Section 16A(1) in RSWC Employees General Provident Fund Regulations, 1990
(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the Fund;(b)the amount of subscriptions with interest thereon standing to the credit of a subscriber in the Fund may be withdrawn to meet-(i)a payment towards a policy of Life Insurance;(ii)the purchase of a single payment insurance policy :Provided that no amount shall be withdrawn (1) before the details of the proposed policy have been submitted to the Sr.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towards an educational endowment policy may not be substituted for subscriptions to the Fund and that no amounts may be withdrawn to meet any payment or purchase in respect of such a policy if that policy is due for payment in whole or part before the subscriber's age of normal superannuation:Provided further that amount withdrawn shall be rounded to the nearest whole rupee.
