New AAO recruits, think twice before joining LIC of India

          Recently, LIC of India has advertised for recruitment of AAOs, in the newspapers. Most of you, who think that LIC's is a lucrative job with bright career prospects; and are eligible candidates; will fill in the forms. 
         
          Here's a warning. BEWARE! The reasons for exercising caution are as follows:
If selected, LIC of India will give you appointment letters, stating your expected salary, with a statement in brackets, saying, 'Wage Revision Due'.
But if you leave LIC within 3 years, you won't get the arrears due to wage revision and will be left high and dry. You'll run from pillar to post for your legally rightful dues, but won't get any response from LIC or you'll get the hackneyed response that 'as per rules, you are not eligible for arrears' payment.'
In every Charter of wage revision, LIC includes a Clause 3 1 ii)/b) which states that resigning employees will not get the arrears. This is in spite of the fact that the Supreme Court has declared this Clause to be ultra vires, in 2008.
In effect, if you stick around with LIC for a minimum of 20 years, you'll get the arrears, but if you leave before 20 years, even by one day, you won't get the arrears.
So friends, think carefully whether you'll continue to serve in LIC for so long and only then apply for the job. This is especially for the Direct Recruits as Assistant Administrative Officers in LIC of India.
If you are applying for other jobs in the Government Sector, simultaneously, and get some call letter from them after joining LIC, and decide to take up that offer and resign from LIC, you will not get the arrears payment because of LIC's Clause, as above-mentioned.

Let me give you an instance:
Mr. X joined LIC in 2013 and left in 2015, to join the Income Tax Department as an Income Tax Officer. As per the wage revision Gazette of 2016, he will not get arrears for those two years, in spite of having been on the salary roll of the Corporation!

This injustice has been going on since 1st August, 1997.

My sincere advice is that think not only twice but 2000 times before joining LIC of India. And if you do join, serve for full 20 years at least!
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 Kindly refer to my blog post dated 14.04.2015, as follows:

                 No mention of repudiation in the appointment letters!

         In the appointment letters to the employees, nowhere is it mentioned that the employees can't leave service, or that their arrears' payments will be repudiated if they leave service of the Corporation. So how can this clause be introduced, that too with retrospective effect? If at all it has to be introduced, it could be with prospective effect and the same should be mentioned in the appointment letters.
          In fact, some employees who joined LIC in the recent years, have been given appointment letters stating that the wage revisions are due, meaning that they will be eligible for the same when they are notified. But when they resigned from LIC, they were denied the arrears' payments! Shouldn't they have been informed about the repudiation's clause, beforehand, so that they could've made an informed decision?
          Likewise, even after their resignation letters were received by LIC, they should've been intimated accordingly, with respect to this clause. The fact that LIC regularly accepts resignations without doing so, indicates that LIC is not playing fair. It can easily keep the resignations pending and accept them after the notification is made public, so that they aren't deprived of their hard-earned dues.
         The Supreme Court has declared this clause itself to be ultra vires, meaning 'beyond reach' of the Chairman's powers. But obviously, LIC's management thinks that it is beyond any law of the Nation! It is a law unto itself!
          Besides, the Finance Ministry too ratifies this unjust clause in the Wage Arrears' Notification, every 5 years, since 2000; without considering the Supreme Court's judgement.
          LIC, (and the Finance Ministry), it's time for some serious introspection!

LIC's Wage Revision Charter, 2016

MINISTRY OF FINANCE

(Department of Financial Services)

(INSURANCE DIVISION)

New Delhi, the 14th January, 2016

G.S.R. 28(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, Class I Officers (Revision of Terms and Conditions of Service) Rules, 1985,

1. (1) These rules may be called the Life Insurance Corporation of India, Class I Officers (Revision of

Terms and Conditions of Service) Amendment Rules, 2016.

