Section 11 in Rules of Contributory Provident Fund-Insurance-Pension Scheme (The Triple Benefit Scheme) for the Employees Serving in State Aided Educational Institutions run by Local Bodies or Private Managements
11.
Subject to the general conditions contained in the relevant Provident Fund Schemes the amount of subscriptions with interest thereon standing at the credit of an employee in his provident fund, however, be withdrawn to meet payment towards premia of an Insurance Policy. The amount so withdrawn shall have to be refunded to the fund in accordance with the rules of the Provident Fund Scheme applicable to the employee concerned:Provided that no amount shall be withdrawn for the purpose - (1) before the details of the proposed policy have been submitted to the Controlling Authority and accepted by him as suitable; or (2) in excess of the amount required to meet a premium actually due for payment within six months of the date of withdrawal:Provided further that amounts withdrawn shall be rounded to the nearest whole rupee.Note. - The premium for a policy in respect of which withdrawal of subscriptions from the Fund may be permitted under Rule 11 shall not be payable otherwise than annually.
