GO.112 TS Employees GIS New Interest Rates Table, GO.MS.No.112, Dated:22.08.2015, Government of Telangana, Public Services, Finance Department- Employees Welfare Scheme -Telangana State Employees Group Insurance Scheme – 1984 – Communication of Tables of Benefits for Savings Fund for the period from 01.04.2015 to 31.03.2016 – Revised Tables – Orders – Issued.
Read the following:
1.G.O.Ms.No.293, Finance&Planning (FW. Accts.II) Dept., dated: 08.10.1984.
2.G.O.Ms.No.312, Finance&Planning(FW.Admn.II) Dept., dated: 06.11.1984.
3.G.O.Ms.No.367, Finance&Planning(FW.Admn.II) Dept., dated: 15.11.1994.
4.G.O.Ms.No.381, Finance&Planning(FW.Admn.II) Dept., dated: 05.12.1994.
5.G.O.Ms.No.382, Finance&Planning(FW.Admn.II) Dept., dated: 05.12.1994.
6.G. O. Ms. No. 54, Finance (Admn.II) Department, dated: 06.04.2011.
7.G. O. Rt. No. 2425, Finance (Pen.II) Department, dated: 10.05.2012.
8.G. O. Ms. No. 148, Finance (Admn.II) Department, dated: 06.06.2012.
9.G. O. Rt. No. 2735, Finance (Pen.II) Department, dated: 16.06.2012.
10.Government of India Office Memorandum No. 7(2)EV/2012 Ministry of Finance Department of Expenditure, dated: 15.01.2013.
11.Dy. Accountant General (Funds) O/o the Principal Accountant General (A & E), A. P., Hyderabad FM/ GI.II/9-3/2013 – 14/109, dated: 25.04.2013.
12.G. O. Rt. No. 2142, Finance (Pen.II) Department, dated: 30.04.2013.Director of Insurance, Letter No. 2/GIS-I/Tables/2013 – 2014, dated: 17.04.2013 and 09.05.2013.
13.G. O. Ms. No. 126, Finance (Admn.II) Department, dated: 29.05.2013.
14.Director of Insurance, A.P.Hyderabad Letter No. 2/GIS-I/Tables/2014 – 2015, dated: 01.04.2014
15.GO.Ms.No.90, Finance (Admn.II) Department, dated:01.05.2014.
16.Director of Insurance, Telangana, Hyderabad Letter No. 2/GIS-I/Tables/2015–2016, dated:23-06-2015.
In the reference, 1st read above Orders was issued introducing Group Insurance Scheme to the State Government Employees in place of Family Benefit Scheme with effect from 01.11.1984. Accordingly to Para 9 of the above Order, the Accumulations of Savings Fund Part and Insurance Fund part shall carry interest at the Rates prescribed by Government from time to time.
2.In the reference 2nd 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.
3.In terms of the Recommendation of the Committee constituted to Review the working of the Employees Group Insurance Scheme in Government Orders 3rd read above, orders were issued for Revision of Rate of Subscription each unit from Rs. 10/-to Rs. 15/- with effect from 01.11.1994.
In Modification of the Para 9 of the Government Orders 1st read above, orders were issued in Government Orders 4th read above, for fixing the Interest on the Accumulations of the Savings Fund of the Member of the Scheme for the State as a whole and shall be paid at the Rate of 12 % per Annum compounded Quarterly with effect from 01.11.1994.
Further, in the Government Orders 5th read above, the Apportionment of the Subscription of each unit Rs. 15/- between Insurance Fund and Savings Fund was fixed in the ratio of 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 :
5.In the reference 14th read above, Government has issued Orders for reducing the Rate of Interest from 8.8 % to 8.7 % per Annum with effect from 01.04.2014 on the Provident Funds and other similar Funds i.e., Government Life Insurance Funds maintained by the Government of Andhra Pradesh on par with Rates of Government of India until further Orders.
6.In the reference 16th read above, Government has issued Orders revising the rates of interest on the Group Insurance Savings Fund at 8.7 % per Annum from 01.04.2014 onwards and the Tables were revised and issued for the period covering from 01-04-2014 to 31-03-2015.
7.In view of the above circumstances and after careful examination of the matter, Government hereby order that in Supersession of the Orders issued in the reference 16th read above, the Revised Rates of Interest on the Telangana Group Insurance Savings Funds shall be allowed at 8.7 % per Annum from 01.04.2015 onwards and the Tables are revised and issued for the Period covering from 01.04.2015 to 31.03.2016. The Revised Tables of Benefits I, II and III, III (A) to III (U) on Savings Fund of Telangana State Employees Group Insurance Scheme – 1984 on Cessation of Membership during the Period from 01.04.2015 to 31.03.2016 are appended herewith for making Payments under the Scheme.
8.These Orders and Tables shall come in force with effect from 01.04.2015. TS Employees GIS New Interest Rates Table
9.The Sanctioning Authorities / Drawing and Disbursement Officers / 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.
(1)The Head of the Department / Drawing and Disbursement Officer shall be held responsible for sanctioning the Group Insurance Scheme 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.
(2)The Drawing and Disbursement Officer shall recover the Correct Rate of Subscription according to the eligible Group of the Employees. For any Excess / Less Recovery the Drawing and Disbursement Officer shall be held responsible.
(3)The Director of Insurance, Telangana, Hyderabad shall conduct a regular Audit of all Claims paid under Group Insurance Scheme and send a Report to the Head of the Department concerned.
(4)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.
(5)Any Excess Payment made, if found during the Audit by the Directorate of Insurance, the same shall be immediately recovered from the concerned and remitted through Challan to the concerned Head of Account by the Drawing and Disbursement Officer and the fact of remittance shall invariably be communicated to the Directorate of Insurance.
(6)If an Employee’s Subscription is not recovered during his Service Period, the Total Subscription along with Interest shall be recovered from the Payments admissible to him.
(7)All the Heads of Offices should take Prompt Action for recording the necessary Subscription Entries in the Service Registers of the Employees under proper Attestation every Year at the close of March a Certificate shall be recorded in the Service Book of each Employee that Subscription to the Scheme at the Appropriate Rates have been recovered for the Period from April to March. The Entries shall be attested by the Drawing and Disbursing Officer.
(8). 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”.
10.The Director of Insurance is further advised to obtain the Revised Rates of Interest from the Government of India and submit the Proposals to the Government in advance every Year so as to issue Orders in time.
11.The Director of Insurance, Telangana, Hyderabad shall take further necessary action in the matter accordingly.