: (1) The Government of Nepal shall establish a term life insurance fund for the insurance of armed police personnel and for that purpose, by publishing a notice in the Nepal Gazette, any insurance company or organization established in accordance with the prevailing law within the country shall be notified by that company or organization. Considering business and financial capacity, term life insurance can be designated for operation.
(2) Two hundred rupees will be deducted from the monthly salary of each armed police employee and will be deposited in the fund as per sub-rule (1) and the same amount will be added by the Government of Nepal and a twenty-year term life insurance of one lakh rupees will be provided. Out of the amount accumulated in the insurance fund, the insurance amount and bonus payment will be given to the armed police personnel when the service is terminated.
(3) In case of death of an armed police officer before the twenty years from the commencement of deducting the amount according to sub-rule (2), his family will get one lakh rupees.
(4) In case of compulsory retirement from the service of any armed police personnel before the twenty years from the commencement of deducting the amount in accordance with sub-rule (2), the following amount shall be provided:-
(a) Ten thousand rupees if the amount is deducted for a period of less than one year (b) Twenty five thousand rupees if the amount is deducted from one year to five years (c) Fifty thousand rupees if the amount is deducted from five years to ten years (d) If the amount is deducted from ten years to fifteen years, seventy five thousand rupees,
(e) One lakh rupees if the amount has been deducted for twenty years, (5) Notwithstanding anything written in sub-rules (3) and (4), if the amount deposited by the concerned armed police personnel and the interest, dividend amount exceeds the said amount, the same An equivalent amount will be provided from the said fund.
(6) Notwithstanding anything contained in sub-rule (4), an armed police officer who retires from service may continue to continue the amount deposited for term life insurance to mature within a period of twenty years or less. But the government of Nepalwill not incur any additional amount.
(7) In case of unpaid study leave, special sick leave and unpaid maternity leave, only if the insurance premium amount is collected for such armed police personnel, the government of Nepal will add the amount of that period and deposit it in the fund.
(8) The company or organization designated according to sub-rule (1) shall update the records and make the details of each year available to the concerned armed police personnel so as to show the separate accounts of each armed police personnel accumulated in the insurance fund.
(9) The Government of Nepal may issue and implement necessary guidelines for the operation and management of Term Life Insurance Fund.