Employees Provident Fund Scheme
Nominations, Payments and Withdrawals From The Fund
Section 64: Assignment of Policies to the Fund
(1) The policy shall,within six months of the first payment under paragraph 62, be assigned by endorsement thereon, to the Central Board and shall be delivered to the Commissioner.
(2) Notice of the assignment of the policy shall be given by the member to the Life Insurance Corporation and the acknowledgment of the said notice by the Corporation shall be sent to the Commissioner with in there months of the date of assignment.
(3) The terms of the policy shall not be altered nor shall the policy be exchanged for another policy without the prior consent of the Commissioner to whom the details of the alteration or of the new policy shall be furnished in such form as he may specify.
(4) If the policy is not assigned and delivered as required under sub-paragraph (1), or is assigned otherwise than to the Central Board , or is charged or encumbered or lapses, any amount paid from then Fund in respect of such policy shall, with interest thereon at the rate provided under Paragraph 60, be repaid by the member forthwith to the Fund. In the event of default, the employer shall, on receipt of such directions as may be issued by the Commissioner in this behalf, deduct the amount in lump sum or in such instalments as the Commissioner may determine from the emoluments of the member and pay it to the Fund within such time and in such manner as may be specified by the Commissioner. The amount so repaid or recovered shall be credited to the member's account in the Fund.