Pension Updation An Analysis by Shri R B KISHORE

Interpreting existing Charts painstakingly prepared, show very acceptable & moderate rise in pension for both RegularPensioners  & Family Pensioners .  When one works out  from PER ANNUM outlay ,story is a sad tale of tears & woe for Pensioners as can be seen from figures for Regular Pensioners outlay  Rs 3098.82 cr/19yrs/32,902= Rs 49,571.45pa ie a pittance of Rs 4130.95 pm per pensioner RP.

For Family pensioners, the less said ,the better.As outlay Rs337.15cr/19/13,374=Rs 13268.08pa ,ie woefully inadequate paltry Rs1105.67pm per FP

 This goes to prove & confirm, that after all,nothing huge is granted,pensioners basic pension is Interpreting existing Charts painstakingly prepared, show very acceptable & moderate rise in pension for both RegularPensioners  & Family Pensioners .  When one works out  from PER ANNUM outlay ,story is a sad tale of tears & woe for Pensioners as can be seen from figures for Regular Pensioners outlay  Rs 3098.82 cr/19yrs/32,902= Rs 49,571.45pa ie a pittance of Rs 4130.95 pm per pensioner RP.

For Family pensioners, the less said ,the better.As outlay Rs337.15cr/19/13,374=Rs 13268.08pa ,ie woefully inadequate paltry Rs1105.67pm per FP

 This goes to prove & confirm, that after all,nothing huge is granted,pensioners basic pension is unchanged since inception 1/11/1993, IV Pay Commission mode,24 years of agony and statusquo for aged Seniors, moderate rise is necessary & for a sterling institution,which witnessed dedicated services during critical period of formation, foundation, superstructure strengthened ,to pass on the batons to youngsters deservedly   }  DONE

{Every 5 year wage revision does not affect adversely pension fitment,as it results in moderate rise only as Basic Pension is 50 % of Basic Pay  .To  enable visualise effect of PU by Hon Bench,Sri RKSahni provided for All cadres , increase in pension with every wage revision for retirees as on 31/7/1987 as under;  Few cadres I highlight

     1/8/92,1/8/97,1/8/2002,1/8/2007, &1/8/2012

Asst  027   339       772,     1739,    2446 

HGA 111   597      972,      2336,    3235

DM   652, 1272,   1491,    4271  ,   5194  --4 steps above

ED   1410,2485,   1763,     6656,    7310----3 steps above  

** The following Chart  is illustrative & self-explanatory

           a)DIFFERENCE/LOSS  in DR PER SLAB in Rs for ALL CADRES, ASST to ED as at 1/8/2007 & after wage settlement 1/8/2012 in relation to 1/8/87—31/7/92 Scales 

CADRE 1/8/2007 1/8/2012

Assistan. 5.0385             9.291

HGA   7.562           12.9145

Development Officer/DO.         9.4795  15.368

AAO 11.3105 17.9685

  AO 12.4685 19.5265

ADM 15.6275 23.6855

  DM 18.1025 26.9105

SDM 21.4775 31.3505

  ZM 25.175 36.2275

  ED 29.2475 41.61

iib)DR per Slab for Group VI ranges Rs25.675 ,29.90 for Asst, HGA to  Rs55.238 & 62.148 for ZM & ED respectively .

**{There is no provision in Pension Rules 1995 that Pensions should not be revised.On the other hand,Rule 5(3),Chapter III  of Pension Rules,1995, 'the Corporation shall be a contributor to the Fund & shall ensure that sufficient sums are placed in it to enable the Trustees to make due payments to the beneficiaries under these Rules. Rule 13(b) states , ' the Trust shall, subject to the availability of additional sums in the Fund, to be provided by the Corporation as required under Rule 5(3) to purchase additional annuities as & when it becomes necessary to revise upwards the benefits payable in accordance with these rules '.} DONE

****{The provision of relief ,since the introduction of the pension schemes in these 

institutions, applying  automatically  in  quickest possible  time  ,only to GOI pensioners   and denying the same relief to the pensioners of these institutions does not have any objective criteria for such classification for such discrimination and exclusion.   As a corollary, such aberrations & deficiencies have to be corrected & Equity restored  at the hands of justice through the Supreme Court. It is  applying equal laws applying alike to all in a like situation}.  DONE 

***  {There are no legislative provisions under any section in the LIC Act 1956 or in LIC staff Regulations for revision of pay every 5 yrs in the case of in –service employees. Thus , it is clear that in the case of pension payments the sanctity of Rules and legislative provisions are asserted, while in the case of revision of pay scale of in-service employees, the same Rules  and Regulations are glossed over and the sanctity of "CONVENTION"  takes precedence.

