Recruitment of AAO (Generalists/ Specialists/ Assistant Engineers) 2025: Download “SURETY FORM

(To be executed by SURETY/ Person not related to the candidate) (To be stamped before execution) THIS INDENTURE made on the _____day of _____in the Christian Year ________between of (address)____________________________ inhabitant hereinafter called “the Covenantor”(which expression shall include his/her heirs, executors, administrators and assigns wherever the context or meaning shall so require or permit) on the one part and the LIFE INSURANCE CORPORATION OF INDIA , a statutory Corporation established by the LIFE INSURANCE CORPORATION Act,1956 and having its Central Office at Yogakshema, Jeevan Bima Marg, Mumbai 400021, herein after called “the Corporation” (which expression shall include its successors and assigns wherever the contexts or meaning shall so require or permit) on the other part.

Inhabitant (herein after called “the Candidate”) as an Assistant Administrative Officer on probation on a basic salary of Rs. Per month, with such allowances as are admissible under the LIFE INSURANCE CORPORATION OF INDIA (Staff Rules 1960) and has further agreed that if on completion of the probationary period, the work and conduct of the candidate are found satisfactory, he should be confirmed in the service of the Corporation.

2. It has further been agreed that on joining in the service of the Corporation the candidate will serve the Corporation for a minimum period of FOUR years and that in case during the period of probation or subsequent period of THREE years after confirmation, he should resign or his services be terminated, he will pay to the Corporation an amount of Rs.5,00,000/- (Five lakhs only) any other tax payable, if any as and by way of liquidated damages.

3. The Covenantor has agreed with the Corporation to guarantee the payment of the said amount of Rs. 5,00,000/- (Five lakhs only) plus GST thereon at applicable rates in case it should become payable by the candidate as and by way of liquidated damages in the circumstances aforesaid and in case the candidate shall fail and neglect to pay the same.