Section 63: Conversion of policy into a paid-up one and payment of late fee, etc.

Where a policy of Life Insurance of member is financed from his Provident Fund account, the Commissioner may,-

(a) convert the Insurance Policy into a paid-up one when the credit in his Provident fund on account of his share becomes inadequate for the payment of any premium;

(b) Pay late fee and interest out of the member's own contribution in his Provident Fund Account, if any premium cannot be remitted to the Life Insurance Corporation in time because of delay in sending to the Commissioner the policy duly assigned to the Central Board or any other reasons for which the member or his employer may be responsible.