** They also know  that most of them are drawing the same pension fixed for them at the time of retirement for the past 2 decades. Therefore the pension revision when approved  will be a small amount as compared to other controllable expenses like a) pay/salary , b)PLLI( Productivity linked lump sum incentive), c) Meal coupon subsidy ranging from Rs 50 to Rs 250 for sub-staff to  ED per working day d) Domiciliary Medical benefit lump sum payments made to staff, e) Legal fees paid to Top lawyers engaged by LIC ,f) Non-revival of lapsed policies (initial heavy expenses towards first year and bonus commission to field staff). 

What is more , there is no need to obtain Govt. approval  as they are within LIC's competency.. All these expenses will erode LIC's capacity to pay bonus to policyholders. Without obtaining the correct figures for these expenditure accounts, it is unfair and uncharitable on the part of DHC to have approved the LIC 's contention that Pension revision alone will adversely affect  LIC's capacity to maintain the rate of bonus payable to policyholders. }  DONE

** Para 102 (pages 84&85) of DHC 

{LIC's spectacular performance  in respect of its within the country business in FY 2016-17                                                                                            is highlighted below :                                                2015-16                2016-17               % increase

(a)Reversionary bonus to policyholders              Rs34,207.6 Cr          Rs47,387.4 Cr           40 %

    Dividend to GOI                                                         1,800.4 Cr               2,494.1 Cr            40 %                                         

 (b)Solvency Ratio for 2016-17 is 154.7 % as against the statutory requirement of 150 %   

(C) Customers of policies like Jeevan Shree, Jeevan Pramukh, Jeevan Nidhi  and Jeevan Amrit have received higher bonuses during 2016-17. 

(d) LIC has also declared bonuses for the customers of newly introduced schemes such as Jeevan Tarun, Jeevan Labh, JeevanPragathi

The above figures totally disprove  that the gloomy conclusion arrived at by DHC in para 102 of their judgement based on the details of LIC Mgmt.'s affidavit dt. 4th FEB 2017 viz, "setting aside or contributing Rs 32,000 Cr on actuarial calculation will certainly have a negative impact" . In fact in  FY 2016-17 there is a perceptible 40%  increase in the reversionary bonus  payable to the with profit  policyholders ( Rs 47,387.4 Cr) and the  Dividend payable to GOI ( Rs 2494.1 Cr), giving sufficient margin for allowing pension revision to the Pensioners on the same pattern / rate as  has been granted to the in-service employees. }

The Hon'ble SC should,seriously  view the  2 contradictory presentations  of LIC Mgmt, real motives and intentions get clear .  The LIC Mgmt. cannot take  the pension optees  for a ride, nor  can they try to confuse  the DHC and the Hon'ble SC by using technical and  Actuarial  Jargons .Moreover and above all these,true data and facts and LIC sterling performance on all counts in FY 2016-17,recounted confirm an optimistic and impartial and praiseworthy performance, more than enough to justify grant of Pension revision with every wage revision comfortably}.  DONE

* GROSS DISCRIMINATION in DA and DR between pre 8/1997 & post 8/1997 pensioners , later Group expanding  getting Full 100% DR,same as for Employees & earlier Group dwindling getting as per restrictive Appendix IV  & glaring  ANAMOLIES  being perpetrated to the detriment of pensioners of a SPARKLING Institution, reverberating with awards & accolades from all quarters for its rocklike solvency,stability,and contributing and enabling a new throbbing India with Peoples Money for Peoples Welfare & oiling the wheels of Govt machinery with crores of investment in core ,infrastructure developments & promoting social sectors growth deserve immediate redressal from the highest Priest of Justice Supreme Court to bless this hapless pensioners knocking at the doors of justice for 18 long and arduous years  DONE

* DHC's partial redressal and solution ,restricting benefit of marginal DR rise ,that too restricting to a small numbers ,less than 5000 in Group I & GROUP II is a truncated solution.When nature of DA—DR loss is for ALL Pre 8/1997 pensioners numbering app 16,500,rightly Full 100 % DR on same terms as post 8/1997 pensioners & Employees can ALONE restore EQUAL RIGHTS,legitimate & eschewing and removing the thorn of TOTAL DISCRIMINATION conforming to Fundamental Rights enshrined in Constitution & Articles 14 and 16 respected and obeyed in full.Equally when it is espoused in ever so many case laws,Pay Commissions, Army Tribunals that a homogeneous group cannot be bisected or trisected and no pre and post labels be drawn, miniclassification again divides and disturbs  the group of pensioners to their utter detriment.Courts cannot go on disturbing a set rhythm for so many years and decades,such salutary principles practices must be Guiding stars to help litigants aggrieved.

