L I C EMPLOYEES PENSION FUND STATEMENT WITH ALLIED DATA

The LIC Employees Pension Rules came into effect from 11/1993 and as per Rule no. 5, LIC created Pension Fund and a Trust was created to monitor and manage the Pension Fund. However, the Pension Fund yearly balance and Pension pay out details were not available in the public domain. The Accounting Standard 2005 (AS 2005) made the disclosure of Pension Fund details compulsory in the public domain.

With the above AS 2005 coming into effect, LIC started including Pension Fund details also in their Annual Report – which is a public document. However, the Income and Expenses Statement and Balance Sheet of Pension Fund statements were not made available. Hence, the following Statement is prepared for the information of all members based on the Data available in LIC Annual Reports & obtained under RTI by Sri Santosh Bhat.

(Amounts in Crores)

AS ON	PENSION FUND In Rs in Crores	Benefit paid (Annuit y purchas e price + CV paid)	CONTRIBUTIONS		INTEREST EARNED + Actuarial Gain	Actual Pension Pay-out (obtained under RTI by Sri Santosh Bhat)
			Contributi on by Employee	Additional Contributio n by LIC
31-03-2006	NO DATA IS AVAILABLE
31-03-2007	1,912-61					Not available
31-03-2008	3,272-79	978-62	978-62	1,732-78	(-)372-79	Not available
31-03-2009	5,632-93	443-13	158-83	1,993-88	650-56	Not available
31-03-2010	7,129-36	501-71	165-28	2,353-95	521-09	Not available
31-03-2011	12,698-49	637-76	444-90	5,085-98	676-01	475-94
31-03-2012	16,533-58	569-75	267-35	3,710-34	447-15	585-41
31-03-2013	21,073-09	1,514-66	268-89	3,654-34	2,110-94	688-86
31-03-2014	27,038-98	1,025-58	272-77	4,769-21	1,949-49	715-41
31-03-2015	32,578-13	1,277-96	340-37	4,037-43	2,431-91	839-42
31-03-2016	38,925-12	973-05	1,002-34	3,589-25	2,728-45	919-09
31-03-2017	45,109-52	2,307-57	526-16	4,668-51	3,297-30	1,066-92
31-03-2018	53,904-00	1,404-90	717-22	5,921-05	3,561-11	1,143-49
31-03-2019	61,111-31	2,192-45	507-44	4,319-74	4,572-58	1,345-02
31-03-2020	70,564-19	5,273-13	524-83	*7,465-24	6,735-94	1,624-69
31-03-2021	81,937-79	4,298-57	964-26	*9,106-48	5,601-43	1,808-20
31-03-2022	94,386-86	7,823-53	1,842-68	*12,342-08	6,084-46	2,410-10
31-03-2023	1,09,054-83	7,504-29	419-76	*15,707-31	7,302-70	Not obtained
31-03-2024	1,22,561-60	10,998-18	799.84	**14,982-29	8,722-82	Not obtained
31-03-2025	1,28,717-94	10,156-66	1,464-92	**5,026-93	9,821-15	Not obtained
31-03-2026	1,35,846-56	10,770-34	1,108-87	**5,812-30	10,852-51	Not obtained

NOTES :

*Includes Amotisation amount of Rs.2,224-93 Cr due to OMOP. (Total cost is Rs.11,124-66 Cr). ** Includes Amortazation amount of Rs.1,856-08 Cr / year due to FP increase to 30%. (Total Cost is Rs.11,959-20 Cr)

      BELGAVI                                   Compiled by

      09.07.2026                          C T JOSHI 

Suspected discrepancy in weightage after merger for 1/8/2007 wage revision

Yes. I do have the hand book sent by Mr G N Sridharan& MR C T Joshi. I got the updated copy also. But I took comparable  Basic Pay stages for the maximum applicable to  Group 1 category of retirees.So I took only upto the penultimate stage for 1/8/2002 and 1/8/2007.

I am giving my calculations in the attached excel file.

