Section 24 in The Bihar General Provident Fund Rules, 1948
24.
(1)If a policy assigned to the Governor of Bihar, under rule 21 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 and the subscriber's wife or husband assigned under the said Rule or under the corresponding Rules heretofore in force falls due for payment by reason of the death of the subscriber's wife or husband, the Account Officer shall, save as provided by the Rule 27 proceed as follows: -(i)if amount assured together with the amount of any accrued bonuses is greater than whole of the amount withheld or withdrawn from the Fund in respect of the policy with interest thereon at the rate provided in Rule 14, the Account Officer shall, re-assign the policy in the Form, set forth in the Fifth Schedule to the subscriber or the subscriber and the joint assured as the case may be, and make it over to the subscriber, who shall immediately on receipt of the policy moneys from the Insurance Company pay or repay to the Fund the whole or any amount withheld or withdrawn with interest and in default the provisions of sub-rule (4) of Rule 21, applicable to a failure to assign and deliver a policy shall apply;(ii)if the amount assured together with the amount of any accrued bonuses is less than whole of the amount withheld or withdrawn with interest, the Account Officer shall realise the amount assured together with any accrued bonuses and shall place the amount so realised to the credit of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.(2)Save as provided by Rule 27, if a policy delivered to the Account Officer, under clause (b) of sub-rule (1) of Rule 21 matures before the subscriber quits the service, the Account 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Company, shall immediately on receipt thereof, pay or repay to the Fund either-(i)the whole or any amount withheld or withdrawn from the Fund in respect of the policy with interest thereon at the rate provided in Rule 14;(ii)or an amount equal to the amount assured together with any accrued bonuses;whichever is less and, in default, the provisions of sub-rule (4) of Rule 21, applicable to a failure to deliver a policy shall apply.