**{ Recently, Under RTI, the Petitioner could get  LIC Central Office letter Ref: CO/ERA/Per dt. 04-7-2014 addressed to Mr. AnupWadhawan, IAS, Jt. Secy.( P&I), Dept of Financial Services , GOI, Ministry of Finance, whereby the Chairman of LIC while  painting a bright future, had recommended for one another option  to LIC Employees who had not opted for pension to opt for the Pension Scheme 1995 and as per independent opinion of eminent Actuary submitted that :

(i) With closure of LIC( Employees) Pension Scheme 1995 w.e.f  1-4-2010, the no. of members eligible under Pension Scheme of 1995 will continuously decrease every year,

(ii) Since this is a Closed Fund Pension Scheme not open for new members, with continuous purchase of annuities on behalf of Pensioners and Family Pensioners, total liability as well as the Fund size will increase initially for some years and will start decreasing thereafter. As a result  contribution to be made each year will become a small fraction of the total premium, 

(iii) The Net worth of LIC increases year after year, the pension liability, as a proportion of Net worth will decrease at a faster rate. It has also been pointed out that the overall cost ratio ( excluding commission) has been almost steadily decreasing from 16% in 1989-90 to 7.4% in 2011-12 over a period of 22 yrsie a reduction of about 54%. Therefore, continuous reduction in cost ratio will result in emergence of additional surplus which in turn, will enable the  Corporation to adopt a reduced pace of funding  the Pension liability.}DONE Already included by Sri MPAgnihotri

              {  A govt school teacher in A.P.who worked   during the above period,drew half the salary of an LIC employee,is  today  getting 25% more pension  than his LIC counterpart

 MLA. MPs even if they serve one term of 5 yrs get Full pension , whereas 33 yrs continues for us & already  Govts, Railways, dDefence, RBI have transited to 20 yrs of service for eligibility of full pension

Hon Supreme Court cannot be MUTE spectator of such GROSS deviation & variation in practices & benefits  & a Service & financial Instn helping GOI for all 5 Year Plans & other contingencies , euphemistically called as ATMs for Govt. True in practice, but when employees & pensioners question comes, no GRACE is exhibited .

***     IRDA has issued directions to the Insurers and to LIC not to invest more than 15%  in the stakes of Companies in order to ensure the investment risks are limited ( industry norm being 15%). For the 2nd time in June 2017 , IRDA has sought a road map from LIC on how it intents to bring down its holdings in some Companies which are above the industry norm of 15%. The fact of the matter is that LIC has been a piggy- bank  for the GOI in the past whenever it was not able to invest in equity of the state run Companies , mainly banks. This establishes beyond doubt  GOI's total  and complete reliance on the financial might of LIC, allowing it to hold more than the 15% norm prescribed by IRDA .This proves beyond doubt that LIC is a Maharathna and can effortlessly  meet  all the  financial needs arising out of  Revision of pension payments  to LIC  pensioners.

** Keeping the above aspects in view, our  Appeal to the Hon'ble SC is to reject some partial & piecemeal solutions  offered by DHC , which can cause grave or incalculable harm perpetuating more anomalies in future  and  to set right all the deficiencies and inconsistencies .We humbly appeal to the Hon'ble SC to render justice to us aged pensioners  for the extension  of  the benefit of  pension upgradation  and revision of pension  and  to ensure full justice  to the pensioners fraternity,bringing to an end in the most apt manner,the arduous,19 year legal battle ,to a deserving consummation,thereby proving to outside world ,the impartial and ideal role ,which an Apex Court of repute can don for this beleaguered ,aged, seniors & pensioners.

