AP Employees Group Insurance Scheme New Interest Rates

AP Employees GIS Group Insurance Scheme New Interest Rates, AP State Employees GIS new interest rates 2016-2017, AP GIS New interest rates, Andhra Pradesh State Employees Group Insurance Scheme New Interest rates, AP Employees GIS New interest rates, Government has given an order that the Revised Rates of Interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 8.7 % per Annum from 01.04.2014 onwards and the Tables are revised and issued for the Period covering from 01.01.2016 to 31.12.2016.

The Revised Tables of Benefits I, II and III, III (A) to III (U) on Savings Fund of Andhra Pradesh State Employees Group Insurance Scheme – 1984 on Cessation of Membership during the period from  01.01.2016 to 31.12.2016 are appended herewith for making Payments under the Scheme.

GOVERNMENT OF ANDHRA PRADESH: PUBLIC SERVICES – Employees 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 01.01.2016 to 31.12.2016 – Revised Table – Orders – Issued. AP Employees GIS Group Insurance Scheme New Interest Rates

TtleAP Employees GIS Rates
CategoryGovt Order
Name of the DepartmentFINANCE (ADMN.DI&IF) DEPARTMENT
StateAndhra Pradesh
GO.NoGO MS.No.13
DateDated: 24-01-2017
SubjectAP Employees GIS Group Insurance Scheme New Interest Rates
AP Employees GIS Group Insurance Scheme
AP Employees GIS Group Insurance Scheme New Interest Rates
AP Employees GIS Group Insurance Scheme New Interest Rates

FINANCE (ADMN.DI&IF) DEPARTMENT; G.O.MS.No. 13 Dated: 24-01-2017

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) Department, dated: 06.11.1984.
3. G.O.Ms.No.367, Finance & Planning (FW.Admn.II) Department, dated: 15.11.1994.
4. G.O.Ms.No.381, Finance & Planning (FW.Admn.II) Department, dated: 05.12.1994.
5. G.O.Ms.No.382, Finance & Planning (FW.Admn.II) Department,
Dt: 05.12.1994.
6. G.O.Ms.No.99, Finance (Admn.II) Department, dated: 06.08.2015.
7. G.O.Ms.No.1638, Finance (HR.V) Department, dated: 27.06.2016.
8. Letter No.02/GIS-I/2016-17, Dt: 27.06.2016, 27.07.2016, 30.08.2016, 19.10.2016 and 14.12.2016 of the Director of Insurance, A.P., Ibrahimpatnam.

ORDER: In the reference 1st read above, orders were issued 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. AP Employees GIS Group Insurance Scheme New Interest Rates

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 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. In a modification of the Para 9 of the Government orders, 1st read above, orders were issued vide reference 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.

In the reference 5th read above, orders were issued for apportionment of the subscription of each unit Rs. 15/- between Insurance Fund and Savings Fund 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.

  1. 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:-
Financial   YearRate of   InterestGovernment Order
11/1984 to   10/199410%G.O.Ms.No.293, Finance & Planning (FW.Accts.II) Department, dated: 08-10-1984.
11/1994 to   03/200012%G.O.Ms.No.381, Finance & Planning (FW.Admn.II)   Department, dated: 05-12-1994
01-04-2000 to   31-03-200111%G.O.Ms.No.63, Finance & Planning (FW.Pen.II) Department,   dated: 06-06-2000
01-04-2001 to   31-03-20029.5%G.O.Ms.No.345, Finance & Planning (FW.Pen.II) Department, dated: 07-07-2001
01-04-2002 to   31-03-20049%G.O.Ms.No.703, Finance & Planning (FW.Pen.II)   Department, dated: 19-07-2002
01-04-2004 to   31-11-20118%G.O.Ms.No.625, Finance & Planning (FW.Pen.II)   Department, dated: 02-09-2004
01-12-2011 to   31-03-20128.6%G.O.Ms.No.2425, Finance (FW.Pen.II) Department, dated:   10-05-2012
01-04-2012 to   31-03-20138.8%G.O.Ms.No.2735, Finance (FW.Pen.II) Department, dated:   16-06-2012
01-04-2013 to   31-03-20168.7%G.O.Ms.No.2142, Finance (FW.Pen.II) Department, dated:   30-04-2013
01-04-2016 to   31-12-20168.1/-G.O.Rt.No.1638, Finance(HR.5 Pen.GPF)
deptt dated 27-   06-2016
AP Employees GIS Group Insurance Scheme New Interest Rates

