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GISS, 1987 – Table of Benefits upto April, 2021

State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2021-2022 (01.02.2021 to 30.04.2021)

Update: GISS, 1987 – Table of Benefits upto July, 2021

GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No.- 542-F(J) W.B. Date: 22/02/2021

MEMORANDUM

SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2021-2022.

In continuation of this Department’s Memo No. 3140-F(J)NB dated 10.11.2020, 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 been drawn up for the period from 01.02.2021 to 30.04.2021 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(2)/EV/2016 dated 20.05.2020.

2. 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) From To Interest p.a (compounded quarterly)
01.11.1987 31.10.2001 12% 01.02.2018 30.04.2018 7.9%
01.11.2001 31.10.2002 11% 01.05.2018 31.10.2018 7.8%
01.11.2002 31.10.2003 9.5% 01.11.2018 31.07.2019 7.6%
01.11.2003 31.10.2004 9% 01.08.2019 30.04.2020 8%
01.11.2004 31.10.2012 8.0% 01.05.2020 31.10.2020 7.9%
01.11.2012 31.10.2013 8.6% 01.11.2020 31.01.2021 7.9%
01.11.2013 31.10.2014 8.8% 01.02.2021 30.04.2021 7.1%
01.11.2014 31.10.2017 8.7%
01.11.2017 31.01.2018 8.0%

The mortality rate continues to remain unchanged.

3. 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.

4. 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.

5. It is assumed that subscriptions have fully been realized 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.

Deputy Secretary
to the Government of West Bengal

ENCLOSURE TO THE FINANCE DEPARTMENT MEMO NO. 542-F(J) W.B. DATED:- 22/02/2021

TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE SCHEME, 1987 FOR SUBSCRIPTION @ RS. 10/- PER MONTH, YEAR OF CESSATION 2021-2022
MONTH OF CESSATION FROM FEBRUARY 2021 TO APRIL 2021.

In Rupees

YEAR OF ENTRY FEBRUARY – 21 MARCH – 21 APRIL – 21
1987 18963.15 19081.69 19200.93
1988 16925.69 17032.24 17139.43
1989 15082.66 15178.37 15274.65
1990 13442.28 13528.34 13614.92
1991 11984.01 12061.50 12139.44
1992 10690.05 10759.93 10830.22
1993 9543.98 9607.12 9670.63
1994 8521.14 8578.26 8635.72
1995 7613.32 7665.10 7717.18
1996 6808.19 6855.23 6902.56
1997 6093.43 6136.27 6179.37
1998 5456.72 5495.82 5535.15
1999 4889.85 4925.61 4961.58
2000 4393.35 4426.19 4459.23
2001 3949.16 3979.39 4009.80
2002 3549.58 3577.46 3605.50
2003 3189.22 3214.98 3240.89
2004 2860.30 2884.12 2908.09
2005 2557.81 2579.85 2602.03
2006 2278.35 2298.75 2319.27
2007 2020.18 2039.06 2058.05
2008 1781.66 1799.14 1816.73
2009 1561.31 1577.50 1593.78
2010 1357.75 1372.73 1387.81
2011 1169.68 1183.56 1197.52
2012 995.80 1008.65 1021.59
2013 836.02 847.94 859.93
2014 689.44 700.49 711.61
2015 555.00 565.26 575.59
2016 431.65 441.19 450.78
2017 318.47 327.34 336.27
2018 214.20 222.46 230.77
2019 117.60 125.29 133.03
2020 28.26 35.43 42.64

No. 542-F dated 22.02.2021, Source