Section 65C(5) in The Coal Mines Provident Fund Scheme
(5)Payment under sub-paragraph (1) shall not commence unless-(i)the member's own share of contribution during the last completed period of currency for which contributions have been posted in his individual ledger" account is equal to or more than the annual premium towards his existing or proposed policy, as the case may be,(ii)the terms of the existing or proposed policy, as the case may be, are such-(a)as shall allow automatic conversion of the policy into a paid-up policy without having to obtain the member's consent, after it has run for a specified period ;(b)as shall require payment of premium not more than once a year;(c)as shall allow the member himself to assign the policy in favour of the Board.
