Section 14 in The Punjab State Agricultural Marketing Board and Market Committees Employees Provident Fund and Gratuity Rules, 1965
14. Payments towards a policy of insurance fund.
- Payments towards a policy of insurance may, at the option of a subscriber, be substituted for or deducted from subscriptions to the fund, subject to the following conditions :-(a)Only the amount of subscription with interest thereon standing to the credit of the subscriber in the fund may be withdrawn to meet the payment of premia.(b)If the total amount of any subscription of payment substituted under this rule is less than the amount of subscription payable to the fund under rule 5 the difference shall be paid by the subscriber as subscription to the fund.(c)The policy to be financed from the fund shall be the one effected by the subscriber himself on his own life and the policy shall be such as is legally assignable to the Administrator.(d)The competent authority shall not make any payment on behalf of the subscriber to Insurance Companies nor shall it take steps to keep the policy alive. If a subscriber certifies every month at the time of the preparation of the pay bill that the monthly premium payable by him to the Insurance Company is not less than the amount of his subscription under rule 5, the Chairman shall accept the same. He can, however, demand and scrutinise at any time, the premium receipts or certifies copies thereof showing that such payment have actually been made to the insurance companies. In the event of the insurant not furnishing the same, the Administrator shall make the necessary deductions from the subscriber's pay for deposit in his fund. Should the subscriber prefer to do so, he may apply for an advance from the fund for payment of his quarterly, half yearly or yearly premia. The advance given for payment of such premia shall not be treated as an advance given under rule 10.
