Section 26 in The Maharashtra Housing and Area Development Authority Contributory Provident Fund Rules, 1985
26. Payment on maturity of assigned policy.
(1)If a policy assigned to the Governor under rule 23 or under the corresponding rule heretofore in force, matures before the subscriber quits the service, or if a policy on the joint lives of a subscriber and the subscriber's wife or husband, assigned under the said rule or under the corresponding rule heretofore in force, falls due for payment by reason of the death of the subscriber's wife or husband, the Accounts Officer shall, save as provided by sub-rule (3) of rule 27, realise the amount assured together with any accrued bonuses and shall place the amount so realised to the credit of the subscriber in the fund:Provided that, if the amount assured together with the amount of any accrued bonus is more than the whole of the amount withheld or withdrawn, it shall be the duty of the Accounts Officer to pay to the subscriber the difference on receipt of a written application in this behalf.(2)Save as provided by sub-rule (3) of rule 27, if a policy delivered to the Accounts Officer under clause (b) of sub-rule (1) of rule 23 matures before the subscriber quits the service the Accounts Officer shall make over the policy to the subscriber :Provided that, if the interest in the policy of the wife of the subscriber, or of his wife and children, or any of them, as expressed on the face of the policy, expires, when the policy matures, the subscriber, if the policy moneys are paid to him by the Insurance Company, shall immediately on receipt thereof pay or repay to the fund either,-(i)the whole of any amount withheld or withdrawn from the fund in respect of the policy; or(ii)an amount equal to the amount assured together with any accrued bonuses, whichever is less; and in default, the provisions of rule 28, shall apply as they apply in relation to cases where money withheld or withdrawn from the fund under clause (a) or clause (b) of rule 19 has been utilised for a purpose other than that for which sanction was given to the withholding or withdrawal.
