Section 43
Provisions Relating To Insurance Facility
(1) If an employee dies while in service, his or her near heir shall be provided with a lump sum of One Hundred Fifty Thousand Rupees for insurance.
(2) The Government of Nepal shall establish a fixed term (Sabadhik) life insurance fund. A sum of Two Hundred Rupees shall be deducted from the monthly salary of each employee and deposited in
that fund, and the Government of Nepal shall add the amount equal thereto and make the Twenty-year term life insurance for the insured sum of One Hundred Thousand Rupees. From the amounts deposited in
that insurance fund, the insured sum and bonus shall be paid to the employee at the time of his or her retirement.
(3) If any employee who has made deduction pursuant to Sub- section (2) takes compulsory retirement from the service prior to the completion of twenty years of service period, the following amount shall be provided to him or her:
(a) Ten Thousand Rupees in the event of deduction of amount for a period less than One year,
(b) Twenty Five Thousand Rupees in the event of deduction of amount for One year to Five years,
(c) Fifty Thousand Rupees in the event of deduction of amount for Five years to Ten years,
(d) Seventy Five Thousand Rupees in the event of deduction of amount for Ten years to Fifteen years,
(e) One Hundred Thousand Rupees in the event of deduction of amount for up to Twenty years,
Provided that, if the amount deposited by him or her and interest thereon, dividend exceeds the
said amount, the amount equivalent thereto shall be provided from the said fund.
(4) If any employee who has made deduction pursuant to Sub- section (2) takes retirement from the service for any reason whatsoever, except in the event of compulsory retirement or death of that employee prior to the completion of twenty years of service period, an amount equal to the surrender (Samarpan) value shall be provided to such an
employee.
(5) Notwithstanding anything contained in Sub-sections (2) or
(3), an employee retiring from the health service may give continuity in such a manner as to mature the amount deposited by him or her for the term life insurance within a period of Twenty years or less. Provided that, the Government of Nepal shall not bear any amount for the same.
(6) Other provisions relating to the term life insurance fund shall be as prescribed.
(2) The Government of Nepal shall establish a fixed term (Sabadhik) life insurance fund. A sum of Two Hundred Rupees shall be deducted from the monthly salary of each employee and deposited in
that fund, and the Government of Nepal shall add the amount equal thereto and make the Twenty-year term life insurance for the insured sum of One Hundred Thousand Rupees. From the amounts deposited in
that insurance fund, the insured sum and bonus shall be paid to the employee at the time of his or her retirement.
(3) If any employee who has made deduction pursuant to Sub- section (2) takes compulsory retirement from the service prior to the completion of twenty years of service period, the following amount shall be provided to him or her:
(a) Ten Thousand Rupees in the event of deduction of amount for a period less than One year,
(b) Twenty Five Thousand Rupees in the event of deduction of amount for One year to Five years,
(c) Fifty Thousand Rupees in the event of deduction of amount for Five years to Ten years,
(d) Seventy Five Thousand Rupees in the event of deduction of amount for Ten years to Fifteen years,
(e) One Hundred Thousand Rupees in the event of deduction of amount for up to Twenty years,
Provided that, if the amount deposited by him or her and interest thereon, dividend exceeds the
said amount, the amount equivalent thereto shall be provided from the said fund.
(4) If any employee who has made deduction pursuant to Sub- section (2) takes retirement from the service for any reason whatsoever, except in the event of compulsory retirement or death of that employee prior to the completion of twenty years of service period, an amount equal to the surrender (Samarpan) value shall be provided to such an
employee.
(5) Notwithstanding anything contained in Sub-sections (2) or
(3), an employee retiring from the health service may give continuity in such a manner as to mature the amount deposited by him or her for the term life insurance within a period of Twenty years or less. Provided that, the Government of Nepal shall not bear any amount for the same.
(6) Other provisions relating to the term life insurance fund shall be as prescribed.