Section 65C(12B) in The Coal Mines Provident Fund Scheme
(12B)On a written request made to the Commissioner or where so authorised by the Commissioner to an officer subordinate to him by a member to the effect that the premium payable to the Life Insurance Corporation of India on the policy of Insurance taken by such member and financed partly or wholly out of the accumulations of the member in the Fund need not, thereafter, be paid from such accumulations and that the policy may be re-assigned to him, the policy shall be re-assigned in favour of the member.] [Paras (12A) & (12B) inserted vide O.S.R. No. 1387 dated 25.9.1976.]Provided that in cases where a member makes a request for the re-assignment of his policy to him, the policy shall be re-assigned to him only if he pays back into his account in the Fund, the amounts paid from it, as premium on the policy to the Life Insurance Corporation of India or he gives an undertaking in writing that he shall by himself thereafter, regularly pay to the Life Insurance Corporation of India, the premium on such police' till its maturity.Provided further that where the policy is re-assigned to the member under this sub-paragraph the policy shall remain under the custody of the Board till the member ceases to be in employment in the Coal Industry or till the policy matures, whichever is earlier.
