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Wednesday, January 1, 2020

Group Insurance Scheme Interest Rate 7.9%

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PUBLIC SERVICES – Employees Welfare Scheme – Andhra Pradesh State Employees Group Insurance Scheme – 1984 – Revised Rate of Interest (@7.9%p.a w.e.f 01-07-2019 to 30-09-2019 on Accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the period from 01-01-2019 to 30-09-2019 – Revised Tables – Order–Issued. FINANCE (ADMIN-III-DI, DSA) DEPARTMENT G.O.MS.No.2 Dated: 01.01.2020. GIS Interest Rate@7.9% w.e.f. 01-07-2019 to 30-09-2019 GO 2 Dated 1.1.2020

GIS Interest Rate@7.9% w.e.f. 01-07-2019 to 30-09-2019 GO 2 Dated 1.1.2020

1. In continuation of this Department letter 8th cited, I am to inform you that in the reference 1st read above orders were issued introducing Group Insurance Scheme to the State Government Employees in place of Family Benefit Scheme with effect from 01-11-1984. According to Para 9 of the reference 1st read above, the accumulations of Savings Fund part and Insurance Fund part shall carry interest at the rates prescribed by Government from time to time.
2. In the reference 2nd read above, orders were issued for apportioning the subscription of each unit of Rs.10/- between Insurance Fund and Savings Fund in the ratio of Rs.3.125/- and Rs.6.875/- respectively.
3. In terms of the recommendation of the Committee constituted to review the working of the Andhra Pradesh State Employees Group Insurance Scheme in Government orders 3rd above orders were issued for revision of rate of subscription each unit from Rs.10/- to Rs.15/- with effect from 01-11-1994. The apportionment of the subscription of each unit Rs.15/- between Insurance Fund and Savings Fund was fixed in the ratio of Rs.4.50/- and Rs.10.50/- respectively with effect from 01-11-194. The amount of Insurance coverage will be Rs.15,000/- for each unit of subscription.

In view of the above circumstances stated above and after careful examination of the matter, Government hereby orders that the revised rate @7.9% p.a from 1st July 2019 on the Andhra Pradesh Group Insurance Savings Funds shall be allowed to continue up to 30-09-2019. Further, it is ordered that instructions prescribed should be followed scrupulously, The revised Table is annexed and some illustrations are also given in annexure-ii.

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Janardhan Randhi

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