WBXPress

Group Insurance Scheme 1987 – Table of Benefits, 2013-14

Finance, 👁️ 114

 A new table of benefits showing accumulations in the savings fund under GISS 1987 corresponding to a unit subscription of Rs. 10/- only per month has been drawn up for the period from 01.11.2013 to 31.10.2014.

Government of West Bengal
Finance Department
Audit Branch

No. 7700-F(J) Dated: 24.09.2013

MEMORANDUM

Subject: State Govt. Employees Group Insurance Scheme, 1987 -Table of Benefits under Savings Fund for the year of cessation of membership 2013-14.

In continuation of this Department’s Memo No. 7783-F(J), dated 11.09.2012, the undersigned is directed to say that a new table of benefits showing accumulations in the 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 01.11.2013 to 31.10.2014 matching with the table of benefits of the Central Govt. Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No.7(2)/EV/2012 dated 15.01.2013. A copy of the said table is enclosed as ready reckoner. The figures have been worked out on the basis of interests @ 12% p.a. (compounded quarterly) for the period from 01.11.1987 to 31.10.2001, 11% p.a. (compounded quarterly) from 01.11.2001 to 31.10.2002, 9.5% p.a. (compounded quarterly) from 01.11.2002 to 31.10.2003, 9.0% p.a. (compounded quarterly) from 01.11.2003 to 31.10.2004, 8.0% p.a. (compounded quarterly) from 01.11.2004 to 31.10.2012 and 8.6% p.a. (compounded quarterly) from 01.11.2012 to 31.10.2013 and 8.8% p.a. (compounded quarterly) from 01.11.2013 onwards. The mortality rate continues to remain unchanged.

2. 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.

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

Sd/- S.K. Ram
Joint Secretary to the
Government of West Bengal,
Finance Department.

ENCLOSURE TO FINANCE DEPARTMENT’S MEMO NO. 7700-F(J), DATED 24.09.2013
TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE SCHEME, 1987
FOR SUBSCRIPTION @ Rs. 10/- PER MONTH
MONTHS OF CESSATION: YEAR 2013- 2014

Year of EntryNov, 13Dec, 13Jan, 14Feb, 14Mar, 14April, 14May, 14June, 14July, 14Aug, 14Sept, 14Oct, 14
(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)
198799991007910160102401032110404104851056910654107371082010901
1988887689469018909291659237931393869462953696139686
1989786079247990805281188185825083188384845185198586
1990695770137073712971887247730873677429748975507608
1991615562056257631263646416647065246578663366876738
1992544354875535558356315678572657735822587259195966
1993480948494891493549795021506351065152519452405282
1994424542834320435943984437447645144555459346344672
1995374637793813384838823919395239884024406040964130
1996330133313364339434263458349035223553358736183650
1997290629352962299230183049307731073135316431943224
1998255825802606263226592684271127382764279228182844
1999224422682292231523392361238424082433245824822506
2000196919882011203120532077209821202144216521882210
2001172217411762178018001821184018521883190319231945
2002150215201538155715751593161216311650166916881706
2003130413201337135413701387140414221439145714751491
2004112211381153116811841199121512311247126312791295
200595697098499810121027104110561070108511001115
2006802815828841854867880894907921934948
2007659671683695707719732744756769781794
2008528539550561572583594606617629640652
2009407417427437447457467478488499510520
2010294304313322331341350360369379389399
2011191199208216225233242251260269278286
201295103111118126134142150158166175183
201371421283643505765728087

No. 7700-F dated 24.09.2013, Source