Section 21(2) in The General Provident Fund (Central Service) Rules, 1960
(2)A policy to be acceptable under these rules shall be one effected by the subscriber himself on his own life, and shall (unless it is a policy effected by a male subscriber which is expressed on the face of it to be for the benefit of his wife or of his wife and children or any of them) be such as may be legally assigned by the subscriber to the President.Explanation 1. - A policy on type joint lives of the sub- scriber and the subscriber's wife or husband shall be deemed to be a policy on the life of the subscriber for the purpose of this sub-rule.Explanation 2. - A policy which has been assigned to the subscriber's wife shall not be accepted unless either the policy is first-re-assigned to the subscriber or the subscriber and his wife both join in an appropriate assignment.
