Group Insurance Scheme – Revised Rate of Interest on accumulated Savings Fund for GO.111
GOVERNMENT OF ANDHRA PRADESH ABSTRACT PUBLIC SERVICES – Employees Welfare Scheme – Andhra Pradesh State Employees Group Insurance Scheme – 1984 – Revised Rate of Interest on accumulated Savings Fund - Communication of Tables of Benefits for Savings Fund for the Period from 01.01.2017 to 31.03.2017 – Revised Tables – Orders – Issued.O R D E R: 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 paisa and Rs. 6.875 paisa respectively.
3. In the reference 3rd above, orders were issued for revision of rate of subscription each unit from Rs. 10/- to Rs. 15/-. 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 01.11.1994. The amount of Insurance coverage will be Rs. 15,000/- for each unit of subscription in the reference 5th cited.
4. In the reference 8th read above, the Director of Insurance while enclosing the revised tables of the Group Insurance Scheme for first Quarter of the Calendar year 2017 with an interest rate @ 8% proposed simplified Table and stated that the above table is applicable to those who are retiring/deceased from 01.01.2017 to 31.03.2017 and he has also requested to issue following instructions that has to be followed scrupulously.
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