THE ORIENTAL INSURANCE COMPANY LIMITED HEAD OFFICE NEW DELHI GOLDEN GATE SCHEME FOR VOLUNTARY SEPERATION FOR OFFICERS

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1 THE ORIENTAL INSURANCE COMPANY LIMITED HEAD OFFICE NEW DELHI Deptt : Personnel Ref. No. : Notice/Promotions/01/2009/CR-6465 GOLDEN GATE SCHEME FOR VOLUNTARY SEPERATION FOR OFFICERS The General Insurance (Public Sector) Officers Golden Gate Scheme For Voluntary Separation 2009 has been approved by the Board of the Company. A copy of the scheme is enclosed for information of all concerned. ~ (~MAHAJAN) DY.GENERAL MANA~. ~

2 The Oriental Insurance Company Limited H.O. A 25/27 Asaf An Road New Delhi GENERAL INSURANCE (PUBLIC SECTOR) OFFICERS' GOLDEN GATE SCHEME FOR VOLUNTARY SEPARATION, Introduction and Preamb(e.- Para 17 of the Promotion Policy for Officers provides for officers superseded in promotion in 3 consecutive promotion exercises",to be excluded from the zone of consideration for two immediately succeeding promotional exercises. In addition, for officers in Scale VII cadre also, in terms of the Guidelines for Appointment of Chief Executives of Public Sector Insurance Companies, as approved by the Department of Personnel and Training, Government of India, not more than 3 chances are available for inclusion in the zone of consideration and appearing in the interview for selection to the post of CMD, if otherwise eligible. In May, 2006 when the 1 st Approach Paper for initiating debate on evolving the Promotion Policy for Officers was floated, and the idea leading to para 17, as aforesaid, was expressed, it was also indicated therein that the basic purpose of the said paragraph is to introduce an element of continuous shuffling of the manpower before subjecting it to the process of sieve for the purpose of selecting the best available manpower for undertaking the higher responsibilities. It was understood that once a person is sieved out and rested for two exercises, an opportunity would be made available to him to have a self-assessment also including an introspection with a view to decide if, having regard to his potential, capabilities, strengths and weaknesses, ambitions, personal and family obligations, health conditions, aptitude, enthusiasm, the changed scenario at the workplace, technological advancements etc., in his own opinion, he feels he should seek an honorable exit from the Company with or without the option of an alternative employment elsewhere. To cater to the needs of those officers who find the answer to this poser in the affirmative, it was envisaged to construct a 'Golden Gate' to enable such officers to opt for an honorable exit from the Company. In other words, the Golden Gate seeks to provide a Voluntary Separation Scheme for specified class of officers in the mutual interests of these officers, the other officers and the Company itself, in the long run. With the conclusion of the 3 rd promotional exercise under the provisions of the Promotion Policy for Officers , a stage had arisen when the specified class of officers as discussedabove is available and the time for

3 formulating the said Scheme had, accordingly, arrived. The Board of the Company, therefore, has approved the following Scheme:- 2. Short title and commencement - (a) This Scheme may be called the General Insurance (Public Sector) Officer's Golden Gate Scheme for Voluntary Separation, (b) This Scheme shall come into force from a date to be notified by the Chairman-cum-Managing Director (CMD) "after its adoption by the Board of the Company. In this Scheme, unless the context otherwise requires, - (a) "Act" means the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972); " (b) "Appendix" means an appendix annexed to this Scheme; (c) "Company" means The Oriental Insurance Company Limited (d) "Competent Authority" means Chairman-cum-Managing Director of the Company; (e)"nominee" means the persons nominated by the officer in writing in terms of paragraph 8 (xii) of this Scheme; (f) "Officer" means a person to whom the Rationalization Scheme applies; (g) "Rationalization Scheme" means General Insurance (Rationalization of Pay Scales and Other Conditions of Service of Officers) Scheme, 1975, as amended from time to time; (h) "Salary" means the aggregate of Basic Pay (including Stagnation Increment), Dearness Allowance and Fixed Personal Allowance wherever applicable; (i) "Scheme" means the General Insurance (PUblic Sector) Officer's Golden Gate Scheme for Voluntary Separation, _ 0> Words and expressions used in this Scheme and not defined, but defined in the Act, or in the Rationalization Scheme, shall have the same meaning respectively assigned to them in the Act or in the Rationalization Scheme. (a) All permanent full time officers upto Scale VI will be eligible to seek Voluntary Separation under this Scheme provided they have attained the age of 50 years, are facing or have faced exclusion from the zone of consideration for promotion to the next higher cadre as a result of operation of pa.ra 17 of the Promotion Policy for Officers and opt for availing of the Scheme. It shall also apply to Scale VII officers, who have completed 50 years of age, have been empanelled on 3 occasions for being interviewed (irrespective of whether they have ~

