Life insurance policy financing continues under existing terms, with inactive policies to be reassigned to members or nominees. Financing of an active life insurance policy that was already being supported at the commencement of the Scheme continues on the same terms and conditions that applied under the earlier provident fund scheme provisions. The Employees' Provident Fund Organisation is required to continue processing and facilitating payment of premia, and the benefits under such policy remain payable according to the policy terms until maturity or termination.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Life insurance policy financing continues under existing terms, with inactive policies to be reassigned to members or nominees.
Financing of an active life insurance policy that was already being supported at the commencement of the Scheme continues on the same terms and conditions that applied under the earlier provident fund scheme provisions. The Employees' Provident Fund Organisation is required to continue processing and facilitating payment of premia, and the benefits under such policy remain payable according to the policy terms until maturity or termination.
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