The inclusion of other components will not alter the situation as they will also appear in the denominator in LIC calculations. 

If we take only Basic Pay +DA, the weightage is 28.77 at the minimum and 29.81 at the maximum.

I suspect that LIC has understated the percentage weightage.

I also  worked out the  annual percentage increases in Salary Expenses based on figures gathered from LIC Annual Reports. I found a huge percentage increase in 2009-10 & 2010-11 of 39.45% and 49.71%  over previous  probably due to anticipated provisions in the former year and actuals in the latter year. 

Anyhow I propose to send a letter to ED(Personnel) for what it is worth.Let me see whether I get a reply. This is a crucial matter relevant to our discussions in the possible  Samadhaan Samaroh if LIC/UOI participate.

C H Mahadevan.

(1)Percent weightage 

https://docs.google.com/spreadsheets/d/1bS00_OHfpgbvA-E0R1xJWjiVo3Gg9cxp/edit?usp=drivesdk&ouid=116293091010820917557&rtpof=true&sd=true

(2) Trends

https://docs.google.com/document/d/1iI3WuniKNLMAWUs7Db35q8u26lIPEVO8/edit?usp=drivesdk&ouid=116293091010820917557&rtpof=true&sd=true

1. Certificate Of Existence : To be submitted by all pensioners (a) To be submitted by all pensioners (b) To be submitted by pensioners who are presently out of India 2. Declaration: To be submitted by family/child pensioners

Dear Sir/Madam,

We are pleased to attach herewith the following forms.

1. Certificate Of Existence : To be submitted by all pensioners 

    (a) To be submitted by all pensioners 

    (b) To be submitted by pensioners who are presently out of India

2. Declaration: To be submitted by family/child pensioners

We request you to send  the form/forms duly filled in and counter signed by

authorised person on or after 01/08/2026 to OS/Pension Section.

Besides the prevailing procedure for submission of Life

Certificate, you can send the duly certified scanned copy of Life Certificate by an e-mail to

the concerned pension disbursing office at the e-mail id stated below.

The facility of submission of Digital Existence Certificate through JEEVAN SAAKSHYA

which is now on 'LIC Digital' App and can be downloaded from Google Play Store as per attachment.

Please note that the option can be exercised on or after 01.08.2026.

The said facility is extended to family pensioners also.

In case of visit to foreign country, the facility of video call is available.

The known eligible LIC official shall submit the certified existence certificate

in the enclosed format as per Serial 1(b)above.

In case of any clarifications/queries, you may please contact the concerned office.

Kindly inform your emailid and mobile number for future communications.

If you have already submitted the forms, please ignore this mail.

With Warm Greetings,               

OS/Pension Section,                           

KARNAL

os.KARNAL@licindia.com

(1)PEN Exis Certificate 

https://drive.google.com/file/d/1AOm4w23yEZ8ZPf4ll8X92mtZB6iCN1ty/view?usp=drivesdk

(2) Declaration 

https://drive.google.com/file/d/1g4LGRw5DwSZVOtD7KpGxERmTsoVzkc5s/view?usp=drivesdk

(3) Foreign Visitors

https://drive.google.com/file/d/1NAxg8ZY4AK1VqiaFkJyXWwIC0e-8zSyR/view?usp=drivesdk

(4)Jeevan Sakshi Certificate User's Guide

https://drive.google.com/file/d/1EpuJqMIHkfLnHoxXxRHjfskwwoCrna0b/view?usp=drivesdk

LIC EMPLOYEES PENSION FUND AS AT 31.03.2026

In the Pension Fund data sent earlier, I find that some figures were left out in the table sent by the Mail in transmission.

I am sending the fresh Table with complete figures.