4 attended it or not) for selection to the post of CMD, and opt for availing of the Scheme~ (b)an officer who is under suspension or against whom disciplinary proceeding / criminal case is pending or contemplated shall not be eligible to-opt for the Scheme: Provided that the case of an officer who is under suspension or against whom disciplinary proceeding / criminal case is pending or contemplated may be considered by a sub-committee constituted / nominated by the Board of the Company for this purpose, having regard to the facts and circumstances of each case and the decision taken by the Board sul5~d>mmittee shall be final. (c) Officers who are posted abroad or on deputation abroad shall not be eligible to opt for the Scheme. Further, officers, who, after posting abroad or on deputation abroad in the past and still within the bond period as per the terms of such posting/deputation abroad, happen to apply for availing the Scheme and are found eligible for the same, may be allowed to avail the Scheme subject to their fulfilling the conditions of the bond, in particular, the monitory condition and deduction/recovery of the requisite bond money from the Terminal Benefits of the officer concerned 5. Period of Operation. - The Scheme, after coming into force, in terms of para 2. b. above, shall remain in force till it is withdrawn by way of a three months' notice issued on behalf of the CMD by a duly authorized official of the Company. 6. Amount of ex-gratia. - (a) An Officer seeking Voluntary Separation under this Scheme shall, on approval by the Competent Authority, be entitled to the ex-gratia amount equivalent to the least of the three amounts as given below, namely:- One mont~'s salary for each completed year of service; Or Salary for the number of months of remaining service; Or Salary for 24 months (b) The ex-gratia shall be computed on the basis of his/her salary as on the date of relieving. (a) An Officer opting for the Scheme shall also be eligible for the following benefits in addition to the ex-gratia amount mentioned in Para 6, namely: - (/

5 (b) i) Provident Fund as per the relevant Rules; ii) Gratuity as payable under the Rationalization Scheme; iii) Pension (including commuted value of pension) as per General Insurance (Employees') Pension Scheme, 1995, if eligible. Further, the Voluntary Separation under this Scheme shall also be treated as Voluntary Retirement for the purpose of granting the notional benefit of additional qualifying years 9f service as stipulated in Para 30 of the said Pension Scheme while determining the quantum of pension and commutation of pension; iv) Leave Encashment;. v) All other benefits as ~re admissible to an Officer seeking Voluntary Retirement in terms of para 4 (4A) of the General Insurance (Termination, Superannuation and Retirement of Officers and Development Staff) Scheme, 1976 as amended from time to time. In case, wage revision is effected from a date prior to the date of relieving of the officer under this Scheme, the benefit of revised pay for the purpose of payment of ex-gratia under para 6. and other benefits under para 7.(a) hereinabove will be allowed. (i) (ii) An Officer opting for Voluntary Separation under this Scheme shall make an application as per Appendix A, in triplicate, through proper channel addressed to the Competent Authority. For the purpose of calculating the amount of ex-gratia payable under Para 6 of the Scheme, the fraction of service for six months and above will be reckoned as one year. (iii) All leave during service in the Company for which leave salary is payable shall be counted as service for the purpose of eligibility and computation of ex-gratia. Extraordinary leave on loss of pay granted on medical grounds not exceeding twelve months during the entire service shall also be counted as service for eligibility and computation of ~x-gratia. (iv) Mere submission of application by an officer seeking Voluntary Separation under this Scheme shall not be construed to mean such Separation having taken effect until and unless the Competent Authority accepts it in writing. (v) An officer shall not be eligible to withdraw his or her application for Voluntary Separation under this Scheme after acceptance of the same by the Competent Authority. (vi) For the purpose of this Scheme, the age and completed years of service of an officer will be reckoned in terms of the date of birth and date of joining, respectively as per the records of the Company which shall be treated as correct and final. (vii) All payments under this Scheme and any other benefit payable to an officer shall be subject to prior settlement or re-payment or I

