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Group Insurance Scheme, 1987 – Table of Benefits, 2019

New table of benefits showing accumulation of savings fund under GISS, 1987 corresponding to a unit subscription of Rs. 10/- only per month has drawn up for the period from 01.05.2019 to 31.10.2019.

Published in Finance Tags:

Update: GISS, 1987 – Table of Benefits upto April, 2020

GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 1873-F(J)-W.B. Date: 21/05/2019

MEMORANDUM

SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2019.

In continuation of this Department’s Memo No 4112-F(J)WB dated 01.11.2018, 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 01.05.2019 to 31.10.2019 matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(2)/EV/2016 dated 10.12.2018.

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 12.0% 01.11.2014 31.10.2017 8.7%
01.11.2001 31.10.2002 11.0% 01.11.2017 31.01.2018 8.0%
01.11.2002 31.10.2003 9.5% 01.02.2018 30.04.2018 7.9%
01.11.2003 31.10.2004 9.0% 01.05.2018 31.10.2018 7.8%
01.11.2004 31.10.2012 8.0% 01.11.2018 30.04.2019 7.6%
01.11.2012 31.10.2013 8.6% 01.05.2019 31.07.2019 7.6%
01.11.2013 31.10.2014 8.8% 01.08.2019 31.10.2019 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 realised 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.

Sd/- Additional Secretary
to the Govt. of West Bengal

ENCLOSURE TO FINANCE DEPARTMENT, WEST BENGAL MEMO NO: 1873-F(J)-WB DATED:- 21.05.2019

TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE SCHEME, 1987 FOR SUBSCRIPTION @ RS. 10/- PER MONTH; MONTH OF CESSATION: 2019

Amount in Rupees

Year of Entry May’ 19 June’ 19 July’ 19 August’ 19 September’ 19 October’ 19
1987 16406.76 16517.02 16627.97 16745.09 16862.99 16981.67
1988 14629.25 14728.32 14828.01 14933.21 15039.11 15145.71
1989 13021.37 13110.32 13199.83 13294.25 13389.29 13484.96
1990 11590.28 11670.22 11750.67 11835.49 11920.87 12006.82
1991 10318.07 10390.00 10462.39 10538.68 10615.48 10692.78
1992 9189.20 9254.04 9319.28 9388.00 9457.17 9526.80
1993 8189.35 8247.89 8306.80 8368.82 8431.24 8494.08
1994 7297.01 7349.94 7403.20 7459.23 7515.63 7572.40
1995 6505.02 6552.96 6601.20 6651.92 6702.97 6754.36
1996 5802.61 5846.13 5889.93 5935.93 5982.25 6028.87
1997 5179.05 5218.65 5258.49 5300.32 5342.42 5384.80
1998 4623.58 4659.68 4696.01 4734.11 4772.46 4811.06
1999 4129.03 4162.02 4195.21 4229.99 4265.01 4300.25
2000 3695.88 3726.14 3756.59 3788.47 3820.56 3852.87
2001 3308.37 3336.19 3364.18 3393.46 3422.94 3452.61
2002 2959.76 2985.39 3011.18 3038.12 3065.24 3092.54
2003 2645.38 2669.03 2692.83 2717.66 2742.66 2767.83
2004 2358.43 2380.27 2402.25 2425.16 2448.22 2471.43
2005 2094.53 2114.71 2135.02 2156.16 2177.44 2198.86
2006 1850.73 1869.38 1888.14 1907.65 1927.28 1947.04
2007 1625.49 1642.72 1660.06 1678.06 1696.17 1714.40
2008 1417.41 1433.33 1449.35 1465.95 1482.66 1499.48
2009 1225.18 1239.89 1254.69 1270.00 1285.41 1300.92
2010 1047.58 1061.17 1074.85 1088.97 1103.18 1117.49
2011 883.51 896.07 908.71 921.73 934.83 948.02
2012 731.81 743.42 755.10 767.10 779.18 791.34
2013 592.42 603.15 613.95 625.02 636.15 647.37
2014 464.54 474.46 484.45 494.66 504.93 515.28
2015 347.25 356.44 365.68 375.11 384.59 394.14
2016 239.64 248.15 256.71 265.41 274.17 282.99
2017 140.90 148.79 156.73 164.76 172.86 181.00
2018 49.93 57.25 64.61 72.04 79.51 87.04

Additional Secretary to the Govt. of West Bengal
Finance Department

No. 1873-F dated 21.05.2019, Source