Section 8 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
8.
When an employee who has insured himself under Rule 7, gets into a higher category either due to promotion or fresh appointment, he shall within six months of such promotion/fresh appointment, effect additional insurance to cover the difference:Provided that no such additional insurance need be insisted upon in cases where in the opinion of the Controlling Authority the employee's chances continuing in the higher category are uncertain.Note. - The terms and conditions under which a policy will be issued by the Life Insurance Corporation of India/The Postal Life Insurance shall be binding upon the employees.