** Outlay for Regular Pensioners 32,902 & Family Pensioners 13,774,totalling 46,676 ,& this includes pensioners for the period ,1/8/2007—31/7/2012, to make it uptodate is worked out.Outlay for 19 years from 1/8/1997—31/7/2016 to Total fund under control,as at 31/3/2015 will be app 11.1% but as outlay figures are as at 31/7/2016,Rs 3435.97cr  is likely to be only 9.3% ,which LIC can afford after granting pension upgradation

*)Look at the Sumptuous crores of Rs Govt will be able to secure on VARIOUS COUNTS mentioned in LIC CO F & A Circular

Let alone NB Premium which itself, difference between old & new rates will yield to Govt sizeable Revenue 3.75% to 4.5% ie 0.75% rise

RKSahni 572017 –FP 000 Rs238293839   GST Rs 10723222.76 (000)

           Difference/EXTRAcollections  ,0.75%=1787203.792

Coming to  Renewal Premium, rate 1.875% to 2.250 % ie 0.375% rise,biggest in Volumes & a Kamadhenu for LIC itself,the impact of Revenues to Govt will be the LARGEST RISE & YIELD & will boost Govt Income in a fabulous manner.

Single Premium of Annuity products 1.50% to 1.80% ie 0.30% will be a good gainer for Govt

There are also other miscellenaeous items on which also tax rise is there & will  net a decent spurt in Govt income

I request Sri RKSahni to work out the app Yield for Govt on these new GST announcements ,taking into account latest LIC Statistics  to get a fair & correct idea in quantifiable terms & INCLUDE in our SLP to SC  

It must also be stated that Govt has listed some exemptions under GST too,like VPBYojana, PMs Vaya Vanadan Yojana ,which is a good index  

Not much incisive interpretation has come from LIC, Field Force Agents & Development Officers & critics & analysts

2)**Govt wanted to eat the cake & have it too, when earlier it proposed to increase LIC Valuation Surplus dividend to Govt to be raised from 5 --10% but ultimately wisdom prevailed & it resorted to status quo of 5 % only

*** Govt is stubborn & against Financial & Service Sector, determined not to grant Pension Upgradation, even after copious Notes, Submissions, Arguments ,Data,Logic ,moderate Outlay, Sterling & Superlative performance ,so consitent for decades in all Ratios & Parameters,

knowing full well,OTHERS subscribe to GOVT Pay Commissions bombastic expenditure on DA to employees, DR to Pensioners, Allowances improved & recently allowed with a fabulous expenditure, Pension rise as impreoved OVER 7th PC recommendations with 2.57 % factor inbuilt calculated pension amount 

PLUS value-added pension addition after age 80,NOT ALLOWED to anyother sector,

***NOW wanting to allow Final Pension option to left out employees , a SIZEABLE OUTLAY,compared to outlay on Pension Upgradation, diluting Actuarial assumptions  ,as it pleases the LIC authority in tune with objectives of respective so-called Exercises, but adamant & perverted & obstinate exaggerations for Pension Expenses yearly etc since inception 1/11/1993, IV Pay Commission mode,24 years of agony and statusquo for aged Seniors, moderate rise is necessary & for a sterling institution,which witnessed dedicated services during critical period of formation, foundation, superstructure strengthened ,to pass on the batons to youngsters deservedly   }  DONE

{Every 5 year wage revision does not affect adversely pension fitment,as it results in moderate rise only as Basic Pension is 50 % of Basic Pay  .To  enable visualise effect of PU by Hon Bench,Sri RKSahni provided for All cadres , increase in pension with every wage revision for retirees as on 31/7/1987 as under;  Few cadres I highlight

     1/8/92,1/8/97,1/8/2002,1/8/2007, &1/8/2012

Asst  027   339       772,     1739,    2446 

HGA 111   597      972,      2336,    3235

DM   652, 1272,   1491,    4271  ,   5194  --4 steps above

ED   1410,2485,   1763,     6656,    7310----3 steps above  

** The following Chart  is illustrative & self-explanatory

           a)DIFFERENCE/LOSS  in DR PER SLAB in Rs for ALL CADRES, ASST to ED as at 1/8/2007 & after wage settlement 1/8/2012 in relation to 1/8/87—31/7/92 Scales 

CADRE 1/8/2007 1/8/2012

Assistant 5.0385 9.291

HGA 7.562 12.9145

Development Officer/DO 9.4795 15.368

AAO 11.3105 17.9685

  AO 12.4685 19.5265

ADM 15.6275 23.6855

  DM 18.1025 26.9105

SDM 21.4775 31.3505

  ZM 25.175 36.2275

  ED 29.2475 41.61

iib)DR per Slab for Group VI ranges Rs25.675 ,29.90 for Asst, HGA to  Rs55.238 & 62.148 for ZM & ED respectively .

