(1) Section 40A of the Act. For the purpose of Term Life Insurance Fund, the Government of Nepal may, by publishing a notice in the Nepal Gazette, appoint any insurance company or organization established in accordance with prevailing laws to operate term life insurance, considering the business, financial capacity, etc. of that company or organization.
(2) Section 40A of the Act in the organization under sub-rule (1). There will be a term life insurance fund as per sub-section (1) of .
(3) In the case of extraordinary leave or paid study leave or paid leave, only if such employee collects the amount for insurance, the Government of Nepal will add the amount for that period and deposit it in the fund.
(4) In the future, civil servants who have been dismissed from service due to being disqualified for government service will also receive the amount accumulated in their fund and the accrued interest on it.
(5) According to this rule, in the event that an amount exceeding the amount deposited in the name of the concerned civil servant is required to be provided, the Government of Nepal shall deposit the excess amount in the company or organization as per sub-rule (1).
(6) The organization specified in accordance with sub-rule (1) shall update the records and make the details of each year available to the concerned employees so as to show the separate account of each civil servant deposited in the insurance fund.
(7) The Government of Nepal may issue and implement necessary guidelines for the operation and management of Term Life Insurance Fund.