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GISS, 1987 – Table of Benefits upto July, 2021

State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2021-2022. (01.05.2021 to 31.07.2021)

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GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 1613-F(J)-N.B. Date: 28/05/2021

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 DM 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%
01.1 1.2003 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% 01.05.2021 31.07.2021 7.1%
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.

Sd/- Additional Secretary to the
Government of West Bengal

ENCLOSURE TO THE FINANCE DEPARTMENT MEMO NO: 1613-F(J)-NB DATED:- 28.05.21 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 MAY 2021 TO JULY 2021.

YEAR OF ENTRY MAY-21 JUNE-21 JULY-21
1987 19320.87 19441.52 19562.87
1988 17247.24 17355.69 17464.78
1989 15371.50 15468.91 15566.90
1990 13702.00 13789.60 13877.71
1991 12217.85 12296.71 12376.04
1992 10900.93 10972.05 11043.58
1993 9734.51 9798.77 9863.40
1994 8693.51 8751.65 8810.12
1995 7769.58 7822.28 7875.29
1996 6950.16 6998.04 7046.20
1997 6222.71 6266.32 6310.17
1998 5574.70 5614.49 5654.52
1999 4997.77 5034.16 5070.77
2000 4492.46 4525.88 4559.50
2001 4040.38 4071.15 4102.10
2002 3633.71 3662.08 3690.62
2003 3266.95 3293.17 3319.54
2004 2932.19 2956.44 2980.83
2005 2624.33 2646.77 2669.34
2006 2339.91 2360.68 2381.56
2007 2077.16 2096.38 2115.71
2008 1834.41 1852.20 1870.10
2009 1610.15 1626.62 1643 19
2010 1402.97 1418.22 1433.56
2011 1211.57 1225.69 1239.90
2012 1034.60 1047.68 1060.84
2013 871.99 884.12 896.32
2014 722.80 734.05 745.37
2015 585.97 596.42 606.93
2016 460.43 470.14 479.91
2017 345.25 354.28 363.36
2018 239.12 247.53 255.99
2019 140.81 148.64 156.52
2020 49.89 57.18 64.52

No. 1613-F dated 28.05.2021, Source