**{There is no provision in Pension Rules 1995 that Pensions should not be revised.On the other hand,Rule 5(3),Chapter III  of Pension Rules,1995, 'the Corporation shall be a contributor to the Fund & shall ensure that sufficient sums are placed in it to enable the Trustees to make due payments to the beneficiaries under these Rules. Rule 13(b) states , ' the Trust shall, subject to the availability of additional sums in the Fund, to be provided by the Corporation as required under Rule 5(3) to purchase additional annuities as & when it becomes necessary to revise upwards the benefits payable in accordance with these rules '.} DONE

****{The provision of relief ,since the introduction of the pension schemes in these 

institutions, applying  automatically  in  quickest possible  time  ,only to GOI pensioners   and denying the same relief to the pensioners of these institutions does not have any objective criteria for such classification for such discrimination and exclusion.   As a corollary, such aberrations & deficiencies have to be corrected & Equity restored  at the hands of justice through the Supreme Court. It is  applying equal laws applying alike to all in a like situation}.  DONE 

***  {There are no legislative provisions under any section in the LIC Act 1956 or in LIC staff Regulations for revision of pay every 5 yrs in the case of in –service employees. Thus , it is clear that in the case of pension payments the sanctity of Rules and legislative provisions are asserted, while in the case of revision of pay scale of in-service employees, the same Rules  and Regulations are glossed over and the sanctity of "CONVENTION"  takes precedence.

** They also know  that most of them are drawing the same pension fixed for them at the time of retirement for the past 2 decades. Therefore the pension revision when approved  will be a small amount as compared to other controllable expenses like a) pay/salary , b)PLLI( Productivity linked lump sum incentive), c) Meal coupon subsidy ranging from Rs 50 to Rs 250 for sub-staff to  ED per working day d) Domiciliary Medical benefit lump sum payments made to staff, e) Legal fees paid to Top lawyers engaged by LIC ,f) Non-revival of lapsed policies (initial heavy expenses towards first year and bonus commission to field staff). 

What is more , there is no need to obtain Govt. approval  as they are within LIC's competency.. All these expenses will erode LIC's capacity to pay bonus to policyholders. Without obtaining the correct figures for these expenditure accounts, it is unfair and uncharitable on the part of DHC to have approved the LIC 's contention that Pension revision alone will adversely affect  LIC's capacity to maintain the rate of bonus payable to policyholders. }  DONE

** Para 102 (pages 84&85) of DHC 

{LIC's spectacular performance  in respect of its within the country business in FY 2016-17                                                                                            is highlighted below :                                                2015-16                2016-17               % increase

(a)Reversionary bonus to policyholders              Rs34,207.6 Cr          Rs47,387.4 Cr           40 %

    Dividend to GOI                                                         1,800.4 Cr               2,494.1 Cr            40 %                                         

 (b)Solvency Ratio for 2016-17 is 154.7 % as against the statutory requirement of 150 %   

(C) Customers of policies like Jeevan Shree, Jeevan Pramukh, Jeevan Nidhi  and Jeevan Amrit have received higher bonuses during 2016-17. 

(d) LIC has also declared bonuses for the customers of newly introduced schemes such as Jeevan Tarun, Jeevan Labh, JeevanPragathi

The above figures totally disprove  that the gloomy conclusion arrived at by DHC in para 102 of their judgement based on the details of LIC Mgmt.'s affidavit dt. 4th FEB 2017 viz, "setting aside or contributing Rs 32,000 Cr on actuarial calculation will certainly have a negative impact" . In fact in  FY 2016-17 there is a perceptible 40%  increase in the reversionary bonus  payable to the with profit  policyholders ( Rs 47,387.4 Cr) and the  Dividend payable to GOI ( Rs 2494.1 Cr), giving sufficient margin for allowing pension revision to the Pensioners on the same pattern / rate as  has been granted to the in-service employees. }

