Section 16H(1) in RSWC Employees General Provident Fund Regulations, 1990
(1)If a policy assigned to the corporation under Rule 16-E or under the corresponding Rule heretofore in force matures before the subscriber quits the service, or if a policy on the joint live of a subscriber and the subscriber's wife or husband assigned under the said Rule or under the corresponding Rules heretofore in force, falls due for payment by reason of the death of the subscriber's wife or husband, the Sr. Accounts Officer shall save as provided by Rule 16J proceed as follows:(i)if the amount assured together with the amount of any accrued bonuses is greater than the whole of the amount withheld or withdrawn from the Fund in respect of the policy interest thereon at the rate provided in Rule 13 the Sr. Accounts Officer shall reassign the policy to the subscriber or to the subscriber and the joint assured as the case may be and make it over to the subscriber who shall immediately on receipt of the policy monies from the insurance company pay or repay to the Fund the whole of any amount withheld or withdrawn with interest and in default, the provisions of sub-rule (4) of Rule 16-E applicable to a failure to assign and deliver a policy shall apply;(ii)if the amount assured together with the amount of any accrued bonuses is less than the whole of the amount withheld or withdrawn with interest, the Sr. Accounts Officer shall realise the amount assured together with any accrued bonuses and shall place the amount so realised to the credit of the subscriber in the Fund.
