Section 16A in RSWC Employees General Provident Fund Regulations, 1990
16A.
(1)Subject to the conditions hereinafter contained in Rules 16-B to 16-J:(a)Payment towards a policy of Life Insurance may at the option of a subscriber, be substituted in whole or part for subscriptions due to the Fund;(b)the amount of subscriptions with interest thereon standing to the credit of a subscriber in the Fund may be withdrawn to meet-(i)a payment towards a policy of Life Insurance;(ii)the purchase of a single payment insurance policy :Provided that no amount shall be withdrawn (1) before the details of the proposed policy have been submitted to the Sr. Accounts Officer/Assistant Accounts Officer (P) and accepted by him as suitable or (2) to meet any payment or purchase made or affected more than 3 months before the withdrawal or (3) in excess of the amount required to meet a premium or subscription actually due for payment within 3 months of the date of withdrawal:Provided further that payment towards an educational endowment policy may not be substituted for subscriptions to the Fund and that no amounts may be withdrawn to meet any payment or purchase in respect of such a policy if that policy is due for payment in whole or part before the subscriber's age of normal superannuation:Provided further that amount withdrawn shall be rounded to the nearest whole rupee.(2)The number of policies in respect of which substitution for subscriptions due to the Fund or withdrawal of subscriptions from the Fund may be permitted under this Rule shall not exceed four:Provided that where immediately before joining the Fund a member of the service was a subscriber to any other non-contributory Provident Fund maintained by the Corporation and substitution for subscriptions due to or withdrawal of subscriptions from that fund was permitted in respect of more than four policies, such substitution or withdrawal shall continue to be permitted in respect of these policies under this Rule.(3)The premium for a policy in respect of which withdrawal of subscriptions may be permitted under this Rule shall be payable annually and not otherwise.Explanation. - In computing the maximum number of policies specified in sub-rule (2) policies which have matured or have been converted into paid up ones, shall be excluded.