The Hon'ble SC should,seriously  view the  2 contradictory presentations  of LIC Mgmt, real motives and intentions get clear .  The LIC Mgmt. cannot take  the pension optees  for a ride, nor  can they try to confuse  the DHC and the Hon'ble SC by using technical and  Actuarial  Jargons .Moreover and above all these,true data and facts and LIC sterling performance on all counts in FY 2016-17,recounted confirm an optimistic and impartial and praiseworthy performance, more than enough to justify grant of Pension revision with every wage revision comfortably}.  DONE

* GROSS DISCRIMINATION in DA and DR between pre 8/1997 & post 8/1997 pensioners , later Group expanding  getting Full 100% DR,same as for Employees & earlier Group dwindling getting as per restrictive Appendix IV  & glaring  ANAMOLIES  being perpetrated to the detriment of pensioners of a SPARKLING Institution, reverberating with awards & accolades from all quarters for its rocklike solvency,stability,and contributing and enabling a new throbbing India with Peoples Money for Peoples Welfare & oiling the wheels of Govt machinery with crores of investment in core ,infrastructure developments & promoting social sectors growth deserve immediate redressal from the highest Priest of Justice Supreme Court to bless this hapless pensioners knocking at the doors of justice for 18 long and arduous years  DONE

* DHC's partial redressal and solution ,restricting benefit of marginal DR rise ,that too restricting to a small numbers ,less than 5000 in Group I & GROUP II is a truncated solution.When nature of DA—DR loss is for ALL Pre 8/1997 pensioners numbering app 16,500,rightly Full 100 % DR on same terms as post 8/1997 pensioners & Employees can ALONE restore EQUAL RIGHTS,legitimate & eschewing and removing the thorn of TOTAL DISCRIMINATION conforming to Fundamental Rights enshrined in Constitution & Articles 14 and 16 respected and obeyed in full.Equally when it is espoused in ever so many case laws,Pay Commissions, Army Tribunals that a homogeneous group cannot be bisected or trisected and no pre and post labels be drawn, miniclassification again divides and disturbs  the group of pensioners to their utter detriment.Courts cannot go on disturbing a set rhythm for so many years and decades,such salutary principles practices must be Guiding stars to help litigants aggrieved.

**{ Recently, Under RTI, the Petitioner could get  LIC Central Office letter Ref: CO/ERA/Per dt. 04-7-2014 addressed to Mr. AnupWadhawan, IAS, Jt. Secy.( P&I), Dept of Financial Services , GOI, Ministry of Finance, whereby the Chairman of LIC while  painting a bright future, had recommended for one another option  to LIC Employees who had not opted for pension to opt for the Pension Scheme 1995 and as per independent opinion of eminent Actuary submitted that :

(i) With closure of LIC( Employees) Pension Scheme 1995 w.e.f  1-4-2010, the no. of members eligible under Pension Scheme of 1995 will continuously decrease every year,

(ii) Since this is a Closed Fund Pension Scheme not open for new members, with continuous purchase of annuities on behalf of Pensioners and Family Pensioners, total liability as well as the Fund size will increase initially for some years and will start decreasing thereafter. As a result  contribution to be made each year will become a small fraction of the total premium, 

(iii) The Net worth of LIC increases year after year, the pension liability, as a proportion of Net worth will decrease at a faster rate. It has also been pointed out that the overall cost ratio ( excluding commission) has been almost steadily decreasing from 16% in 1989-90 to 7.4% in 2011-12 over a period of 22 yrsie a reduction of about 54%. Therefore, continuous reduction in cost ratio will result in emergence of additional surplus which in turn, will enable the  Corporation to adopt a reduced pace of funding  the Pension liability.}DONE Already included by Sri MPAgnihotri

              {  A govt school teacher in A.P.who worked   during the above period,drew half the salary of an LIC employee,is  today  getting 25% more pension  than his LIC counterpart

 MLA. MPs even if they serve one term of 5 yrs get Full pension , whereas 33 yrs continues for us & already  Govts, Railways, dDefence, RBI have transited to 20 yrs of service for eligibility of full pension

Hon Supreme Court cannot be MUTE spectator of such GROSS deviation & variation in practices & benefits  & a Service & financial Instn helping GOI for all 5 Year Plans & other contingencies , euphemistically called as ATMs for Govt. True in practice, but when employees & pensioners question comes, no GRACE is exhibited .

