Section 20(2) in The M.P. General Provident Fund Rules, 1955
(2)A policy to be acceptable under these rules shall be one effected by the subscriber which is expressed on the face of it himself on his own life, and shall (unless it is a policy effected by a male subscriber to be for the benefit of his wife, or his wife and children, or any of them) be such as may be legally assigned by the subscriber to the Governor of Madhya Pradesh.Note. - An annuity policy on the subscriber's own life and not effected for the benefit of any specific person has been declared to be acceptable under the above rule.Explanation 1. - A policy on the joint lives of the subscriber 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 joined in an appropriate assignment.
