The following three kinds of benefits are provided under the scheme: (1) Withdrawal benefit, (2) Benefit of non-refundable advances, (3) Benefit of financing of Life Insurance Policies.
1. Withdrawal Benefit
a. A member can withdraw the full amount standing to his credit in the Fund in the following circumstances immediately
i. Retirement after attaining the age of 55 years,
ii. retirement due to incapacity for work,
iii. migration for permanent settlement abroad,
iv. mass retrenchment,
v. voluntary retirement,
vi. closer of establishment,
vii. transfer to an establishment not covered under the Act,
viii. discharge with payment of retrenchment compensation, etc {Para 69}
b. In all the order cases of leaving services he can withdraw the full amount if he remains unemployed after the waiting period of two months unemployment.
2. Benefit of Non-refundable Advances: Non-refundable advances from the amount standing to the credit of a member in the Fund can be sanctioned for the following purposes:
. purchase of a house, {Para 68B}
a. repayment of a loan, for housing, {Para 68BB}
b. unemployment due to lock-out or temporary closure, {Para 68H}
c. unemployment due to illness, {Para 68J}
d. marriage of a self of of daughter, son, sister or brother, {Para 68K}
e. education of son or daughter, {Para 68K}
f. exceptional calamity, etc. {Para 68L}
g. withdrawal for investment in Varishta Pension Bima Yojana. {Para 68NNN}
Benefit of financing of Life Insurance Policies: This benefit can be available as specified in Paragraphs 62 to 67. {Para 62 to 67}