***     IRDA has issued directions to the Insurers and to LIC not to invest more than 15%  in the stakes of Companies in order to ensure the investment risks are limited ( industry norm being 15%). For the 2nd time in June 2017 , IRDA has sought a road map from LIC on how it intents to bring down its holdings in some Companies which are above the industry norm of 15%. The fact of the matter is that LIC has been a piggy- bank  for the GOI in the past whenever it was not able to invest in equity of the state run Companies , mainly banks. This establishes beyond doubt  GOI's total  and complete reliance on the financial might of LIC, allowing it to hold more than the 15% norm prescribed by IRDA .This proves beyond doubt that LIC is a Maharathna and can effortlessly  meet  all the  financial needs arising out of  Revision of pension payments  to LIC  pensioners.

** Keeping the above aspects in view, our  Appeal to the Hon'ble SC is to reject some partial & piecemeal solutions  offered by DHC , which can cause grave or incalculable harm perpetuating more anomalies in future  and  to set right all the deficiencies and inconsistencies .We humbly appeal to the Hon'ble SC to render justice to us aged pensioners  for the extension  of  the benefit of  pension upgradation  and revision of pension  and  to ensure full justice  to the pensioners fraternity,bringing to an end in the most apt manner,the arduous,19 year legal battle ,to a deserving consummation,thereby proving to outside world ,the impartial and ideal role ,which an Apex Court of repute can don for this beleaguered ,aged, seniors & pensioners.

** Outlay for Regular Pensioners 32,902 & Family Pensioners 13,774,totalling 46,676 ,& this includes pensioners for the period ,1/8/2007—31/7/2012, to make it uptodate is worked out.Outlay for 19 years from 1/8/1997—31/7/2016 to Total fund under control,as at 31/3/2015 will be app 11.1% but as outlay figures are as at 31/7/2016,Rs 3435.97cr  is likely to be only 9.3% ,which LIC can afford after granting pension upgradation

*)Look at the Sumptuous crores of Rs Govt will be able to secure on VARIOUS COUNTS mentioned in LIC CO F & A Circular

Let alone NB Premium which itself, difference between old & new rates will yield to Govt sizeable Revenue 3.75% to 4.5% ie 0.75% rise

RKSahni 572017 –FP 000 Rs238293839   GST Rs 10723222.76 (000)

           Difference/EXTRAcollections  ,0.75%=1787203.792

Coming to  Renewal Premium, rate 1.875% to 2.250 % ie 0.375% rise,biggest in Volumes & a Kamadhenu for LIC itself,the impact of Revenues to Govt will be the LARGEST RISE & YIELD & will boost Govt Income in a fabulous manner.

Single Premium of Annuity products 1.50% to 1.80% ie 0.30% will be a good gainer for Govt

There are also other miscellenaeous items on which also tax rise is there & will  net a decent spurt in Govt income

I request Sri RKSahni to work out the app Yield for Govt on these new GST announcements ,taking into account latest LIC Statistics  to get a fair & correct idea in quantifiable terms & INCLUDE in our SLP to SC  

It must also be stated that Govt has listed some exemptions under GST too,like VPBYojana, PMs Vaya Vanadan Yojana ,which is a good index  

Not much incisive interpretation has come from LIC, Field Force Agents & Development Officers & critics & analysts

2)**Govt wanted to eat the cake & have it too, when earlier it proposed to increase LIC Valuation Surplus dividend to Govt to be raised from 5 --10% but ultimately wisdom prevailed & it resorted to status quo of 5 % only

*** Govt is stubborn & against Financial & Service Sector, determined not to grant Pension Upgradation, even after copious Notes, Submissions, Arguments ,Data,Logic ,moderate Outlay, Sterling & Superlative performance ,so consitent for decades in all Ratios & Parameters,

knowing full well,OTHERS subscribe to GOVT Pay Commissions bombastic expenditure on DA to employees, DR to Pensioners, Allowances improved & recently allowed with a fabulous expenditure, Pension rise as impreoved OVER 7th PC recommendations with 2.57 % factor inbuilt calculated pension amount 

PLUS value-added pension addition after age 80,NOT ALLOWED to anyother sector,

***NOW wanting to allow Final Pension option to left out employees , a SIZEABLE OUTLAY,compared to outlay on Pension Upgradation, diluting Actuarial assumptions  ,as it pleases the LIC authority in tune with objectives of respective so-called Exercises, but adamant & perverted & obstinate exaggerations for Pension Expenses yearly etc