In the reference 7th read above, Government has issued orders to reduce the rate of interest from 8.7% to 8.1% per annum on the Provident Funds and other similar Funds i.e. Andhra Pradesh Government Life Insurance Funds maintained by the Government of Andhra Pradesh on par with rates of Government of India until further orders.

In view of the above circumstances and after careful examination of the matter, Government hereby orders that the revised rates of interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 8.1% per annum from 01.04.2016 onwards. The Table is revised and issued for the periods covering from 01.01.2016 to 31.12.2016 to keep in alignment with the calendar year as was done by the Government of India. (The revised Table is appended to the GO along with illustrations Sheet).

This simplified Table is applicable to those who are retired /deceased from 01-01-2016 to 31-12-2016 i.e. the calendar Year 2016 only. The employees who were retired/died on or before 31-12-2015 old tables are applicable.

All the HOD’s DDO’s are requested to follow the below-mentioned instructions scrupulously to ensure proper implementation of the Scheme:-

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.

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.

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 concerned shall be held responsible.

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.

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.

If an employee’s subscription is not recovered during his/her Service Period, the total subscription along with interest shall be recovered from the payments admissible to them.

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 and a certificate shall be recorded in the Service Book of each employee that subscription to the Scheme at the appropriate rates have been recovered. The entries shall be attested by the Drawing and Disbursing 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”.

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. He is also advised to coordinate with all departments for the proper implementation of the scheme

The values are accumulated saving fund+quarterly compounded interest per one unit up the month of cessation in 2016 from the year of starting the unit. The unit change from Rs.10 to Rs.15 is taken into account. The year of adding one or more additional units is to be taken as the year of starting for such additional units and accordingly the value in the month of cessation to be multiplied by a number of such additional units to arrive the accumulated saving fund of additional units. (Refer to Illustrations attached below)

ILLUSTRATION-1

Employee retires in   Aug 2016 service particularsCalculation of total benefits under   GIS savingNo. of   Units
From 11/1984 to   10/1989.Rs.10 per month(one unit)One unit from 11/1984 up to Aug   2016 =1×18,987.871 18,987.87
From 11/1989 to   10/1994 Rs. 20 per month (two units)One extra unit from 11/1989 up to   Aug 2016 =1×12,325.131 12,325.13
From11/1994   to10/2006 Rs.30 per month (2 units)No extra units   ———–Nil
From11/2006 to   8/2016 Rs.60 per month(4 units)Two extra units from 11/2006 up   to Aug 2016 =2×1916.182 3,832.36
TOTAL No of GIS Units and BENEFIT TO THE   EMPLOYEE = 4 35,145.36
AP Employees GIS Group Insurance Scheme New Interest Rates

Note: In case of death of the employee on Aug 2016 then Rs.60000+35,145.36=95,145.36/- 

ILLUSTRATION-2

Employee retires in Oct 2016 service particularsCalculation of total benefits under   GIS savingNo. of   Units
From 11/1986 to   10/1994 Rs.20 per month(2 units)2 units from 11/1986 up to Oct   2016 =2×16,158.032 32,316.06
From 11/1994 to   10/2004 Rs. 30 per month (two units)No extra unitsNil
From11/2004   to10/2013 Rs.60 per month (4 units)2 extra units from 11/2004 to   10/2016 =2×2582.792 5165.58
From11/2013 to   10/2016 Rs.120 per month(8 units)4 extra units from 11/2013 up to   Oct 2016 =4×428.434 1713.72
TOTAL No of GIS Units and BENEFIT TO THE EMPLOYEE   = 8 39,195.36
AP Employees GIS Group Insurance Scheme New Interest Rates

