Section 16H(2) in RSWC Employees General Provident Fund Regulations, 1990
(2)Save as provided by rule 16-J, if a policy delivered to the Sr. Accounts Officer under clause (b) of sub-rule (1) of Rule 16-E matures before the subscriber quits the service the Sr. Accounts Officer shall make over the policy to the subscriber:Provided that if the interest in the policy of the wife of the subscriber or of his wife and children, or any of them as expressed on the face of the policy, expires when the policy matures, the subscriber, if the policy monies are paid to him by the Insurance company shall immediately on receipt thereof pay or repay to the Fund either.(i)the whole of any amount withheld or withdrawn from the Fund in respect of the policy with interest thereon at the rate provided in Rule 13.Or(ii)an amount equal to the amount assured together with any accrued bonuses, whichever is less, 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.
