Section 20 in The Oil Industry Development Board Staff Provident Fund Rules, 2013
20. Deposit-linked Insurance Scheme.
- On the death of a subscriber, the person entitled to receive the amount standing to the credit of the subscriber shall be paid by the Secretary an additional amount equal to the average balance in the account during the three years immediately preceding the death of such subscriber, subject to the condition that -(a)the balance at the credit of such subscriber shall not at any time during the three years preceding the month of death have fallen below the limits of-(i)Rs.25000 in the case of subscriber holding a post in the Pay Band-2 (Rs.9300-34800) or above and drawing a Grade Pay of Rs.4800 per month or more;(ii)Rs.15000 in the case of a subscriber holding a post in the Pay Band-2 (Rs.9300-34800) and drawing a Grade Pay of Rs.4200 per month or more but less than Rs.4800 per month;(iii)Rs.10000 in the case of a subscriber holding a post in the Pay Band-2, Pay Band-1 or Pay Band 1S (Rs.4440-7440) and drawing a Grade Pay of Rs.1400 per month or more but less than Rs.4200 per month;(iv)Rs.6000 in the case of a subscriber holding a post in the Pay Band 1S (Rs.4440-7440) and drawing a Grade Pay of Rs.1300 per month or more but less than Rs.1400 per month;(b)the additional amount payable under this rule shall not exceed Rs.60,000;(c)the subscriber has put in at least five years' service at the time of his or her death.Note 1.- The average balance shall be worked out on the basis of the balance at the credit of the subscriber at the end of each of the 36 months, preceding the month in which the death occurs. For this purpose, as also for checking the minimum balance prescribed above-(a)the balance at the end of March, shall include the annual interest credited in terms of rule 11; and(b)if the last of the, aforesaid 36 months is not March, the balance at the end of said last month shall include interest in respect of the period from the beginning of the financial year in which death occurs to the end of the said last month.Note 2.- Payment under this scheme should be in whole rupee, if an amount due includes a fraction of a rupee it should be rounded to the nearest rupee (50 paisa counting as the next higher rupee).Note 3.- Any sum payable under this scheme is in the nature of insurance money and therefore, the statutory protection given by section 3 of the Provident Funds Act, 1925 (Act 19 of 1925), does not apply to sums payable under this scheme.
