FORM of indemnity bond to be submitted by apprentice developmrnt officer at the

Time of their appointment

This DEED OF INDEMNITY is made at 2010 on this09 day of November

between Shri/Smt/MsNaveen Nayak..son / daughter of ShriTimmappa
Nayak(late)aged23.residing atHonnekriAnkola
UttarakannadaKarnatakaherein referred to as Party of the First Part
and Life Insurance Corporation of India having its Central Office at Yogakshema.
Jeevan Bima Marg, P.B. No.19953. MUMBAI 400021 herein after referred as
Corporation as the Party of the Second Part.

WHEREAS
1.
The Party of the First Part pursuant to his/her taking part in the selection
process of the Recruitment for the post of Apprentice Development Officer and
having been successful in the Recruitment process conducted by the Corporation,
had been offered he appointment to the post of Apprentice Development Officer
vide letter dated . Which party of the First Part do hereby accept with the
following terms and conditions.
2.
Party of the First Part is aware that he/she would be placed on probation for a
minimum period of ONE.(1) YEAR immediately after successful completion of a
apprenticeship period from the date of acceptance of appointment letter as A.D.O.
The said period can further be extended for a total period of Two (2) years. The
confirmation of the party of the First Part will be subject to his/her satisfactory work
record including business performance and conduct during the probationary period.
3.
The party of the first part is aware that from the date of appointment as
Apprentice Development Officer. He/ She will be governed by Life Insurance
Corporation of India .Development Officers (Recruitment of Apprentice Development
Officers)Recruitment Regulations,1999 and from the date of probation they will be
governed by Life Insurance Corporation of India (Staff) regulations,1960 and Rules
and regulations framed by the Central Government
and the party of the Second
Part besides the administrative instructions, Amendment etc. issued by the
Corporation from time to time .As on the date of confirmation as Development
officer, he will be governed by LIC of india regulations,1960 now in force and
Assurance from time to time. Rules and regulation s farmed by the Central
Government and the party of the Second Part besides the administrative
instructions amendment are issued by the corporation from time to time and as per
the previous of Life Insurance Corporation of India Development Officers (Revision of
Certain Terms and Conditions of Service) Rules 2009.

4.
The party of the First part is aware that the Corporation would be incurring
Considerable expenses on training and imparting knowledge and managerial skill to
discharge of his/her duties as an Apprentice Development Officer/Development
Officer of the Corporation to be utilized for the benefit of the Corporation only.
5.
The Party of the First Part is Aware that in the event of his/her leaving service
of the Corporation within a period of Four Years from the date of joining as
Apprentice Development Officer (including apprenticeship period) for any reason
whatsoever the Party of the First Part failing whom the within named surety
Shri/Smt/Ms.do hereby agree to indemnity the loss suffered by
the Corporation on account of the expenses incurred as mentioned in the Clause 4
above.
6.
NOW THIS DEED A WITNESSTH that in the event of the termination on of
service, resignation etc. or whatsoever be the reason directly or indirectly
attributable to the party of the First Part within a period of FOUR YEARS from the
date of joining the post of Apprentice Development Officer(Including

Certificate no. : IN-KA346474741594441

Apprenticeship Period) the part of the First Part and the within Named Surety
Shri/Smt/MS.to hereby for themselves. Their heirs,
executors or administrators Covenant with the Corporation, its Successors and
assign that the said Party of the First Part and the within named Surety
Shri/Smt/Ms..their heirs, executors or administrators
undertake and bind to pay the corporation the liquidated damages amounting
Rs.25000/-(Rupees Twenty Five Thousand only) and that they will keep indemnified
the said Corporation .its successors and assigns of and from all actions suits costs
claims and demands of whatever nature arising in consequence of clause 4 and 5 of
this Indemnity Bond.

IN WITTNESS WHERE OF the Party of the First Part and the within named surety have
hereunto put their hands the day and the year first hereinabove written.

Signed and delivery by the within named

1). Party of the First Part Shri/Smt/MS..

2). Surety Shri/Smt/MS..

In the presence of ..

Witness:

witness:

Full Signature Full Signature

Name ...

Address

Name

Address

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..

..

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