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Group Insurance Scheme 1987 – New Table of Benefits, 2017-18

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GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 1960-F(J)-W.B. Date: 04/06/2018

MEMORANDUM

SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2017-2018.

In continuation of this Department’s Memo No. 4521-F(J)WB dated 03.11.2017, the undersigned is directed to say that a new table of benefits showing accumulation of savings fund under the above mentioned scheme corresponding to a unit subscription of Rs. 10/- (Rupees Ten) only per month has drawn up for the period from 01.11.2017 to 30.04.2018 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM NO. No. 7(2)/EV/2016 dated 23.11.2017.

A copy of the said table is enclosed herewith as ready reckoner. The figures have been worked out on the basis of the rate of interests as follows:-

From To Interest p.a. (compounded quarterly)
01.11.1987 31.10.2001 12%
01.112001 31.10.2002 11%
01.11.2002 31.10.2003 9.5%
01.11.2003 31.10.2004 9%
01.11.2004 31.10.2012 8.0%
01.11.2012 31.10.2013 8.6%
01.11.2013 31.10.2014 8.8%
01.11.2014 31.10.2017 8.7%
01.11.2017 31.01.2018 8.0%
01.02.2018 30.04.2018 7.9%
01.05.2018 31.10.2018 7.8%

The mortality rate continues to remain unchanged.

2. The amounts shown in the table are applicable (with the fractions) for one unit and to be rounded off after calculating the final amount payable.

3. The amounts shown in the table are applicable to a member of Group-D category. Corresponding amounts for the member of higher groups may be calculated proportionately.

4. It is assumed that subscriptions have fully been realised from salary up to the month in which a member ceases to be in service, failing the same shall be deducted with interest from his/her entitlement.

Sd/- K. K. Banerjee
Deputy Secretary to the
Govt. of West Bengal

No. 1960-F dated 04.06.2018, Source

ENCLOSURE TO THE FINANCE DEPARTMENT MEMO NO: 1960-F(J)-WB DATED:- 04.06.2018
TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS
UNDER THE GROUP INSURANCE SCHEME, 1987
FOR SUBSCRIPTION @ RS. 7/- PER MONTH, MONTH OF CESSATION: 2017-2018

Deputy Secretary to the
Govt. of West Bengal