GPF Procedure on maturity of policies Rule 25
The General Provident Fund (Central Services) Rules, 1960
RULE 25- PROCEDURE ON MATURITY OF POLICIES
(l) If a policy, assigned to the President under rule 22 or under the corresponding rule heretofore in force, matures before the subscriber quits the service, or if a policy on the joint lives of a subscriber and the subscriber’s wife or husband assigned under the said rule, or under the corresponding rule heretofore in force, falls due for payment by reasons of the death of the subscriber’s wife or husband, the Accounts Officer shall, save as provided by rule 28, realise the amount assured together with any accrued bonuses and shal1 place the amount so realized to the credit of the subscriber in the Fund :
Provided that if the amount assured together with the amount of any accrued bonus is more than the whole of the amount withheld or withdrawn, it shall be the duty of the subscriber to inform the Accounts Officer in writing within a month from the date of maturity of the policy, whether the difference, or a part of the difference, as specified by the subscriber, be paid to him; and it shall be the duty of the Accounts Officer to Act in accordance with the option of the subscriber.
Note: If no option is exercised by the subscriber in writing to the Accounts Officer within the period prescribed, he shall be deemed to have opted to deposit the difference in his account in the Fund. Such deposit will be merged in the amount standing to the subscriber’s credit in the Fund.
(2) Save as provided by rule 28, if a policy, delivered to the Accounts Officer under clause (b) of sub-rule (1) of rule 22, matures before the subscriber quits the service, the Account’s 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 moneys 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(i) the whole of any amount withheld or withdrawn from the Fund in respect of the policy, or
(ii) an amount equal to the amount assured together with any accrued bonuses, whichever is less, and, in default, the provisions of Rule 29 shall apply as they apply in relation to cases where money withheld or withdrawn from the Fund under clause (a) or, clause (b) of rule 17 has been utilised for a purpose other than that for which sanction was given to the withholding or withdrawal.