Section 15 in The Rajasthan Financial Corporation Employees Provident Fund Regulations, 1958
15. Payment toward Insurance Policies.
- Sums to meet.-(a)Subscriptions to a family pension fund approved in this behalf by the Corporation for its employees, or(b)payment or payments towards a policy of insurance on the life of a Subscriber either alone or jointly with some other life,may be withheld from the Subscriptions to the Fund, or withdrawn from the amounts Subscribed thereto by the Subscriber (including interest thereon), after giving seven days prior notice to the Administrators in that behalf. Any sum or sums so withheld or withdrawn from Subscriptions shall be deemed to be part of Subscriptions for the purpose of calculating the Corporations contribution under Regulation 9. Amounts withdrawn or withheld shall be returnable to the Fund in accordance with the provisions following:Provided that such Subscriber shall within a month of such withholding or withdrawal or within such extend period as the Administrators may from time to time determine, send to the Administrators, receipt or receipts or certified copies of such receipts or receipt, in proof of the application of the amount so withheld or withdrawn to the purposes specified in clause (a) and (b) above:Provided further that no such withholding or withdrawal for the purpose of payment towards a policy of insurance as stated above shall be made by a Subscriber unless the policy of insurance is first submitted by him to the Administrators for their scrutiny and on such scrutiny is found to be capable of being legally assigned to them as security under Regulation 16.