ILLUSTRATION-3

Employee retires in Oct 2016 service particularsCalculation of total benefits under   GIS savingNo. of Units
From 11/1986 to   10/1994 Rs.80 per month(8 units)8 units from 11/1986 up to Oct   2016 =8×16,158.038 1,54,108.88
From 11/1994 to   10/2016 Rs. 120 per month (8 units)No extra units 
Total no of GIS units and BENEFIT TO THE EMPLOYEE = 8 1,54,108.88
AP Employees GIS Group Insurance Scheme New Interest Rates

AP Employees GIS new interest rates

GO.MS.No. 99; Dated: 06-08-2015: GOVERNMENT OF ANDHRA PRADESH – FINANCE (ADMN.II) DEPARTMENT -PUBLIC SERVICES – Employees 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 01.04.2015 to 31.03.2016 -Revised Tables -Orders -Issued

Reference:
1. GO.Ms.No. 293, Finance & Planning (FW. Accts.II) Dept., dated: 08.10.1984.
2. GO.Ms.No. 312, Finance & Planning (FW.Admn.II) Dept., dated: 06.11.1984.
3. GO.Ms.No. 367, Finance & Planning (FW.Admn.II) Dept., dated: 15.11.1994.
4. GO.Ms.No. 381, Finance & Planning (FW.Admn.II) Dept., dated: 05.12.1994.
5. GO.Ms.No. 382, Finance & Planning (FW.Admn.II) Dept., dated: 05.12.1994.
6. GO.Ms.No. 54, Finance (Admn.II) Department, dated: 06.04.2011.
7. GO.Rt.No. 2425, Finance (Pen.II) Department, dated: 10.05.2012.
8. GO.Ms.No. 148, Finance (Admn.II) Department, dated: 06.06.2012.
9. GO.Rt.No. 2735, Finance (Pen.II) Department, date: 16.06.2012.
10. Government of India Office Memorandum No. 7(2)EV/2012 Ministry of FinanceDepartment 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. GO.Rt.No. 2142, Finance (Pen.II) Department, dated: 30.04.2013.
13. Director of Insurance, Letter No. 2/GIS-I/Tables/2013 – 2014, dated: 17.04.2013 and 09.05.2013.
14. GO.Ms.No. 126, Finance (Admn.II) Department, dated: 29.05.2013.
15. Director of Insurance, Letter No. 2/GIS-I/Tables/2014 – 2015, dated: 01.04.2014
16. GO.Ms.No. 90, Finance (Admn-II) Department, Dt: 01-05-14
17. No.07 (1) E/014, dated: 22-01-2015 of the Director, Government of India, Ministry of Finance, Department of Expenditure, New Delhi.
18. Lr.No.02/GIS-I/Tables/2015-16, Dt: 24-06-2015 of the Directorate of Insurance, A.P. Hyderabad.

ORDER: In the reference 1st read above orders were issued 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.

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 Andhra Pradesh State Employees Group Insurance Scheme in Government orders 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. In a modification of the Para 9 of the Government orders 1stread above, orders were issued in Government orders 4thread 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 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.

4. 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 to reduce 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., Andhra Pradesh Government Life Insurance Funds maintained by the Government of Andhra Pradesh on par with rates of Government of India until further orders.

6. In view of the above circumstances and after careful examination of the matter, Government hereby orders that the revised rates of interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 8.7 % per annum from 01.04.2015 onwards. 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 Andhra Pradesh 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.

7. These orders and Tables shall come in force with effect from 01.04.2015.

8. 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 concerned shall be held responsible.

3. The Director of Insurance (FAC), Andhra Pradesh, 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 and 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 GO. 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”.

9. The Director of Insurance (FAC) 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.
10. The Director of Insurance (FAC), Andhra Pradesh, Hyderabad shall take further necessary action in the matter accordingly

GO.99 AP State Employees GIS/Group Insurance Scheme New Interest Rates 2015-2016

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7 thoughts on “AP Employees Group Insurance Scheme New Interest Rates”

  1. Name : K.Rambabu, Proh.& Excise Dept. Retired on 30-06-2020
    Sir,
    Andhra Pradesh State Employees Group Insurance interest rates 01-07-2019 to 30-06-2020
    Please

    Reply

    Reply

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