²⁴Scheme of insurance or annuity.

89.   For the purpose of providing the annuities for the beneficiaries, the trustees shall

           (i)  enter into a scheme of insurance with the Life Insurance Corporation established under the Life Insurance Corporation Act, 1956 (31 of 1956) ²⁵[or any other insurer as defined in clause (28BB) of section 2 of the Income-tax Act, 1961], or

          (ii)  accumulate the contributions in respect of each beneficiary and purchase an annuity from the said Life Insurance Corporation of India ²⁵[or any other insurer] at the time of the retirement or death of each employee or on his becoming incapacitated prior to retirement :

²⁶[Provided that nothing in this rule shall apply to a fund established or constituted, under an irrevocable trust which has its sole purpose to make payment of pension or family pension, in accordance with the rules or regulations made under the following Central Acts, namely :

           (i)  the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); or

          (ii)  the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980); or

         (iii)  the State Bank of India Act, 1955 (23 of 1955); or

         (iv)  the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); or

          (v)  the Industrial Development Bank of India Act, 1964 (18 of 1964); or

         (vi)  the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981); or

        (vii)  the Export-Import Bank of India Act, 1981 (28 of 1981); or

       (viii)  the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984); or

         (ix)  the Small Industries Development Bank of India Act, 1989 (39 of 1989); or

          (x)  the National Housing Bank Act, 1987 (53 of 1987).]