Section 17 in The Bihar General Provident Fund Rules, 1948
17. Payment towards Insurance Policies and Family Fund.
- Subject to the conditions hereinafter contained in Rules 18 to 28-(a)(i)Subscriptions to family pension fund approved in this behalf by the Provincial Government; or(ii)payment 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the Fund;(b)the amount of subscriptions with interest thereon standing to the credit of a subscriber in the Fund may be withdrawn to meet:(i)a payment towards a policy of life insurance;(ii)the purchase of single payment insurance policy;(iii)the payment of a single premium or subscription to a family pension fund approved [* * *] [[The following Funds have been approved by the Provincial Government -(a)Superior Services (India) Family Pension Fund.(b)Bengal Uncovenanted Service Family Pension Fund(c)Bombay Government Service Family Pension Fund.(d)Bengal and Madras Service Family Pension Fund.(e)General Family Pension Fund.(f)Hindu Family Annuity Fund.(g)Bengal Christian Family Pension. Fund.]] in this behalf by the Provincial Government:[Provided that no amount shall be withdrawn-(1) before the details of the proposed policy have been submitted to the Account Officer and accepted by him as suitable, or (2) to meet any payment or purchase made or effected more than three months before the date of application or presentation of claim for withdrawal, or (3) to meet payment of any premium or subscription more than three months in advance of the due date of payment.Note. - Due date of payment for the purpose of this provision will be the date upto which payment can be made including the grace period allowed by the Insurance Companies.Explanation. - Under clause (3) of this proviso no withdrawal from the fund for financing a policy of Life Insurance shall be made after date of payment without production of the premium receipt, in token of such payment] [Substituted by C. Slip No. 10 dated 30.8.1967.]:Provided further that payment towards an educational endowment policy may not be substituted for subscription to the fund and that no amount may be withdrawn to meet any payment or purchase in respect of such a policy if that policy is due for payment in whole or part before the subscriber's age of normal superannuation:Provided further that amount withdrawn shall be rounded to the nearest whole rupee.Note. - Where a subscriber intends to take out a life assurance policy in any Company and to substitute premium on such a policy for subscription to the General Provident Fund, he should satisfy himself that the Company concerned is a sound one.
