APGLI Maximum Insurable Age is 55 years (TSGLI)

GO.16 TSGLI/ APGLI Maximum Insurable Age is 53 years. AP GO.16 released for APGLI Enhancement of Insurable Age from 48 years to 53 years. So, Now TSGLI/ APGLI maximum Insurable Age is 53 Year from 2011.

Govt Of AP, Finance Department has given the AP G.O.Ms.No. 16 on Dated: 17-02-2011 for Enhancement of Insurable Age from 48 years to 53 years under Andhra Pradesh Government Life Insurance Scheme. The GO details as follows.

Updated: As per the AP GO.Ms.No.36, Dated: 05-03-2016, APGLI Maximum Insurable Age is 55 years under AP PRC 2015 – Get Details

GOVERNMENT OF ANDHRA PRADESH
Public Services – Andhra Pradesh Government Life Insurance Scheme – Endowment Policies – Enhancement of Insurable Age from (48) years to (53) years – Orders – Issued.
FINANCE (ADMN.II) DEPARTMENT

G.O.Ms.No.16, Dated: 17-02-2011

Reference GOs:

1. G.O.Ms.No. 283 Finance & Planning (FR.I) Department, dated 29-10-1979.
2. G.O.Ms.No. 130 Finance & Planning (Pen-II) Department, dated 21-04-1980.
3. G.O.Ms.No. 368 Finance & Planning (FW.Admn.II) Department, dated 15-11-1994.
4. Representation from the President, A.P., Secretariat Association, dated 23-07-2004.
5. Govt. Memo. No. 177/25/A2/Admn.II/2006 Finance (Admn.II) Department, Dated 07-02-2006.
6. Director of Insurance Lr.No. 17/General-II/2008-2009, dated:13-08-2004 and 14-12-2010.
7. G.O.Ms.No. 231 Finance (Admn.II) Department, dated 28-06-2010.

ORDER: Under the existing Rules the Endowment Insurance Policies issued by the Andhra Pradesh Government Life Insurance Department mature on the insured attaining the age of 58 years.

In the reference 3rd read above, Government have introduced the slab-rates of compulsory premium towards Andhra Pradesh Government Life Insurance Scheme for the State Government employees.

In the reference 4th read above, the A.P. Secretariat Association has requested to enhance the Insurable age from (48) years to (55) years as Life Insurance Corporation of India and other Life Insurance Companies in Government Sector

and as well as Private Sector such as SBI Life Insurance, AB Life Insurance, Birla Life Insurance etc which are allowing for Life Insurance up to the age of 60 years from the general public. Therefore, they have requested to accept the Life Insurance Proposals of the employees up to the age of 55 years.

In the reference 6th read above, the Director of Insurance has stated that the proposal for enhancement of insurable age from present (48) years to (53) years of age is also accepted by the Accountant General A.P., and also Actuary of the Department.

This will considerably increase the premium income of the Department adding more Revenues to the Government Exchequer. Further, the Director of Insurance has stated that in Rajasthan State Government, the insurable age is (55) years, whereas insurable age in our state is only (48) years.

And also the life expectancy has also improved considerably due to which the death rate is not increasing. Therefore, the Director of Insurance has requested for enhancing the Insurable age from (48) years to (53) years as it is beneficial to both the employees and to the Government.

In the reference AP G.O.Ms.No. 231, dated 28-06-2010, as per the Revision of Pay Scales -2010, the compulsory premium rates were revised with effect from the pay of June 2010 payable on 01-07-2010.

TSGLI/ APGLI maximum Insurable Age is 53 Year

Instructions on maximum Insurable age:

After careful examination of the proposal of the Director of Insurance, Government hereby orders that the maximum Insurable age shall be 53 years instead of 48 years with the following instructions:

(i) An employee whose age exceeds 53 years as on date of submission of proposal form shall not be accepted as a member of the Fund for the issue of insurance policy/policies.

(ii) An employee who is already a subscriber of the Fund having policy/policies, and below (53 ) years of age can enhance the premium for additional policies.

(iii) An employee who is already a subscriber of the Fund but above (53) years of age cannot increase the Premium for additional policies. He has to continue the payment of existing Premium until the policies mature ( Last Premium Due).

(iv) The Sum Assured table which is in force now as per the orders issued in the reference 5th read above to be replaced by the Sum Assured table annexed to this order.

These orders shall come into force immediately with effect from 17-02-2011.

Necessary amendments to the Andhra Pradesh Government Life Insurance Fund Rules will be issued separately. APGLI

APGLI Sum Assured Table

Endowment Assurance Maturing At The Age Of (58) Years (With Profits) Table Showing The Sum Assured Under A Life Insurance Policy Is As Follows:

Age next birthday at entry in years and Sum Assured (Rs.)
21 Years – Sum Assured Rs.453.60
22 Years – Sum Assured Rs.437.20
23 Years – Sum Assured Rs.421.10
24 Years – Sum Assured Rs.405.20
25 Years – Sum Assured Rs.389.50
26 Years – Sum Assured Rs.374.10
27 Years – Sum Assured Rs.359.00
28 Years – Sum Assured Rs.344.10
29 Years – Sum Assured Rs.329.50
30 Years – Sum Assured Rs.315.10
31 Years – Sum Assured Rs.301.00
32 Years – Sum Assured Rs.287.20
33 Years – Sum Assured Rs.273.60
34 Years – Sum Assured Rs.260.30
35 Years – Sum Assured Rs.247.30
36 Years – Sum Assured Rs.234.50
37 Years – Sum Assured Rs.222.10
38 Years – Sum Assured Rs.209.90
39 Years – Sum Assured Rs.197.90
40 Years – Sum Assured Rs.186.30
41 Years – Sum Assured Rs.174.80
42 Years – Sum Assured Rs.163.60
43 Years – Sum Assured Rs.152.60
44 Years – Sum Assured Rs.141.80
45 Years – Sum Assured Rs.131.10
46 Years – Sum Assured Rs.120.60
47 Years – Sum Assured Rs.110.30
48 Years – Sum Assured Rs.100.00
49 Years – Sum Assured Rs.90.20
50 Years – Sum Assured Rs.80.60
51 Years – Sum Assured Rs.71.40
52 Years – Sum Assured Rs.62.50
53 Years – Sum Assured Rs.54.10

To Download GO.No:16, Enhancement of Insurable Age from 48 years to 53 years from the given link…

Download APGLI Maximum Insurable Age GO.16 From Here