(2) Save as otherwise provided in these rules, these rules shall be deemed to have come into force on

(3) These rules shall be applicable to those Class I Officers who were in the whole-time salaried

the 1st day of August, 2012.

service in the permanent establishment of the Corporation on or after the 1st August, 2012:

Provided that where any Class I Officer gives a notice in writing to the Corporation, within a

period as specified by the Corporation, expressing his option to be governed by the provisions

of these rules from a date not earlier than the date on which the said rules come into force and

not later than the date of publication of this notification in the Official Gazette, then the

Corporation may, by order, permit such Officer to be governed by the said rules with effect

from the said date and no arrears for the period prior to the date so opted shall be payable to

6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

Provided further that the officers whose resignations had been accepted or whose services had

been terminated under rule 39 of Life Insurance Corporation of India (Staff) Rules, 1960

during the period from the 1st August, 2012 to the date of publication of this notification in the

Official Gazette, shall not be eligible for the arrears on account of revision.

2. In the Life Insurance Corporation of India, Class I Officers (Revision of Terms and Conditions of

Service) Rules, 1985 (hereinafter referred to as the principal rules), for rule 4, the following rule shall

be substituted, namely :-

 "4. Scales of Pay of Class I Officers.─ The scale of pay of the Class I Officers shall be as under :─

(1) (i) Zonal Managers (a) Ordinary Scale :

 (ii) Chief Engineers/ Rs 89095-2685(8)-110575

 Rs 99835-2685(2)-105205-2880(1)-108085-

 3150(1)-111235-3265(4)-124295

 (2) (i) Deputy Zonal Managers/

 Senior Divisional Managers Rs 79605-2300(3)-86505-2590(6)-102045

 (ii) Deputy Chief Engineers/

Chief Architects (b) Selection Scale :

 Deputy Chief Architects

(3) (i) Divisional Managers

 (ii) Superintending Engineers/ Rs 65805-2300(9)-86505

 Senior Surveyors of Works/

 Senior Architects

 (4) (i) Assistant Divisional Managers/

 Senior Branch Managers

 (ii) Executive Engineers/ Rs 53725-1610(1)-55335-1745(6)-65805-

 Surveyors of Works/ 2300(4)-75005

Deputy Senior Architects

 (5) (i) Administrative Officers/

 Branch Managers

 (ii) Assistant Executive Engineers/ Rs 44065-1610(7)-55335-1745(6)-65805

 Assistant Surveyors of Works/

Architects

 (6) (i) Assistant Administrative Officers/

 Assistant Branch Managers Rs 32795-1610(14)-55335-1745(4)-62315

 (ii) Assistant Engineers/

 Assistant Architects

1Hkkx IIμ[k.M 3 (i)o Hkkjr dk jkti=k % vlk/kj.k 7

Note : A separate seniority list shall be maintained in respect of Officers appointed to posts specified

3. In rule 5 of the principal rules,─

in entry (ii) under various serial numbers.”.

(a) for sub-rule (1), the following sub-rule shall be substituted, namely:-

‘(1) The scale of dearness allowance applicable to Class I Officers shall be determined as

 (a) Index : All India Average Consumer Price Index Number for Industrial Workers.

 (b) Base : Index No.4708 in the series 1960=100.

 (c) Rate : For every four points in the quarterly average of the All India Consumer Price Index above

4708 points, a Class I Officer shall be paid dearness allowance at the rate of 0.10 % of Pay.

Explanation.- For the purposes of this clause, “Pay" means the basic pay including

additions to the basic pay after reaching maximum of the scale as provided under rule

4A of these rules.’;

(b) in sub-rule(2), for the figures and words "2944 points in the sequence of 2944-2948-

2952-2956", the figures and words "4708 points in the sequence of 4708-4712-4716-

4720" shall be substituted .

4. In rule 6 of the principal rules, for sub-rule (1), the following sub-rule shall be substituted, namely :-

 ‘(1) The House Rent Allowance applicable to Class I Officers, except those who have been

allotted residential accommodation by the Corporation, shall be as under:-

(1) (2) (3)

Cities of Mumbai, Kolkata, Chennai, New Delhi,

Noida, Faridabad, Ghaziabad, Gurgaon, Navi

Mumbai, Hyderabad, Bengaluru and other cities

with population of 45 lakhs and above.

