Group Insurance Scheme 1987 – Table of Benefits, 2011-12


Update: Group Insurance Scheme 1987 – Table of Benefits, 2012-13

Government of West Bengal
Finance Department
Audit Branch

No. 10286-F(J), Dated: 14.11.2011.

Subject: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of membership 2011-2012.

In continuation of this department’s Memo No. 10324-F(J), dated 01.11.2010 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/- (Rs. Ten) only per month has been drawn up for the period from 01.11.2011 to 31.10.2012 in matching with the table of benefits of the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(1)/EV/2010, dated 31.01.2011. A copy of the said table is enclosed as ready reckoner. The figures have been worked out on the basis of interest @ 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 and 8.0% p.a. (compounded quarterly) w.e.f. 01.11.2004 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 full subscription has been fully realised from salary upto the month in which a member ceases to be in service, failing which the same shall be deducted from his/her entitlements.

Sd/- S.N. Koley
Assistant Secretary to the
Government of West Bengal

No. 10286-F dated 14.11.2011, Source