NATIONAL ORGANISATION OF INSURANCE PENSIONERS
Regn No.PN 4769 (Regd under Indian T U Act, 1926)
(Affiliated to Bharateeya Mazdoor Sangh)
BMS Office, Vishwakarma Bhavan, 185, Shaniwar Peth, Pune 411030.
President: T.C. Gunesh Kumar General Secretary: Ashok J. Joshi
Mob No: 9880683639 Mob No: 9561084182 & 9945104570
Date: 03-02-2025
Cir No 5/2025
Shri. Pankaj Chaudhary ji,
Honourable Minister of State for Finance,
North Block, New Delhi
Respected Sir,
Sub: Long pending issues of pensioners of L I C of India
At the outset, we extend our hearty greetings on your having adorned the important portfolio of
MOS, Finance and heading the financial sector, the back bone of Indian economy.
We, the hapless pensioners of LICI, look forward to you, seeking your immediate intervention to
resolve the decades long pending issues of ours. In a nut shell, the same are narrated here
below as bullet points-
➢ We are happy that the Modi Govt gave OROP to defence personnel; set to update the
pension of central govt pensioners as on 1-1-2026; notified the UPS (Unified Pension
Scheme) for 30 lakhs pensioners of GOI; updated pension of RBI pensioners/family
pensioners as on 2017 wage revision and learn that increased pension for EPF
pensioners is on the cards.
➢ But, unfortunately the pension of LIC pensioners/family pensioners is not updated since
the last 38 years, though ours is a funded scheme; since the entire contribution of PF by
employer has been forgone by the pension optees in LIC. This amount was transferred
to the LIC pension fund along with interest accruals thereon. Whereas for central govt
pensioners, pension is being paid, by debiting the consolidated fund of India.
➢ The joint delegation of insurance sector unions affiliated to BMS, met the FM Smt. Nirmala
Sitharaman ji on 10-10-2024 under the leadership of S/Shri. Surendran ji, Organising
Secretary, BMS & Girish Arya ji, Secretary and In Charge, financial sector unions of BMS.
The discussions lasted for about 80 minutes and the undersigned narrated in detail the
pension related issues pending for decades. Madam heard with all seriousness and gave
positive indications duly getting confirmed the details of issues with the Secretary, DFS,
Shri. M. Nagaraju, who was present throughout the meeting.
➢ As a follow-up action, Shri. Arya ji met Shri. M Nagaraju, Secretary, DFS on 21-10-2024 and
the latter confirmed that necessary instructions are passed down the line regarding the
issues raised with the FM.
➢ Again on 10-01-2025, Shri. Somesh Biswas, Dy In Charge, Insurance sector unions of BMS,
met the Joint Secretary, Insurance, Dr. Prashant Goyal for follow up and had a detailed
discussion. The latter informed that the issues are being looked into.
➢ After the meeting with the FM, the undersigned met the Joint Director/Under Secretary,
DFS on 4-5 occasions as a matter of follow up.
➢ In addition to the pension updation, the following issues are also pending for resolution.
➢ One more pension option to the left-over ex-servicemen and directly recruited
Superintending/Executive engineers and resigned employees (whose total number is in
hundreds).
➢ Increased pension to 80+ seniors.
➢ Double the family pension up to age 67 in case pensioner dies before age 67.
➢ Computation of pension at 50% of last pay drawn or 50% of last 10 months’ average pay,
whichever is favourable to the retiree.
➢ Full pension for service of 20 years or more.
➢ One time ex gratia to pensioners aged 60 to 69 (who were left over while granting the
same in May 2024).
➢ Reduction in commutation period to 10 years.
➢ Grant of NGI to the retiring employee if it falls due on the very next day of retirement.
(say after midnight on the last date of retirement).
➢ 100% DR (Dearness Relief) neutralization to the pre 8/97 retirees, as was granted to such
bank retirees, those who retired prior to 11/2002.
We have written to Joint Director, Insurance vide our letter dtd. 23-01-2025, giving justifications for our
demands, which is enclosed here with for your kind knowledge.
We request you to advise the Secretary, DFS to take immediate steps to resolve our issues without any
further loss of time.
We also request you to provide us an opportunity to meet you in person to explain the issues in detail.
We eagerly await to meet you, Sir.
With thanks and regards,
Encl: As above
Yours Sincerely,
General Secretary
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