(2) Cities with population exceeding 12 lakhs, but

less than 45 lakhs and, except those mentioned at

Sl. No. (1) and any city in the State of Goa.

(3) Other places. 7% of Pay.subject to the

Notes.─ for the purpose of this sub-rule,─

(i) the population figures shall be as per the latest Census Report;

(ii) cities shall include their urban agglomerations; and

(iii) “pay” means basic pay, additions to basic pay under Rule 4A and Fixed Personal

Allowance under Rule 9A.’.

5. For rule 7 of the principal rules, the following rule shall be substituted, namely:-

‘7. City Compensatory Allowance.─ The City Compensatory Allowance payable to Class I

Officers shall be as under:-

(1) (2) (3)

(i) Cities of Mumbai, Kolkata, Chennai, New Delhi,

Noida, Faridabad, Ghaziabad, Gurgaon, Navi

Mumbai, Hyderabad, Bengaluru and other cities

with population of 45 lakhs and above.

8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]

6. For rule 7A of the principal rules , the following rule shall be substituted, namely :-

(ii) Cities with population exceeding 12 lakhs, but

less than 45 lakhs and, except those mentioned at

Sl. No. (i) and any city in the State of Goa.

(iii) Cities with population of five lakhs and above but

not exceeding twelve lakhs, State Capitals with

population not exceeding twelve lakhs,

Chandigarh, Mohali, Pondicherry, Port Blair, and

Panchkula.

Note.─for the purposes of this rule,─

(i) the population figures shall be as per the latest Census Report;

(ii) cities shall include their urban agglomerations; and

(iii) "pay" means basic pay plus additions to basic pay under rule 4A.’.

“7A Hill Allowance.─ The scales of Hill Allowance payable to Class I Officers shall be as

(1) (2) (3)

Posted at placed situated at a height of 1,500

meters and over above mean sea level

Posted at places situated at a height of 1,000

meters and over but less than 1,500 meters above

mean sea level, at Mercara and at places which

are specifically declared as ‘Hill Stations’ by

Central or State Governments for their

employees.

Posted at places situated at a height of not less

than 750 meters above mean sea level which are

surrounded by and accessible only through hills

with height of 1000 meters and over above mean

sea level.

7. In rule 7B of the principal rules, for the letters and figures “Rs. 300/-” the letters and figure

 “Rs500/-” shall be substituted.

8. In rule 7C of the principal rules, for the letters and figures “Rs 680/-,” the letters and figure

 “Rs. 1130/-,” shall be substituted.

9. In rule 9B of the principal rules, for the letters and figures “Rs.800/-,” the letters and figure

 “Rs.1330/-,” shall be substituted.

10. In rule 9D of the principal rules, for the letters and figures “Rs 110/-,” the letters and figure

 “Rs. 185/-,” shall be substituted.

 [F. No. S-11012/01/2013-Ins. I]

1Hkkx IIμ[k.M 3 (i)o Hkkjr dk jkti=k % vlk/kj.k 9

EXPLANATORY MEMORANDUM

1. The Central Government has accorded approval to revise the terms and conditions of service of Class

I Officers of Life Insurance Corporation of India with effect from the dates specified in the

notification. The Life Insurance Corporation of India Class I Officers (Revision of Terms and

Conditions of Service) Rules, 1985 are being amended accordingly with effect from these dates as

specified in the notification.

2. It is certified that no employee of the Life Insurance Corporation of India is likely to be affected

adversely by the notification being given retrospective effect.