C H Mahadevan

TABLE SHOWING CHANGES IN PRESENT VALUE OF DEFINED BENEFIT OBLIGATIONS (LIC  EMPLOYEES PENSION FUND)

                                                                                                 (Amt in Rs Crores)

As at->	31-03-2025	31-03-2026
Present Value of Obligations as at the beginning of the year	122561.60	128717.94
Acquisition Adjustment
Interest Cost	9498.52	9975.64
Past Service Cost
Current Service Cost	5026.93	5812.3
Curtailment cost/(credit)
Settlement cost/(credit)
Benefits Paid	-10156.66	-10770.34
Actuarial (gain)/loss	1787.55	2111.02
Present Value of Obligations as at the end of the year	128717.94	135846.56

PENSION FUND SCHEDULE IN LIC ANNUAL REPORT OF 2025-26

Please see attachment

C H Mahadevan

PENSION FUND SCHEDULE IN LIC ANNUAL REPORT OF 2025-26

TABLE SHOWING CHANGES IN PRESENT VALUE OF DEFINED BENEFIT OBLIGATIONS                                                                    ( Amt in Rs Crores)
As at->	31-03-2025	31-03-2026
Present Value of Obligations as at the beginning of the year	122561.60	128717.94
Acquisition Adjustment
Interest Cost	9498.52	9975.64
Past Service Cost
Current Service Cost	5026.93	5812.3
Curtailment cost/(credit)
Settlement cost/(credit)
Benefits Paid	-10156.66	-10770.34
Actuarial (gain)/loss	1787.55	2111.02
Present Value of Obligations as at the end of the year	128717.94	135846.56

Note:

1. Present value of obligations is the total amount in the Pension Fund.

2. Interest cost is the interest earned on the Pension Fund.

3. Current Service Cost is the Additional Contribution made to the Pension Fund.

4. Benefits paid are the total amount of Commutation Value and Purchase Price paid for immediate annuities to the P & GS dept of LIC for paying pension to retirees and family pensioners.

5. Actuarial (gain)/loss is the quantum of (financial gain)/financial loss depending on the actual experience compared to actuarial assumptions of mortality, interest and expenses.

6. The expected average remaining working lives of Employees(years)(weighted by basic salary) was 5.64 for the year ending 31/3/2026 compared to 6.07 in the previous year. This means that more than half of the 55695 pension optees in service would have retired by 31/3/2032.The result will be a corresponding reduction in the financial burden of contributions to the Pension Fund except for increased contributions arising out of wage revisions for pension optees continuing in service after the wage revision.

7. The total contributions to the Pension Fund (Regular + Additional Contribution) were Rs 6921.17 Cr 

8. Thus, Regular Contributions constitute 14% while the Additional Contribution constitutes 86% to the Pension Fund.

Restoration of Commutation

eF No.9/9/5/2026-IR(आई.आऱ)

भारत सरकार /Government of India वित्त मत्ाांलय /Ministry of Finance

वित्तीय सेिायेम विभाग /Department of Financial Services

3rd Floor, Jeevan deep Building Sansad Marg, New Delhi 110001

20th May, 2026

To:

The Chief Executive, Indian Bank’s Association, World Trade Centre Complex, Centre -1, 6th Floor, Cuffe Parade, Mumbai -400 005

Sub: Restoration of Commutation – common Order dated 04.12 2024 passed by the Punjab & Haryana Court-reg.

Sir,

Please refer to your communication dated 07.04.2025 on the abovementioned matter. In this regard, I am directed to inform you that the aforesaid matter has been examined in this Department in consultation with Department of Pension & Pensioners’ Welfare (DoPPW) and Department of Expenditure (DoE). As per DoPPW, commutation of pension is included as part of the Terms of Reference (ToR) of the 8th Central Pay Commission and has already been taken note of by the DoE. Further, DoPPW has also stated that the period of restoration of commuted pension is to be decided by the Government.

2. It is also to be noted that the Banks’ (Employees) Pension Regulations, 1995 governing pension related matters of bank employees are broadly based on the Central Civil Service (Pension) Rules. The 8th Central Pay Commission will accordingly take care of a decision on the period for restoration of commutation.

