Section 17 in The M.P. General Provident Fund Rules, 1955
17. Payment towards insurance policies and family pension funds.
- Subject to the conditions hereinafter contained in Rules 17-A to 27,-(a)(i)subscriptions to a family pension fund approved in this behalf by the State Government; or(ii)payments towards a policy of life insurance may at the option of a subscriber, be substituted in whole or part for subscriptions due to the Fund.(b)the amount of a subscriptions with interest thereon standing to the credit of a subscriber in the Fund may be withdrawn to meet:-(i)a payment towards a policy of life insurance;(ii)the purchase of a single payment insurance policy;(iii)the payment of a single premium or subscriptions to a family pension fund approved in this behalf by the State Government:Provided that no amount shall be withdrawn (1) before the details of the proposed policy have been submitted to the Accounts Officer and accepted by him as suitable, or (2) to meet any payment or purchase made or affected more than twelve months before the withdrawal, or (3) in excess of the amount required to meet a premium or subscription actually due for payment within one month of the date of withdrawal:Provided further that payment towards an educational endowment policy may not be substituted for subscriptions to the Fund and that no amounts may be withdrawn to meet any payment or purchase in respect of such a policy if that policy is due for payment in whole or part before the subscriber's age of normal superannuation :Provided further that the amounts withdrawn shall be in whole rupee but shall not include fraction of a rupee although such amount is less than the amount actually required.Note. - The Accounts Officer shall, before accepting as suitable the details of the proposed policy, satisfy himself that the policy is taken out mainly for the benefit of the subscriber's family and shall refuse to accept a policy which does not fulfil this condition.
