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Group Insurance Scheme 1987 – Table of Benefits, 2014-15

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Government of West Bengal
Finance Department
Audit Branch

No. 4700-F(J)-WB Dated, Kolkata, the 29th September, 2014.

MEMORANDUM

Sub: State Govt. Employees Group Insurance Scheme, 1987 – Table of Benefit Savings Fund for the year of cessation of Membership 2014 – 2015.

In continuation of this Department’s Memo. No. 7700-F(J) dated 24.9.2013, the undersigned is directed to say that a new table of benefits showing accumulations 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 1.11.2014 to 31.10.2015 in matching with Central Govt. Employees Group Insurance Scheme, 1980 circulated under G.O.I’s OM NO. 7(1)/EV/2013 dated 8.1.2014.

A copy of the said table is enclosed herewith as ready reckoner. The figures have been worked out on the basis of interest @ 12% p.a. (compounded quarterly) for the period from 1.11.1987 to 31.10.2001. @ 11% p.a. (compounded quarterly) for the period from 1.11.2001 to 31.10.2002 @ 9.5% p.a. (Compound quarterly) for the period from 1.11.2002 to 31.10.2003 @ 9% p.a. (Compounded quarterly) for the period from 1.11.2003 to 31.10.2004 @ 8 % p.a. (compounded quarterly) for the period from 1.11.2004 to 31.10.2012 @ 8.6. % p.a. (compounded quarterly) for the period from 1.11.2012 to 31.10.2013 and @ 8.8 % p.a. (Compounded quarterly) from 1.11.2013 to 31.10.2014 and @ 8.7% p.a. (Compounded quarterly) from 1.11.14 onwards. The mortality rate continues to remain unchanged.

2. The amounts shows 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 subscription have fully been realised 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/- S.K.Das
Joint Secretary/Commissioner to
Government of West Bengal
Finance Department

Table of Benefits showing Savings Fund Accumulation under Group Insurance Scheme 1987 for subscription @ Rs. 10/-per month of cessation year 2014-2015

No. 4700-F(J) dated 29.09.2014