Note .─ The principal rules were published in the Gazette of India, Extraordinary, vide notification number

G.S.R.794(E), dated the 11th October, 1985 and subsequently amended vide G.S.R.960(E), dated the

th December, 1987; G.S.R.493(E), dated the 22nd April, 1988; G.S.R.872(E), dated the 22nd August,

1988, G.S.R.711(E), dated the 25th July, 1989; G.S.R.816(E),dated the 11th October, 1990;

G.S.R.324(E),dated the 10th March, 1992; G.S.R.53(E),dated the 2nd February, 1994; G.S.R.597(E),

dated the 30th June, 1995; G.S.R.94(E),dated the 16th February, 1996; G.S.R.286(E),dated the 18th

July, 1996; G.S.R.530(E),dated the 27th August, 1998; G.S.R.612(E),dated the 30th August, 1999;

G.S.R.550 (E),dated the 22nd June, 2000; G.S.R.287 (E), dated the 27th April,2004; G.S.R.559(E),

dated the 5th September, 2005; G.S.R.305 (E),dated the 25th April,2007; G.S.R. 631 (E),dated the 2nd

September, 2009; G.S.R.824(E), dated the 8th October,2010.

Source: Internet (http://sapost.blogspot.in)

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 Dear friends,

Kindly note that the same Clause 3 1, Part ii) has been included in this Charter, just like the previous Charters, in spite of the Supreme Court declaring it to be ultra vires! 
Similarly, the foot-note states that no employee will be adversely affected by the retrospective wage revision.

So the broad day-light robbery of the resigning employees' legally rightful dues, (their arrears and difference in Retirement Benefits); by LIC of India, continues, regardless of the Supreme Court's verdict. Isn't this blatant Contempt of Court?

The Finance Ministry too, toes LIC's line, blissfully unaware!

Is this omission or commission? You decide!
                                                                                                                      Priya

LIC's proposed Wage Revision Charter, 2015

 Source:http://www.dnaindia.com/money/report-lic-employees

LIC employees agree for 15% salary hike, 5-days week

Wednesday, 25 November 2015 - 9:40pm IST | Place: Mumbai | Agency: PTI

The management of Life Insurance Corporation (LIC) and the unions representing around 1 lakh employees of the insurance behemoth have agreed on a 15% wage hike.
The new wage package does not cap an increase in the basic salary unlike in the case of bank employees, who also sealed a wage hike package in May with a similar hike. Bank employees can have their basic pay revised upwards only to the tune of 2% per annum.
In the pact, the management also agreed to a five-day week for alternative Saturdays for LIC employees on the lines of their peers in the banking industry.
The new pact offers a 15% hike in salary, which includes a 13.5% increase in the basic pay and a 1.5% raise in allowances like HRA, CCA (city compensation allowance) and daily commuting allowance.
Confirming the development, a senior LIC official said, "The draft of the revised wage pact has been sent by LIC to finance ministry for approval from where the file will go to the law ministry."
The unions and the management have ironed out the differences and agreed on a 15% hike in wages, All-India LIC Employees Federation general secretary A V Nachane told PTI today.
"What is remarkable about the new wage pact is that there is no cap on annual increase in the basic pay at any stage unlike the bank employees who have a 2% cap on the increase in basic pay at all pay scales," he said.
"As a result, there is a steep rise in the basic pay that makes all the difference," he said.
Nachane also said that the deal is likely to get the finance ministry's nod shortly.
The LIC management has been in discussions with the unions from September and has held 15 rounds of meetings before arriving at the final agreement.
**********************************************************************************
     
    With reference to the above-mentioned report:
    I hope the Finance Ministry deletes the Clause 3 i) b) in the proposal; which provides for repudiation of arrears to the resigning employees.  
   The above-mentioned Clause has been declared ultra-vires by the Supreme Court, in 2008. So if this proposal contains it, like the 2010 Charter, it will be Contempt of Court, once again.
   This Charter must also grant arrears to all those who have been illegally denied the same, since 1997. 
    Will justice be done, this time? Well, it's certainly high time!
                                                                                       Priya

An opinion on a website on LIC's investment policies

Source: Internet
http://www.niticentral.com/2014/07/22/lic-a-time-bomb-left-by-upa-for-nda 

LIC a time bomb left by UPA for NDA

Opinions Author: MR Venkatesh - July 22, 2014

The financial assistance to Unitech was provided by LIC way back in 2008 even as the 2G spectrum scam was unfolding.