3. This issues with the approval of competent authority.

Yours faithfully,

Sd/-

(Vijay Shankar Tiwari) Under Secretary to the Govt. of India

Jago Bharat Jago Jai Jai Shree Ram

 

  

 
Jago Bharat Jago Jai Jai Shree Ram Thanks & Regards 
B R Mehta 
Sector 25 Panchkula 
06.07.2026

LIC Annual Report FY 2025-26

LIC Annual Report FY 2025-26

Click below:-

https://drive.google.com/file/d/1SJHQjwAYClw0afu4SGd5sSzEiasSh7z7/view?usp=drivesdk

Employees' Deposit Linked Insurance Scheme, 2026 - Gazette Notification No. G.S.R. 526(E) dated 29.06.2026 | StaffNews

Employees' Deposit Linked Insurance Scheme, 2026 - Gazette Notification No. G.S.R. 526(E) dated 29.06.2026 | StaffNews:

 Employees' Deposit Linked Insurance Scheme, 2026 - Gazette Notification No. G.S.R. 526(E) dated 29.06.2026 issued by Ministry of Labour and Employment

Employees’ Provident Funds Scheme, 2026 - Notification No. G.S.R. 525(E) dated 29.06.2026 | StaffNews

Employees’ Provident Funds Scheme, 2026 - Notification No. G.S.R. 525(E) dated 29.06.2026 | StaffNews:

 Employees’ Provident Funds Scheme, 2026 - Ministry of Labour and Employment Notification No. G.S.R. 525(E) dated 29.06.2026

Declaration of Rate of interest for the EPF Members Account for the year 2025-26 @ 8.25% | StaffNews

Declaration of Rate of interest for the EPF Members Account for the year 2025-26 @ 8.25%

 | StaffNews: 

Declaration of Rate of interest for the Employees’ Provident Fund Members Account for the year 2025-26 @ 8.25% vide EPFO Order dated 01.07.2026

Meeting with the Director(Insurance),Department of Financial Services (DFS)

LIC's policyholder payouts in FY26 near ₹5 lakh cr

Meeting with the Director (Insurance), Department of Financial Services (DFS)

 

Regn No.PN 4769 (Regd under The Trade Unions Act, 1926)

(Affiliated to Bharateeya Mazdoor Sangh)

BMS Office, Vishwakarma Bhavan, 185, Shaniwar Peth, Pune 411030

President: Prabir Kumar Mazumder Mob No: 9330337430 Prabir.majumdar@gmail.com Working President: Arvind Mittimani Mob No: 9868878667 arvindmittimani@gmail.com

General Secretary: Rajiv Kumar Sharma Mob No: 9811902770 rajivkumarsharma1558@gmail.com

Date: 03-07-2026

To all the members

On 3 July 2026, as scheduled, Mr. M.P. Chauhan, Chairman Charter Committee and Mr. Arun Gambhir, President, Delhi NOIP Unit, met Ms. Mandakini Balodhi, Director (Insurance), Department of Financial Services (DFS) New Delhi in her office at 12:00 noon.

On behalf of NOIP, Madam was presented with a bouquet of flowers and a memorandum containing our pending issues. The issues outlined in the memorandum, including pension updation and other long­pending matters, were discussed one by one. Madam listened carefully to all the points and assured us that she would take up these issues with Dr. Debasish Prushty, Additional Secretary, DFS, and Mr. Sanjay Lohiya, Secretary, DFS.

The meeting commenced at 12:00 noon and concluded at 12:45 p.m. in a cordial, positive, and constructive atmosphere.

After the meeting, our present determined efforts to meet the Secretary, DFS are felt to be accelerated. Also, simultaneously effort to be made to meet the Addl Secretary, DFS who is looking after our issues in DFS. He also represents GOI in LIC’s Board meetings, it is learnt. At present, there is no Joint Secretary who is posted for Insurance Division, since Dr. Prashant Kumar Goyal, Joint Secretary is not looking after Insurance.

We are making continuous efforts to get an appointment with Secretary, DFS Shri. Lohiya ji. Will keep you posted with the developments.

With greetings,

Yours Brotherly,

General Secretary