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GISS, 1987 – Table of Benefits upto January, 2021

Finance

GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 3140-F(J)-N.B. Date: 10th November, 2020

MEMORANDUM

SUBJECT: State Government Employees Group Insurance cum Savings Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2020-2021.

In continuation of this Department’s Memo No. 2291-F(J)NB dated 24.07.2020, 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 01.11.2020 to 31.01.2021 matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(2)/EV/2016 dated 05.02.2020.

A copy of the said table is enclosed herewith as ready-reckoner. The figures have been worked out on the basis of the rates of interest 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 30.04.2019 7.6%
01.11.2003 31.10.2004 9.0% 01.05.2019 31.07.2019 7.6%
01.11.2004 31.10.2012 8.0% 01.08.2019 30.04.2020 8%
01.11.2012 31.10.2013 8.6% 01.05.2020 31.07.2020 7.9%
01.11.2013 31.10.2014 8.8% 01.08.2020 31.10.2020 7.9%
01.11.2014 31.10.2017 8.7% 01.11.2020 31.01.2021 7.9%
01.11.2017 31.01.2018 8.0%

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 realized from salary up to the month in which a member ceases to be in service, failing which the same shall be deducted with interest from his/her entitlement.

Additional Secretary to the
Government of West Bengal

ENCLOSURE TO FINANCE DEPARTMENT MEMO NO: 3140-F(J)-NB DATED:- 10.11.2020

TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE CUM SAVINGS SCHEME, 1987
FOR SUBSCRIPTION @ Rs. 10/- PER MONTH.
YEAR OF CESSATION 2020-2021
MONTH OF CESSATION FROM NOVEMBER, 2020 TO JANUARY, 2021.

YEAR OF ENTRY NOVEMBER, 2020 DECEMBER, 2020 JANUARY, 2021
1987 18587.32 18715.89 18845.30
1988 16588.01 16703.50 16819.75
1989 14779.49 14883.16 14987.50
1990 13169.83 13262.97 13356.71
1991 11738.87 11822.65 11906.97
1992 10469.14 10544.62 10620.58
1993 9344.53 9412.65 9481.21
1994 8340.84 8402.40 8464.35
1995 7450.02 75.05.75 7561.84
1996 6659.97 6710.53 6761.42
1997 5958.60 6004.57 6050.84
1998 5333.81 5375.70 5417.86
1999 4777.55 4815.80 4854.29
2000 4290.35 4325.41 4360.70
2001 3854.48 3886.69 3919.11
2002 3462.38 3492.02 3521.86
2003 3108.77 3136.10 3163.61
2004 2786.00 2811.23 2836.61
2005 2489.18 2512.46 2535.89
2006 2214.95 2236.44 2258.07
2007 1961.61 1981.44 2001.40
2008 1727.57 1745.87 1764.29
2009 1511.35 1528.23 1545.23
2010 1311.59 1327.17 1342.85
2011 1127.04 1141.42 1155.88
2012 956.42 969.67 983.02
2013 799.64 811.87 824.18
2014 655.79 667.08 678.45
2015 523.87 534.30 544.79
2016 402.83 412.47 422.16
2017 291.77 300.68 309.65
2018 189.45 197.69 205.99
2019 94.67 102.29 109.96
2020 7.00 14.05 21.14

Additional Secretary
Finance Department, West Bengal

No. 3140-F dated 10.11.2020, Source

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