6 adjustment in full, of loans, advances, returning of Company's property and any other outstanding dues against him/her and payable by him or her to the Company. (viii)aii payments under the Scheme shall be subject to deduction of tax at source as per the relevant statutory provisions. (ix) An officer who is allowed Voluntary Separation under this Scheme will not be eligible for re-employment in any of the 4 Public Sector General Insurance Companies.. (x) An officer undergoing exit from the services of the Company through VOluntary Separation under this Scheme and wishing to undertake CommerCia' Employment thereafter shall be governed by the provisions of Para 49 of the General Insurance (Employees') Pension Scheme, 1995 (if opted for the same) or of General Insurance Executives' (Acceptance of Commercial Employment after Retirement) Rules, 1994 (if not opted for Pension), as the case may be. (xi) The ex-gratia payable to an officer on opting for this Scheme would be paid within sixty days from the date of his/her relieving. (xii) In the event of death of an officer, whose request for Voluntary Separation under this Scheme has been accepted, the ex-gratia amount, which would have become due and payable to the deceased officer, will be paid to the person nominated to receive the ex-gratia as per the nomination given in Appendix B. (xiii)save as provided in Para 7(b), the benefits payable under this Scheme shall be in full and final settlement of all claims of whatsoever nature, whether arising under the regulation or otherwise to the officer (or to the nominee in case of death). Art officer who voluntarily separates under this Scheme shall not have any claims against the Company for re-employment or compensation or employment of any of his or her relative on compassionate grounds in the service of the Company or for any other like benefits. (xiv) An officer w~o opts for this Scheme is eligible for retention of residential accommodation if any provided to him/her by the Company or leased accommodation as per the existing rules as applicable to those who retire on attaining the age of superannuation, for a period not exceeding two months from the date of relieving. In such case, the ex-gratia payable to him/her shall be released within sixty days after his vacating of residential accommodation.. (xv) Since the Scheme is aimed at simply providing an honorable exit option to officers with specified profile, and not at right-sizing, the Company shall have the discretion to fill up the vacancies caused as a result of release of officers under the Scheme. (xvi) The Scheme does not-restrict, abridge, limit or curtail the right of the Company to compulsorily retire an officer from the services on (j

7 grounds of gross inefficiency or such other ground as per the Rules for the time being in force. If any query, doubt or difficulty arises in giving effect to any of the provisions of this Scheme, it shall be referred to the Board of the Company for its decision I clarification and the same sh?1ibe binding. I

8 APPLICATION FOR SEEKING VOLUNTARY SEPARATION FOR OFFICERS Chairman-cum-Managing Director The Oriental Insurance Company Limited Head Office.-. # New Delhi. I hereby offer to seek Voluntary Separation from the services of the Company in accordance with the "General Insurance,.(Public Sector) Officer's Golden Gate Scheme for Voluntary Separation, 2009" as approved by the Board of the Company. I have carefully read and understood the contents of the Scheme and I accept the terms and conditions stipulated therein, unconditionally. I furnish the requisite particulars in the Annexure enclosed for consideration of my offer to seek Voluntary Separation from the services of the Company under the above Scheme. I hereby agree to vacate the Company owned residential accommodation/leased accommodation within two months from the date of my relieving from the Company's services. ** I hereby authorize the Company to recover and adjust all loans/dues etc. from my terminal benefits including ex-gratia. Place: Date: ** Strike out if not applicable. Signature,. Name. Designation. Salary Roll No.

9 TO BE FillED Employee ISalary Roll Number Designation Office at which posted Date of birth IN BY THE OFFICER PART-I Date of joining the service (excluding temporary period, if any). No. of completed years of service in the company as on Date of superannuation Whether opted for pension Salary as on '" '" Basic including stagnation increment Dearness allowance Fixed personal allowance Details of bonds if any executed by the Officer DECLARATION I hereby declare that - (a) The information given above is complete and true to the best of my knowledge. (b) I agree that in case any of the aforesaid statements is found to be false, the payment made to me by the Company under this Scheme will be recoverable from me wit~out prejudice to any other action that may be taken against me by the Company. Place: Date: Signature Name: Office:

10 (i) the information given as above Shri/Smt.... ; ~ in his/her... '" application of offercof Voluntary Separation is correct on the basis of official records; (ii) no disciplinary action is pending or contemplated against Shri/Smt., **.. # I recommend that the offer of Shri/Smt. to seek Voluntary Separation from the services of the Company be considered favorably. Place: Date: B. I hereby certify that - (i) the information given by Shri/Smt.", in his/her application of offer of Voluntary Separation is correct on the basis of official records. (ii)no disciplinary action is pending or contemplated against Shri/Smt., ** I recommend that the offer of Shri/Smt. to seek Voluntary Separation from the services of the Company may be considered favourably. Place: Date:. Regiopal in-charge / Departmental Head at Head Office. ** If disciplinary action is pending or contemplated, particulars of the same in brief be attached, if need be in a separate sheet.

11 I : hereby nominate the person named below to receive the ex-gratia in the event of my death before receiving the ex-gratia. 1. Name of the nominee 2. Address of the nominee 3. Relationship with the Officer 4. Date of birth of the nominee 5. If nominee is a minor, name and address of person Who may receive the ex-gratia during the nominees's minolity 6. Name and address of the other nominee in case of the nominee under (1) above predeceases the employee 7. Relationship with the officer 8. Date of birth of the nominee 9. If the other nominee is a minor, name and address of person who may receive the ex-gratia during the other nominee's minority 1O.Contingency on happening of which nomination shall become invalid Name in full Designation Office Region Signature of witness Name Address