(1) The Authority will not make any payment on behalf of the subscribers to Insurance Companies, nor take steps to keep a policy alive.
(2) It is immaterial what from the policy takes provided that it shall be one effected by the subscriber himself on his own life and shall (unless it is a policy expressed on the face of it to be for the benefit of his wife, or of his wife and children or any of them) be such as may be legally assigned by the subscriber himself to the Governor of Maharashtra.
Explanation 1.— A policy on the joint lives of the subscriber and subscriber’s wife or husband shall be deemed to be a policy on the life, of the subscriber himself for the purpose of this sub-rule.
Explanation 2.— A policy which has been assigned to the subscriber’s wife shall not be accepted unless either the policy is first reassigned to the subscriber or the subscriber and his wife both join in an appropriate assignments.
(3) The policy may not be effected for the benefit of any beneficiary other than the wife or husband of the subscriber or the wife or husband and children of the subscriber or any of them.
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