TSGLI Monthly Premiums 2023 as per pay slabs of TS PRC 2021

TSGLI Monthly Premiums 2023 or TSGLI New Slab Rates 2023 as per pay slabs of TS PRC 2021. Government of Telangana, Finance Department has released Govt Order No.92 on 16-08-2021 on TSGLI New Slab Rates in TS PRC 2021.

Govt of Telangana has enhanced the Age of superannuation from 58 to 61 years and introduced of Telangana State Revised Pay Scales, 2022 for TS Employees who are working in various Departments. For more details are available at http://tsgli.telangana.gov.in.

As per the TS RPS 2022 GO.93, Government has increased the maximum Insurable Age under TS Government Life Insurance Scheme from (53) years to (56) years and decreased the minimum insurable age from 21 to 19 years and also revised the Rates of Compulsory Premium with reference to Revised Pay Scales, 2022 under the Telangana Government Life Insurance Scheme Endowment Policies.

Government of Telangana, Finance Department issued TSGLI Scheme Slab Rates Govt Order No.49 i.e., GO MS.No.49; Dated: 27.04.201 for deduction of Telangana State Government Life Insurance Compulsory Premium (TSGLI Premium) as per the Revision of Pay Scales with reference to Revised Pay Scales, 2015 under Telangana Government Life Insurance Scheme (TGLI Scheme).

Under the existing rules, the Telangana 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 on the insured attaining the age of 58 years.

In the references, the compulsory premium rates under the policy have 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 reference of G.O.Ms.No.49.

In the reference of G.O.Ms.No.45, the Government enhanced the age of superannuation of the State Government employees from (58) years to (61) years and in the reference 9th read above, the Government have issued orders introducing the Revised Pay Scales, 2022.

In the circumstances reported by the Director of Insurance, Telangana, Hyderabad, Government after careful examination, hereby order that the maximum Insurable age under the Telangana Government Life Insurance Scheme be increased from 53 years to 56 years and minimum insurable be decreased from 21 to 19 years.

As such, the insurable age as on next birth anniversary shall be 19 to 56 years and the rates of compulsory premium under the scheme shall be revised as detailed below and accordingly issue the following instructions:

TS PRC 2022 TSGLI Scheme Slab Rates & Monthly Premiums

i. All the employees who are within the insurable age, must increase their premiums 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 a policy from the Insurance Department.

ii. Whenever the premium is recovered (first/enhanced) the proponent has to submit the proposal form to the Insurance Department through D.D.O concerned and policies have to be obtained. Worth of total proposal forms submitted should be equivalent to total premium paid. Policy bonds can be downloaded from the department website i.e., www.tsgli.telangana.gov.in.

iii. Unless proposal form is submitted and policies obtained, the employees will not get Insurance coverage for the premium paid. In other words, at any point of time, Total premium = Worth of total proposal forms submitted = Worth of total policies obtained = Total Insurance coverage.

iv. An employee who is already a policy holder of TSGLI having Policy/ Policies, and is aged below (56) 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 56 years. In other words, deduction of premium (fresh/enhanced) and submission of proposal form both should take place before he/she actually attains the age of 56 years.

Under any circumstances proposal shall not be accepted if the applicant has already attained the age of 56 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.

v. In partial modification to the orders in the reference 1st read above, an employee who has put in (3) years continuous service, if he/she desires to pay more premium than slab rates may be allowed to contribute up to 20% of his/her basic pay (or) Rs 20,000/- per month including all policies premium whichever is less subject to submission of medical examination reports, at the discretion of the Director of Insurance.

vi. An employee who is already a subscriber of the Fund but is aged above (56) years cannot increase the Premium for additional policies. However, in respect of these employees, recovery of existing premium shall continue for the existing policies till the original date of maturity of the said policies (Last Premium due).

vii. The minimum term of Policy should be (5) years i.e., Maximum age at entry shall not be more than (56) years.

viii. The ‘Sum Assured Table’ issued in the G.O.4th read above be replaced by a new table Annexed to this order. The Director of Insurance, Telangana shall take necessary action in this regard. ix. Necessary amendments to the Telangana Government Life Insurance Fund Rules shall be issued separately.

4. These orders shall come into force with effect from the date of issue of this G.O and the above revised premium rates shall be recovered from the pay of August, 2021, payable on 01.09.2021.

5. The Drawing and Disbursing Officers concerned are solely responsible for effecting the recovery of revised premiums from all the eligible employees (i.e. who are in the age group of 19-56 years) from the pay of August, 2021, duly forwarding the requisite proposal forms and obtaining the requisite policies from the Insurance Department. If the fixation is delayed for any reason, the premium shall be recovered only from the month of drawal of pay fixation arrears and in such case, no arrears of premium shall be collected.

6. Subsequent to acceptance and approval of the proposal forms submitted, policy bond can be downloaded from the department website i.e., www.tsgli.telangana.gov.in.

7. To ensure proper implementation of the Scheme, the HODs / DDOs are requested to follow the above instructions scrupulously.

8. The Director of Treasuries and Accounts, the Director of Works Accounts and the Pay & Accounts Officer, Telangana shall issue suitable instructions to all the District Treasury Officers/Treasury Officers/ Pay & Accounts Officers under their control, to ensure that the above revised premium rates with reference to new pay slabs are implemented from the pay of August, 2021 payable on 1.9.2021 and ensure cent percent coverage of eligible employees under Telangana Government Life Insurance Scheme. The District Treasuries and Sub-Treasuries / Pay & Accounts Officers (works), and the Pay and Accounts Officer, T.S., Hyderabad should verify the collection of premium as per the slab rates before passing the salary bills.

9. The Director of Insurance, Telangana, shall ensure that policies are issued to all the subscribing employees expeditiously after the requisite proposal forms are received in his department duly following the normal procedure.

10. All the Departments of Secretariat / Heads of Departments are requested to issue suitable instructions to their subordinate offices to ensure that all eligible employees are brought under the ambit of the Telangana Government Life Insurance Scheme.

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