GPF Rules 1960 – Government not to make payments to insurer on behalf of subscribers
General Provident Fund Rules 1960 – Shrot Title and Commencement, Definition and Constitution of Fund
THE GENERAL PROVIDENT FUND (CENTRAL SERVICES) RULES, 1960
PART IX – MISCELLANEOUS
RULE 21- GOVERNMEN NOT TO MAKE PAYMENTS TO INSURER ON BEHALF OF SUBSCRIBERS
(1) Government shall not make any payments on behalf of subscribers to Insurance Companies nor take steps to keep a policy alive.
(2) A policy to be acceptable under these rules shall be one effected by the subscriber himself on his own life, and shall (unless it is a policy effected by a male subscriber which is expressed on the face of it to be for the benefit of his wife or of his wife and children or any of them) be such as may be legally assigned by the subscriber to the President.
Explanation 1.-A policy on type joint lives of the sub- scriber and the subscriber’s wife or husband shall be deemed to be a policy on the life of the subscriber for the purpose of this sub-rule.
Explanation 2.- A policy which has been assigned to the subscriber’s wife shall not be accepted unless either the policy is first-re-assigned to the subscriber or the subscriber and his wife both join in an appropriate assignment.
(3) The policy may not be effected for the benefit of any beneficiary other than the wife or husband of the subscriber or the wife or husband and children of the subscriber or any of them:
Provided that subscribers who took out policies under Note 1 to Rule 21 (ii) or under clause (b) or (C) of Rule 21A of the Rules in force prior to the 1st April, 1934 shall remain subject to the provisions of those rules in so far as policies so taken out are concerned.