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Rule 24 - Policy Reassignment | KartavyaDesk

GPF Rules

Original Rule Text

(a) quits the service; or return of the policy; or (b) has proceeded on leave preparatory to retirement and applies to the Accounts Officer for re-assignment or turn of the policy; of (c) while on leave has been permitted to retire or declared by a competent medical authority to be unfit for further service and applies to the Accounts Officer for reassignment or return of the policy; or (d) pays or repays to the Fund the whole of any amount withheld or withdrawn from the Fund for any of the purposes mentioned in sub-clause (ii) of clause {a) of rule 17 and sub-clauses (i) and (ii) of clause (b) of rule 17. (e) has been sanctioned withdrawal under rule 15 read with Note 3 below sub-rule (1) of rule 16.

What This Means

Rule 24 of the General Provident Fund (GPF) Rules outlines the circumstances under which you, as a government employee, can reassign or return an insurance policy that was previously assigned to the GPF. This rule essentially allows you to regain control of your policy under specific conditions, such as when you're leaving government service, preparing for retirement, or have been medically declared unfit for further service. It also covers situations where you've repaid any withdrawn amounts related to specific purposes outlined in Rule 17 or have been sanctioned a withdrawal under Rule 15 read with Note 3 below sub-rule (1) of rule 16.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Key Points

  • •Rule 24 allows reassignment/return of insurance policies assigned to GPF.
  • •Applicable when quitting service or proceeding on leave preparatory to retirement.
  • •Also applies if declared medically unfit or after repaying withdrawn amounts under Rule 17.
  • •Sanctioned withdrawal under Rule 15 read with Note 3 below sub-rule (1) of rule 16 also triggers this rule.

Practical Example

Mrs. Sharma, a government employee, is planning to retire in six months. She had previously assigned her LIC policy to the GPF. As she proceeds on leave preparatory to retirement, she applies to the Accounts Officer to have her LIC policy reassigned back to her. The Accounts Officer, after verifying her application and ensuring she meets the conditions of Rule 24(b), approves the reassignment. Similarly, Mr. Verma had withdrawn money from his GPF for his daughter's education, assigning his policy as collateral. After repaying the entire withdrawn amount, he applies for reassignment of his policy under Rule 24(d), which is subsequently approved.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Frequently Asked Questions

What does 'reassignment' of a policy mean in the context of GPF?▼
Reassignment means the insurance policy, which was previously assigned to the President of India (as security for GPF withdrawals), is now transferred back to you, the policyholder, giving you full control over it.
If I resign from my government job, can I get my policy reassigned?▼
Yes, Rule 24(a) explicitly states that you can apply for reassignment of your policy if you quit the service.
What happens if I am declared medically unfit for service?▼
Rule 24(c) allows you to apply for reassignment or return of the policy if a competent medical authority declares you unfit for further service while you are on leave.
Does this rule apply if I've already retired?▼
Rule 24 primarily addresses situations *before* or *during* the process of retirement (e.g., leave preparatory to retirement). Once fully retired, the GPF account is typically closed, and the policy reassignment would have already been addressed.

This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.

Test Your Knowledge

Question 1 of 3

Under Rule 24 of the General Provident Fund Rules, in which of the following scenarios is a subscriber eligible to apply to the Accounts Officer for reassignment or return of an insurance policy previously assigned to the fund?

Related Rules

Rule 13GPF (Central Services) Rules, 1960 - Rule 13Rule 15GPF (Central Services) Rules, 1960 - Rule 15Rule 20GPF (Central Services) Rules, 1960 - Rule 20Rule 16GPF (Central Services) Rules, 1960 - Rule 16Rule 18GPF (Central Services) Rules, 1960 - Rule 18

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