Saturday, March 5, 2016

AP GO.NO: 36 APGLI Enhancement of Age of 58 to 60 years and Revision of Rates as on Revised Pay Scales - 2015.

APGLI Enhancement of Age of superannuation from 58 to 60 years and Revision of Rates of Compulsory Premium with reference to Revised Pay Scales, 2015 as per GO.NO: 36 ; AP Government Life Insurance Scheme from (53) years to (55) years and Revision of Rates of Compulsory Premium with reference to Revised Pay Scales, 2015 – Orders  as per GO.NO: 36 ; AP GO.NO:36 APGLI Enhancement of Age of superannuation from 58 to 60 years and Revision of Rates of Compulsory Premium with reference to Revised Pay Scales, 2015 ; AP GO.NO:36 2015 as per GO.NO: 36 ; AP Government Life Insurance Scheme from (53) years to (55) years and Revision of Rates of Compulsory Premium with reference to Revised Pay Scales, 2015 – Order.

AP GO.NO: 36 APGLI Enhancement of Age of  58 to 60 years and Revision of Rates as on  Revised Pay Scales - 2015. 


Order:- Andhra Pradesh Government Life Insurance Scheme – Endowment Policies – Enhancement of Age of superannuation from 58 to 60 years and introduction of AP Revised Scales of Pay 2015 - Enhancement of Maximum Insurable Age under AP Government Life Insurance Scheme from (53) years to (55) years and Revision of Rates of Compulsory Premium with reference to Revised Pay Scales, 2015 – Orders – Issued. 





FINANCE (ADMN.DI&IF) DEPARTMENT 

AP G.O.Ms.No.36 Dated: 05-03-2016 

Read the following:- 


  1. G.O.Ms.No. 16, Finance (Admn.II) Department, dt: 17.2.2011. 
  2. G.O.Ms. No.147, Finance (HRM IV) Department, dt: 30.6.2014. 
  3. Lr.No.10/Genl/2014dt:11.08.14, of Director of Insurance, A.P., Hyderabad. 
  4. Govt. Memo.No.738/90/A1/Admin-II/2014, dt: 26.12.2014. 
  5. G.O.Ms.No.368, Fin&Plg (FW:Admn.II)Department, dt: 15.11.1994. 
  6. G.O.Ms. No.423, Finance (Admn.II) Department, dt: 29.11.2005. 
  7. G.O.Ms.No.231,Finance (Admn.II)Department, dt: 28.6.2010 
  8. G.O.Ms.No.46, Finance (HRM.V-PC) Department, dt:30-04- 2015. 
  9. Lr.No.26/Genl/2015 dt: 06.08.2015 of Director of Insurance, AP, Hyderabad. 

Under the existing rules, the Andhra Pradesh Government Life Insurance Department issues the Endowment Insurance Policies to the Government employees based on the maximum insurable age of 53 years and these policies will mature at the age of 58 years. In the Government orders fifth to seventh read above, the compulsory premium under the policy has been revised as and when the Revised Pay Scales were implemented to the State Government Employees based on the recommendations of the successive pay revision commissions and the existing rates are prescribed in the G.O. seventh read above.

In the reference 2nd cited, the Government enhanced the age of superannuation of the State Government employees from (58) years to (60) years. 

Consequent to enhancement of age of superannuation from (58) years to (60) years and introduction of the Revised Scales of Pay, 2015, the Director of Insurance, in his letter 3rd cited, has sent proposals for enhancement of the maximum Insurable age from 53 years to 55 years and to revise the rates of compulsory premium based on the Revised Scales applicable to various categories of employees. The Government in the memo fourth read above, permitted the Director of Insurance to take necessary further action and submit detailed proposals after consulting the Actuary and the Accountant General, A&E, Andhra Pradesh.

After careful examination of the proposal of the Director of Insurance, Government hereby order that the maximum Insurable age under the Andhra Pradesh Government Life Insurance Scheme be raised from 53 years to 55 years and the rates of compulsory premium under the scheme shall be revised as detailed below and accordingly issue the following instructions:-  


(a) All the employees shall increase their premium as per the revised rates specified above and submit requisite 'Proposal Form', after recovery of first premium from the salary at the revised rates and take an Insurance Policy from the Insurance Department. 


(b) Unless proposal form is submitted and policies are obtained, the employees will not get Insurance coverage for the enhanced premium paid. 

(c) An employee who is already a subscriber of the Fund having Policy / Policies, and is aged below (55) years can enhance the premium for additional policies. However, he should submit his application in the prescribed proforma before he actually attains the age of 55years. Under any circumstances proposal shall not be accepted if theapplicant has already attained the age of 55 years on the date of submission of his application, notwithstanding the fact that the amount was already deducted in the monthly pay bills. Such amounts shall be treated as unauthorized amounts and refunded to the individual following the usual procedure .


ENDOWMENT ASSURANCE POLICY MATURING AT THE AGE OF (60) YEARS(WITH PROFITS). TABLE SHOWING THE SUM ASSURED UNDER THE POLICY  As Given Below Table:-



d) An employee who is already a subscriber of the Fund but is aged above (55) years cannot increase the Premium for additional Policies. However, in respect of those employees, recovery shall continue at the existing rates of Premium for the existing policies till the original date of maturity of the said policies (Last Premium due). 


e) The minimum term of Policy should be (5) years i.e., Maximum age at entry shall not be more than (55) years. 

f) The 'Sum Assured Table' issued in the G.O. first read above be replaced by a new table Annexed to this order. The Director of Insurance, Andhra Pradesh shall take necessary action in this regard. 

g) The Sum Assured table Annexed to this order shall be reviewed at least once in every (5) years. The Director of Insurance, Andhra Pradesh shall take timely action in this regard. 

h) Necessary amendments to the Andhra Pradesh Government Life Insurance Fund Rules shall be issued separately.   

Copy of this order is available on Internet and can be accessed at address http://www.ap.gov.in.goir. 


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