Section 7 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
7.
Every employee referred to in sub-rule (b) of Rule 4 who elects these rules or a temporary employee on his confirmation, within a period of one year of his/her election of these rules or confirmation, as the case may be, shall be insured his/her life with the Life Insurance Corporation of India or the Postal Life Insurance for a Policy maturing at the age of compulsory retirement for an amount not less than that specified against his/her category in "Appendix A" and keep the policy alive and un-encumbered:Provided that an employee who has already taken out such a policy need not take out a fresh one under this rule if the Policy is alive and un-encumbered:Provided also that an employee who already completed 40 years of age on October 1, 1934, or who may be recruited after that age shall be exempted from this rule.
