Exemption power for coal mines permits notification-based exclusion from the Insurance Scheme, subject to conditions and compliance obligations. Sections 11C and 11D empower the Central Government to notify exemptions of coal mines or classes of employees from the Insurance Scheme when employees already receive superior life-insurance benefits without separate contributions. Employers subject to exemption must maintain prescribed accounts and records, allow inspections, preserve benefit quantum unless governmental leave is granted, and transfer employee accumulations on re-employment or on cancellation. Exemptions may be revoked for non-compliance and, upon cancellation, accumulations are to be transferred to the Insurance Fund as specified. The Act operates notwithstanding inconsistencies with the Life Insurance Corporation Act.