions of Service) Rules, 1985 on or before the ist day of July, 1989, then on and from the ist day of July, 1990.
(b) Where the employee has reached the maximum of scale | Half of the amount of special of pay referred to in sub-rule (1) of Rule 4 of the Life | allowance referred to in column Insurance Corporation Class-III and Class-IV Employees | (2) of the Table under Rule 2.
(Revision of Terms and Conditions of Service) Rules, 1985 on any day after the 1st July, 1989, then from the istday ofthe month followingthe completion of one year from that date.
* KKK Clause (4) of Rule 3 has been deleted by Notification dated 1.3.1996 w.e.f. 1.8.1996.
Notified on 6.7.1990 effective from 1.7.1990 The payment of Special Allowance delinked from stagnation increment w.e.f. 1.7.1990 by Notification dated 11.7.1991.
Amendment notified on 22.1.2002 vide GSR No. 56(E).
159 TABLE Re. Date from which Allowance is payable Amount t2. | (a) Wheretheemployeehasonbeforethe 1stdayofJuly,1990 | The amount of Special Allowance completed one year or more of service afterreachingthe | referred to in column (2) of the maximum of the scale of pay applicable to him, then, on | Table under Rule 2 of these Rules.
and from the ist day of July, 1991.
(b) Wherethe employee has ona date after the 1st day of | The amount of Special Allowance July, 1990, completed one year of service afterreaching | referred to in column (2) of the the maximum of the scale of pay applicable to him then | Table under Rule 2 of these Rules.
from the ist day of the month following the completion of one year of service from that date.
*5. | Thespecial allowance referred to in rule 2, or as the case may be, rule 4 of these rules, shall not be treated as part of the basic pay:
** Provided thatit shall be counted forthe purposes of calculation of dearness allowance, houserent allowance, provident fund, gratuity, fixation of salary on promotion to a post in Class-I and encashment of privilegeleave.
Foot Note: The principal rules were published under Notification No.GSR 491(E) dated 22.4.1988, and subsequently amended vide Notification No. GSR 516(E) dated 12.5.1989, No. GSR 621(E) dated 6.7.1990, GSR No. 339(E) dated 11.7.1991, GSR No. 109(E) dated 1.3.1996, GSR No, 556(E) dated 22.6.2000, GSR No. 563(E) dated 05.09.2005, GSR No.828 (E) dated 08.10.2010, GSR No.32(E)dated 4.01.2016 and GSR No.271(E) dated
15.04.2021.
t Amendment notified 0n11.7.1991 * Rule 5 has beeninserted by Notification dated 1.3.1996 and hascomeinto force w.e.f. 1.8.1994.
** — Notified in Gazette of India, Part-III, Section 3 dated 22.6.2000 160