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

Government of West Bengal
Finance Department
Audit Branch

No. 7783-F(J), Dated: 11.09.2012

MEMORANDUM

Subject: State Govt. Employees Group Insurance Scheme, 1987 -Table of Benefits under Savings Fund for the year of cessation of membership 2012-13.

In continuation of this Department’s Memo No. 10286-F(J), dated 14.11.2011, 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 01.11.2012 to 31.10.2013 in matching with the table of benefits of the Central Govt. Employees Group Insurance Scheme, 1980 circulated under GOIs OM (corri.) No. 7(1)/EV/2012 dated 09.05.2012. 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, 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 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/- P.N. Samadder
Joint Secretary to the
Government of West Bengal
Finance Department.

No. 7783-F dated 11.09.2012, Source