“This case is a blatant example of a deliberate bid to benefit a private party to the detriment of LIC. It involves acting completely contrary to law, repeated misleading of Investment Committee, submission of untruths to the DFS to mislead and gross administrative incompetency or undue benefit being extended to a persistent defaulter.”
This is the observation of a senior official within the Finance Ministry (who incidentally demitted office on March 31, 2014) on a note on Assistance provided by LIC to a private Company and submitted by Anna Roy, Director Vigilance to Finance Ministry on March 26, 2014.
The senior official goes on to add, “Strong disciplinary action leading to inflicting of major penalty is clearly attracted in this case at all involved levels” and observes despite “repeated defaults by the private company” senior officers of LIC “went on to provide undue relief.”
As a parting kick he concludes, “The involvement is clearly established at the levels mentioned in the note right from the beginning of the case from its sanction till 2014.”
Well, who is the alleged beneficiary from this largesse by LIC? Unitech – the very same company that is one of the accused in the 2G spectrum case. Importantly, the financial assistance was provided by LIC way back in 2008 even as the spectrum scam was unfolding!
Interestingly, there are several parallels with the 2G scam. For starters, the vigilance note observes several irregularities relating to this transaction at various stages including appraisal, approval, sanction and post sanction/disbursement. In short, from beginning to the very end, the vigilance note observes gross violation at every level as in the 2G scam.
What is galling is that the vigilance note observes that records available clearly indicate that LIC was aware from the very start that the company was regular in its payment to other lenders while defaulting on its dues to LIC. LIC in several of its communications had also raised this issue pointing out that the company was wilfully not meeting the dues of LIC. However, no action was taken to declare the company as a wilful defaulter.
Shockingly, as per the statement of the Executive Director to the vigilance team, it appears that LIC has no monitoring mechanism to review status of such accounts! And remember all this is being lent in such reckless manner and without appropriate systemic checks and balances is the money of innocent policy holders of LIC.
The case in brief
LIC had sanctioned Rs 200 crore term loan to Unitech in 2008. The facility was restructured when the outstanding term loan was Rs 160 crore by allowing extension in repayment schedule from 01.03.2010 to 07.06.2015. In August 2013 Unitech made another request for restructuring even as the proposal was not supported by the Investment Committee.
Incidentally, after the original sanction was provided several terms and conditions of the loan, including identified project was revised with the approval of the then chairman even as IC was “informed” about these changes. Such unilateral decision of the Chairman dynamited the very idea of an IC and had the calculated effect of converting the Rupee Term Loan into a corporate loan even as it compromised on the payment security mechanism of LIC.
Simultaneously LIC purchased Non-Convertible Debentures [NCDs] issued by Unitech to from LIC mutual fund in a secondary market transaction. Since these were non-approved securities such purchases required approval of the IC which was not obtained and thus violated the IRDA guidelines and SOP of LIC. Therefore the Chairman violated the terms and conditions relating to the investment operations of LIC.
Put pithily, the vigilance note brings about the following lapses / violations / malpractices by various officials of LIC including Board level appointees at different points of time:
» Undertaking secondary market transactions without prior approval of the IC.
» Post sanctions by IC, major modifications were made in sanction terms and conditions without approval of IC.
» Did not insist with the company to execute Escrow Agreement.
» Did not initiate legal action against the borrower when the post-dated cheques issued by the borrower were dishonoured.
» Did not resort to foreclose the assets pledged as collateral with LIC to recover its dues.
» Did not attempt to declare the company a wilful defaulter even when there was evidence that the company was meeting the dues of its other lenders, declaring dividends etc.
» Seeking the approval of IC for restructuring without presenting all facts to the IC.
