Section 16 in Rajasthan State Warehousing Corporation Employees Provident Fund Regulation, 1962
16. Reassignment of the policy.
- (i) When the subscriber(a)quits the service, or(b)has proceeded on leave preparatory to retirement and applies to the Committee for reassignment and return of the policy, or(c)while on leave, has been permitted to retire or declared by competent medical authority to be unfit for further service and applies to the Committee for reassignment and return of the policy, or(d)pays or repays to the Fund the whole or any amount withheld or withdrawn from the fund with interest thereon, the Committee shall reassign the policy in an appropriate form to the subscriber or to the subscriber and the joint assured as the case may be and made it over to the subscriber with a signed notice of the reassignment addressed to the Insurance Company.(ii)When the subscriber dies before quitting the service, the Committee shall reassign the policy in an appropriate form 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 reassignment addressed to the Insurance Company:Provided that the policy is assigned in favour of the Corporation and deposited within 6 months with the Committee and the premia receipts granted by the Insurance Company are produced for Inspection from time to time:Provided further that the number of policies in respect of which the facility referred to above is allowed will not exceed 4 at a time and the premia shall not be payable otherwise then annually.Note. - The amount withdrawn shall be paid in whole rupees rounded to the nearest rupee (50 NP. counting as the next higher rupee)".
