Section 16E(1) in RSWC Employees General Provident Fund Regulations, 1990
(1)The policy within six months after the first withholding of a subscription or withdrawal from the Fund in respect of the policy; or in the case of an Insurance Company whose head-quarters are outside India, within such further period as the Sr. Accounts Officer, if he is satisfied by the production of the completion certificate (interim receipt) may fix, shall-(a)unless it is policy effected by a male subscriber which is expresses on the face of it to be for the benefit of the wife subscriber, or of his wife and children or any of them, be assigned to the Corporation as security for the payment of any sum which may become payable to the Fund under Rule 16J and delivered to the Sr. Accounts Officer, the assignment being made by endorsement on the Policy in Form 7(A) or Form 7(B) or Form 7(C) accordingly as the policy is on the life of the subscriber or on the joint lives of the subscriber and the subscriber's wife or husband or the Policy have previously been assigned to the subscriber's wife.(b)if it is a Policy effected by a male subscriber which is expressed on the fact of it to be for the benefit of the wife of the subscriber or of his wife and children or any of them, be delivered to the Sr. Accounts Officer.