» Did not take necessary action under the SERFASI Act leading to a delay in taking action.
» Delayed in declaring the borrower a wilful defaulter.
» Delayed action to revise the SOP of LIC to address extant lacunae in the extant procedures and practices of LIC.
A rule not an exception
If you thought that the loan to Unitech was an exception, you could be wrong. If you thought LIC was lax in sanctioning loans, again you could be wrong. It would seem that LIC virtually was completely lax in the issue of investments – Loan or equity, primary or secondary market.
Another vigilance note issued by Anna Roy, Director Vigilance on March 31, 2014, observes several inconsistencies in the daily mandate given by various fund managers. It concludes that the financial delegation exercised by Chairman LIC with respect to purchase and sales of equity related instruments was beyond the powers delegated by the Board.
Further, on examining a sample of the purchase and sale of shares of companies during January 31, 2014 to February 7, 2014, it was observed that there were several instances where LIC has purchased and sold shares of the same company either on same days or consecutive days.
It was further observed that in several cases, a substantial number of shares of a single company have been purchased over a period of one week, even though the approved mandate for purchase of such shares was valid for one month. At times, there were purchases at higher prices and sales at lower prices which adversely affected the interest of LIC and policy-holders. Moreover, the note rightly observes that “significant purchase of shares of a single company over a very short period has the potential to impact stock markets.”
Most of the irregularities on investments pertain to period between 2008 and 2014. It is obvious, given the observations of the vigilance team that in the world of investments carried out by LIC, much of the actions are suspects. But much of what is stated here has taken place quite a few years back and even at this stage we are yet to name the suspects.
One is sure given the observations contained in the note of by the vigilance team, several loans and equity purchases made by LIC are suspects. In the alternative, the borrower has immensely benefitted by the reckless or casual approach of LIC. Either way it is the innocent policy holder who has been at the receiving end.
Rs 500 crores may be small number in the context of Rs 17 Lac crores balance sheet size of LIC. But such Halal of its fund cannot continue endlessly. Remember that LIC’s policies are backed by sovereign guarantee. And any crisis within LIC is bound to have an impact on India’s financial sector.
It may be recalled that in a two part series titled ‘Shunned for LIC, Selected for IRDA’ and ‘A splendid example of Congress nepotism’ in NitiCentral, I exposed how the present chairman of IRDA, TS Vijayan was originally found to be unsuited to be even the MD of LIC.
In fact, the Finance Ministry’s internal note pointed out that pending a vigilance clearance, it would be inappropriate to even consider him to the position of MD but would have to be reverted to the position of ED/ZM.
Strangely, a person who was considered unfit in 2011 to be Chairman of LIC, and the Ministry of Finance considered him inappropriate to be appointed even as the Managing Director of LIC was short-listed in late 2012 for the post of Chairman IRDA – the insurance regulator which ultimately controls LIC! Shockingly, the then Finance Minister in January 2013 goes on to select TS Vijayan in view of his “splendid record.”
Needless to emphasise, the appointment of Vijayan continues to haunt the insurance industry. Emboldened by such appointments, I understand that some of the decision-makers with a suspect track record in LIC are now queuing for an appointment as a member of IRDA.
Importantly, all is not well in the world of investments made by LIC. This needs to be fixed at the earliest. The vigilance team has already done the basic investigations. All it requires is a quick follow up though decisive action.
How about beginning with an action on all those who were at the helm of affairs at LIC with dodgy track record? How about suspending such persons pending an enquiry? How about postponing any decision on appointing such persons to any regulatory appointment pending outcome of such enquiry?
The new Finance Minister must realise that LIC is a ticking time bomb left behind by the UPA. The earlier it is acted upon the better for him and the NDA Government.

