Rule 91 - Beneficiary not to have any interest in insurance and employer not to have any interest in fund's moneys - Income-tax Rules, 1962

Beneficiary not to have any interest in insurance and employer not to have any interest in funds moneys. 91. (1) No beneficiary shall have any interest in any insurance policy taken out bythe trustees under the rules of a fund and he shall be entitled only to an annuity from the fund. (2) No money belonging to the fund shall be receivable by the employer under any circumstances nor shall the employer have any lien or charge on the fund.