AP Employees Group Insurance Scheme Revised Interest Rates Table released. As per AP GO 51 Employees get now revised slab rates. Welfare Scheme Andhra Pradesh State Employees Group Insurance Scheme 1984 Revised Rate of Interest on Accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-01-2018 to 31-03-2018 Revised Tables Orders Issued.
In the reference 1st read above, orders were issued introducing Group Insurance Scheme to the ap State Government Employees. It is in the in place of Family Benefit Scheme with effect from 01-11- 1984 .according to Para 9 of the reference 1 st read above. The accumulations of savings fund part and insurance fund part shall carry interest for the rated prescribed by Government from time to time.
In the reference 2nd read above, orders were issued for apportioning the subscription each unit of Rs 10/- between Insurance fund and Savings fund in the ratio of Rs 3.125 paisa and Rs 6.875 paisa respectively.
In The reference 3rd 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 01-11-194. The amount of Insurance coverage will be Rs.15, 000/- for each unit of subscription. File No.1690/138/A1/Admn.DI&IF/2016.
The Sanctioning Authorities / Drawing and Disbursement Officer / Treasury Officers / District Audit Officers / Pay and Accounts Officers / Director of Works Accounts are requested to keep the appended Table at the time of sanctioning and making the final payments. Group Insurance Scheme for proper implementation of the Scheme. Further, the following instructions shall also be scrupulously followed.
AP Employees Group Insurance Scheme Revised Interest Rates Table
The Head of the Department / Drawing and Disbursement Officer shall be held responsible for sanctioning the GIS final payments. If any excess Payments are found, the difference amount shall be collected from the sanctioning authority. And such Officers are liable for disciplinary action.
The Drawing and Disbursement Officer shall recover the correct rate of subscription according to the eligible group of employees. For any excess / less recovery, the Drawing and Disbursement Officer concerned shall be held responsible.
The Director of Insurance, Andhra Pradesh, Amaravati, Ibrahimpatnam shall conduct a regular Audit of all claims paid under Group Insurance Scheme and send a report to the Head of the Department concerned.
The Head of the Department concerned shall take action against the erring officials who are responsible for the excess / less recoveries wherever they are detected.
The fact of remittance shall invariably be communicated to the Directorate of Insurance.
If an employee’s subscription at any period if not recovered during his Service the total subscription along with interest shall be recovered from the payments admissible to him.The entries shall be attested by the Drawing and Disbursingtobeen recovered for the period Officer.
As per G.O.Ms.No.910, Finance (Admn.II) Department, dated: 28-10-2002 “Sanctioning authority shall send a copy of sanction orders of the Group Insurance Scheme Payment including calculation slip to the Directorate of Insurance for verification”.
In view of the above circumstances stated above and after careful examination of the matter, File No.1690/138/A1/Admn.DI&IF/2016 Government hereby order that, the revised rates of interest. The Andhra Pradesh Group Insurance Savings Funds shall be allowed at 7.6% per annum as per the G.O Rt No .96 Finance (HR -5- Pension, GPF),Dep., dated :24-1-2018 and The Table for GIS subscription and with accumulated interest is issued for the periods covering from 01-01-2018 to 31-03-2018.