Scheme of insurance or annuity

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....r insurer as defined in section 2(58) of the Act; or (b) accumulate the contributions in respect of each beneficiary and purchase an annuity from the said Life Insurance Corporation of India or any other insurer at the time of the retirement or death of each employee, or on his becoming incapacitated prior to retirement. (2) The provisions of sub-rule (1) shall not apply to a fund esta....