FORM of Indemnity Bond to be submitted by Apprentice Development Officer

at the time of their appointment:

This DEED OF INDEMNITY is made at __________on this _________day of _____________

between Shri/Smt/Ms. ________________________________________Son/ daughter of Shri
_____________________________aged _________residing at_______________________
_____________________________________________________________________________________
herein 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 the 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. The 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 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 (Recruitment of Apprentice
Development Officers) Regulations, 1999 as amended from time to time 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/she will be governed by Life Insurance Corporation of
India(staff) regulations, 1960 now in force and as amended from time to time, 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 and as per the provisions of
Life Insurance Corporation of India Development Officers (Revisions of Certain Terms & Conditions of
Service) Rules, 2009 and Life Insurance Corporation of India Development Officers (Revisions of Certain
Terms & Conditions of Service) Amendments Rules 2016 , as amended from time to time.

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 resigning services 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 indemnify the loss suffered by the
Corporation on account of the expenses incurred as mentioned in the Clause 4 above.

6. NOW THIS DEED WITNESSTH that in the event of the resignation from the services of the Corporation
within a period of FOUR YEARS from the date of joining the post ”of Apprentice Development Officer (
including Apprenticeship Period ) the Party of the First Part and the within named Surety Shri / Smt/ MS
_____________do hereby for themselves, their heirs, executors or administrators Covenant with the
Corporation, its Successors and assigns 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)OnIy 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 WITNESS WHEREOF, 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 delivered by the within named

1). Party of the First Part Shri /Smt / Ms ______________________________________________

2). Surety, Shri /Smt / Ms _________________________________________________________

Name: ________________________________________________________________________
Address: ______________________________________________________________________
_____________________________________________________________________________
In the presence of ______________________________________________________________

Witness: Witness:

Full Signature: ____________________ Full Signature:

_______________________ Name: ______
Name:_______________________________

Address: _________________________ Address:

_____________________________

________________________________ ____________________________________