—(1) Subject to the conditions in paragraph (2), where a member elects to utilise his contributions towards a life or endowment assurance, the Committee may pay the annual premium on such life or endowment assurance from the amount standing to the credit of the member’s Contributions Account.
(2) The following shall be the conditions for the life or endowment assurance to be paid from the member’s Contributions Account:
every assurance policy shall be —
affected at a Singapore branch of a life assurance company approved by the Committee;
in the name of the trustees of the Fund and shall not be assigned by the Committee until maturity;
made payable to the trustees; and
effected on the life of a member;
the sum assured in the policy shall not exceed one year’s total salary and emoluments of the member concerned;
an annual premium shall not exceed the employee’s total contribution of the preceding year;
the period of the policy shall extend to not less than the date of retirement of the member and shall not be for less than 10 years; and
the Committee may impose such other conditions as it may think necessary.