Thursday, May 14, 2020

AP GIS Group Insurance Scheme 1984 Revised Rate of Interest @7.9% p.a

AP GIS Group Insurance Scheme 1984 Revised Rate of Interest @7.9% p.a
Employees Welfare Scheme – Andhra Pradesh State Employees Group Insurance Scheme – 1984 – Revised Rate of Interest (@7.9% p.a w.e.f. 01-10-2019 to 31-12-2019 on Accumulated Savings- Fund Communication of Tables and Benefits for Savings Fund for the Period from 01-01-2019 to 31-12-2019 – Revised Tables as per G.O.MS.No. 41


AP GIS Group Insurance Scheme 1984 Revised Rate of Interest @7.9% p.a 


In the reference first read above orders were issued for introducing Group Insurance Scheme to the State Government Employees in place of Family Benefit Scheme with effect from 01-11-1984. According to Para 9 of the reference 1st read above, the accumulations of Savings Fund part and Insurance Fund part shall carry interest at the rates prescribed by Government from time to time.

In the reference second read above, orders were issued for apportioning the subscription of each unit of Rs.10/- between Insurance Fund and Savings Fund in the
ratio of Rs.3.125/- and Rs.6.875/ respectively.

In terms of the recommendation of the Committee constituted to review the
working of the Andhra Pradesh State Employees Group Insurance Scheme in
Government orders third above orders were issued for revision of rate of subscription each unit from Rs.10/- to Rs.15/- with effect from 01-11-1994. The apportionment of the
subscription of each unit Rs.15/- between Insurance Fund and Savings Fund was fixed
in the ratio of Rs.4.50/- and Rs.10.50/- respectively with effect from 01-11-1994. The amount of Insurance coverage will be Rs.15,000/- for each unit of subscription.

The rate of interest on accumulations of Savings Fund of the Member of the
Scheme and the interest on the Insurance Fund from time to time is as follows:




Government have constituted a committee for preparation of Tables for calendar
year 2016 onwards on par with CGEGIS tables. The Committee has prepared a
simplified table for maturity value of one unit for the calendar year 2016 and in
Continuation of the government orders the table for 4th Quarter of 2019 is prepared at
the applicable interest rates 7.9% pa.

The Sanctioning Authorities / Drawing and Disbursement Officer / Treasury Officers / District Audit Officers / Pay and Accounts Officers / Director of Works Accounts are requested to keep in view of the appended Table while sanctioning and making the final payments under Group Insurance Scheme for proper implementation of the Scheme. Further, the following instructions shall also be scrupulously followed:

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