Section 20 in The M.P. General Provident Fund Rules, 1955
20.
(1)Government shall not make any payments on behalf of subscribers to Insurance Companies nor take steps to keep a policy alive.(2)A policy to be acceptable under these rules shall be one effected by the subscriber which is expressed on the face of it himself on his own life, and shall (unless it is a policy effected by a male subscriber to be for the benefit of his wife, or his wife and children, or any of them) be such as may be legally assigned by the subscriber to the Governor of Madhya Pradesh.Note. - An annuity policy on the subscriber's own life and not effected for the benefit of any specific person has been declared to be acceptable under the above rule.Explanation 1. - A policy on the joint lives of the subscriber and the subscriber's wife or husband shall be deemed to be a policy on the life of the subscriber for the purpose of this sub-rule.Explanation 2. - A policy which has been assigned to the subscriber's wife shall not be accepted unless either the policy is first re-assigned to the subscriber or the subscriber and his wife both joined in an appropriate assignment.(3)The policy may not be effected for the benefit of any beneficiary other than the wife or husband of the subscriber or the wife or husband and children of the subscriber or any of them :Provided that subscribers who took out policies under Note 1 of Rule 21 (ii) or under Clause (b) or (c) of Rule 21-A of the rules previously in force shall remain subject to the provisions of those rules in so far as policies so taken out are concerned.
