Section 19 in The General Provident Fund (U.P.) Rules, 1985
19. Re-assignment of Insurance Policies.
- After the commencement of these rules, the Account Officer shall take the following action in respect of the existing policies hereto being financed from the Fund :(i)If the policy had been assigned to the Governor under the rules heretofore in force, re-assign the policy in Form (1) in the Third Schedule to the subscriber, or to the subscriber and the joint assured, as the case may be and make it over to the subscriber together with a signed notice of the re-assignment addressed to the Life Insurance Corporation.(ii)If the policy had simply been delivered to him under the rules heretofore in force, make over the Policy to the subscriber;(iii)If the subscriber has died, the Account Officer shall:(a)If the policy had been assigned to the Governor under the rules heretofore in force, re-assign the policy in Form (2) in the Third Schedule to such person as may be legally entitled to receive it, and shall make over the policy to such person together with a signed notice of the re-assignment addressed to the Life Insurance Corporation;(b)If the policy had simply been delivered to him under the rules heretofore, in force, make over the policy to the beneficiary, if any or, if there is no beneficiary, to such person as may be legally entitled to receive it :Provided that if a policy assigned to the Governor has matured or fallen due for payment by reason of the death of the subscriber's wife or husband and the amount assured has been realised by the Account Officer from the Life Insurance Corporation and credited to the account of the subscriber, the said policy need not be re-assigned.
