Section 15 in The Orissa Contributory Provident Fund Rules, 1938
15. Payments towards Insurance Policies and Family Pension Funds.
- Subject to the conditions contained in Rules 16 to 22.(a)(i)Subscriptions to a Family Pension Fund approved in this behalf by the Provincial Government.(ii)Payments towards an insurance policy may, at the option of a subscriber, be substituted for the whole or part of subscriptions 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the Fund;(b)the amount of subscriptions with interest thereon standing to the credit of a subscriber in the Fund may be withdrawn to meet-(i)payments towards an insurance policy;(ii)purchase of a single payment insurance policy;(iii)payment of single premium or subscriptions to a Family Pension Fund approved in this behalf by the Provincial Government :Provided that no amount shall be withdrawn (1) before the details of the proposed policy have been submitted to the Account Officer and accepted by him as suitable or (2) to meet any payment or purchase made or affected more than twelve months before the withdrawal; or (3) in excess of the amount required to meet a premium or subscription actually due for payment within six months of the date of withdrawal :Provided further that payments towards an educational endowment policy may not be substituted for subscriptions to the Fund and that no amounts may be withdrawn to meet any payment or purchase in respect of such policy if that policy is due for payment in whole or part before the subscriber's age of normal superannuation.(c)Any amount withdrawn under Clause (b) shall be paid in whole rupees only rounded to the nearest rupee in the manner provided in Sub-rule (6) or Rule 10.