Disclaimer: Opinions expressed in this article are the author's personal opinions. Information, facts or opinions shared by the Author do not reflect the views of Niti Central and Niti Central is not responsible or liable for the same. The Author is responsible for accuracy, completeness, suitability and validity of any information in this article. 
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Source: Internet
 http://www.myinsuranceclub.com/insurance-news

Former LIC Head, Vijayan takes over as IRDA Chairman

Feb 22, 2013 1,699 views MIC Newsdesk

inShare

On receiving clearance from Central Vigilance Commission (CVC) and a final approval from Appointment Committee of the Cabinet, Prime Minister’s office announced the appointment of Mr. T.S. Vijayan as a 4th chairman of Insurance Regulatory and Development Authority (IRDA). He succeeded Mr. J. Hari Narayan, who was appointed as a chairman of IRDA in 2008 and retired as on 21st February 2013 after successfully completing his tenure of 5 years.  

 

The Government had received 30 applications including from several bureaucrats like Petroleum secretary G. C. Chaturvedi, Information Technology Secretary R. Chandrashekhar, Current LIC Chairman D. K. Mehrotra and Daiichi Star Union Chief Mr. Kamal Sahay, etc. for the position of chairman of Insurance Regulatory and Development Authority. However, the final selection was made by a committee headed by Financial Services Secretary, Mr. D.K. Mittal. However Mr. Vijayan was a front runner for the position of IRDA chairman. He graduated from Kerala University and holds a diploma in management.

 

The previous three chairmen — N Rangachary, C S Rao and Hari Narayan — were all former bureaucrats. Rangachary was from Indian Revenue Service and C S Rao and Hari Narayan from Indian Administrative Service.

 

A senior official from a Life Insurance Company stated that Industry is happy with the appointment of Mr. Vijayan as he himself has the knowledge of the industry and if someone from a completely different background had taken charge, then it would have taken several months for him to get acquainted with the industry and its present scenario. However, Mr. Vijayan being a veteran would not have similar concerns. He further added that as a leader of the IRDA, Mr. Vijayan would be better placed to take up the issues with the Government as he has the insurance background.

 

The appointment as the IRDA Chairman is a remarkable return for Mr. Vijayan after battling corruption charges with regard to investment decisions made by LIC during his tenure, after his resignation from the Life Insurance Corporation last year. Mr. Vijayan was appointed as the chairman of LIC in the year 2006, the youngest Chief Executive ever to head the behemoth.

 

However, upon completion of his tenure, he was not granted an extension and was in fact reduced in rank to the position of Managing Director following allegations of irregularities. However, Mr. Vijayan was given clean chit of all charges by the Central Bureau of Investigation when he retired last November.

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When will such complaints be attended to by LIC?

Reference Source: Internet

http://www.consumercomplaints.in/complaints/lic-of-india-non-payment-of-epf-money-after-resignation-from-service      

Lic Of India — Non payment of EPF money after resignation from service

Dt. 24072012

Dear Sir/Mam, I need to bring it to your notice a very unpleasant, grave and very sad situation that I am facing for the last 11 months after my resignation from my previous employer LIC Of India. I have worked with LIC of India as Senior Marketing Executive( On Contract basis) for the period 30/03/2010 to 31/07/2011 This was a contractual assignment in Administrative Officer Cadre of LIC Of India, Now I have resigned from LIC and have been relieved on 31/07/2011 But my Provident Fund amount of Rs more than 64000/- is being held up by them and they are not ready to refund it. I have personally met concerned Divisional Officials of Meerut, Zonal Office Kanpur and have written many mails to even LIC Head office Mumbai but every body is just giving me a deaf ear and no body is ready to listen. No body is answering what will happen of my hard earned money. Sir, I am fed up and frustrated a lot by the system of LIC where an organization is of the intention to guff up even the PROVIDENT FUND of an Ex-Employee. Sir, I am finding this situation as very unpleasant, emabarrasing and disgusting where I am in the condition of begging for my hard earned money and someone is holding it like it is of his own My Employment details with LIC Of India is…… Period of employment with LIC: 30/03/2010 to 31/07/2011 Post held: Senior Marketing Executive SR No : 215134 Place of posting: BO II Ghaziabad Division: Meerut Nature of Service: Contractual Details of Salary: 70 % Fixed and 30 % Variable PF Deduction from Salary: 2000/- pm as employee contribution and 2000/- pm as employer contribution Amount Held up by LIC Of India: 4000*16 months of service= 64000/- + interest on it Sir I am writing this mail to you with much hope that you will help a person who is fighting for his hard earned money and I am sure that you will help me in getting justice. Regards, Amit Kr Singh ********************************************************************************