General Insurance (Employees’) Pension (Amendment) Scheme, 2025: Ministry of Finance, Department of Financial Services Notification dated 28.07.2025

 General Insurance (Employees’) Pension (Amendment) Scheme, 2025: Ministry of Finance, Department of Financial Services Notification dated 28.07.2025

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION

New Delhi, the 28th July, 2025

S.O. 3470(E).— In exercise of the powers conferred by section 17A of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby frames the following scheme further to amend the General Insurance (Employees’) Pension Scheme, 1995, namely: –

1. (1) This scheme may be called the General Insurance (Employees’) Pension (Amendment) Scheme, 2025.

(2) This scheme shall be deemed to have come into force on the 21st day of December, 2023.

2. In the General Insurance (Employees’) Pension Scheme, 1995 (hereinafter referred to as the said scheme), in paragraph 2, –

(i) in sub-paragraph (g), in clause (i) after the words “Chairman-cum-Managing Director” at both the places where they occur, the words “and Executive Director” shall be inserted;

(ii) in sub-paragraph (k), in the proviso, after the words “Chairman-cum-Managing Director” wherever they occur, the words “or Executive Director” shall be inserted.

3. In the said scheme, in Appendix-I, against serial number (i) relating to the category of employees, after the words “Chairman-cum-Managing Director” at both the places where they occur, the words “and Executive Director” shall be inserted.

[F. No. S –14011/02/2025 Ins.I]
PARSHANT KUMAR GOYAL, Jt. Secy.

EXPLANATORY MEMORANDUM

Note: – The General Insurance (Employees’) Pension Scheme, 1995 was published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii) vide notification number S.O.585 (E), dated the 28th June, 1995 and subsequently amended vide notification number S.O. 475(E), dated the 3rd July, 1996, S.O. 342(E), dated the 22nd April, 1997, S.O. 461(E), dated the 18th June, 1999, S.O. 1221(E), dated the 6th December, 1999, S.O. 590(E), dated the 22nd June, 2000, S.O. 775(E), dated the 13th August, 2001, S.O. 1086(E), dated the 2nd November, 2001, S.O. 778(E), dated the 5th July, 2004, S.O. 636(E), dated the 4th May, 2005, S.O. 1794(E), dated the 19th October, 2006, S.O. 2473(E), dated the 8th October, 2010, S.O. 236(E), dated the 23rd January, 2016, S.O. 1627(E), dated the 23rd April, 2019 and S.O. 3346(E), dated the 26th July 2023.

The Central Government has accorded approval to include the Executive Directors of the Corporation and the Company for calculation of pensionary benefits in accordance with the provisions contained in the Central Civil Services (Pension) Rules, 1972 and the Central Civil Services (Commutation of Pension) Rules, 1981, as applicable to the Central Government servants in accordance with the instructions and orders issued by the Central Government thereunder from time to time and thereby, the amendments do not adversely affect the interests of any person