Section 13 in Punjab State Warehousing Corporation Employees' Provident Fund Regulations, 1974
13. Advances for payment of premia for Insurance Monthly policies, etc.
- Advances may be made to a subscriber from the Fund lying on account of his subscriptions and interest thereon with the approval of the Committee for the following purpose :-(1)Payment towards premium of policy of insurance on the life of the subscriber or of his wife :Provided that the policy is assigned in favour of the Corporation and deposited within 6 months with the committee and the premia receipts granted by the Insurance Company are produced for inspection from time to time :Provided further that the number of policies in respect of which the facility referred to above is allowed will not exceed four at a time and the premia shall not be payable otherwise than annually.Note. - The amount withdrawn shall be paid in whole rupees rounded to the nearest rupee, fifty paise and above being rounded to the next higher rupee.
