Tuesday, October 20, 2009

Central Government Employees Group Insurance Scheme

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A portion of monthly contributions paid while in service is credited in a Saving Fund, on which interest accrues. A Government servant while entering service has to apply in Form No. 4 of the above Scheme to the Head of Office, who shall issue a sanction for the payment of subscriber’s accumulation in the Savings Fund segment together with interest and arrange for its disbursement, soon after retirement. Payments under this Scheme are made in accordance with the Table of Benefit which takes in to account interest up to the date of cessation of service. Insurance cover benefit under this Scheme is available to the family in the event of death of the subscriber. No interest is payable on account of delayed payments under this Scheme.

central Government Employees Group Insurance Scheme, 1980 - Tables of Benefits for the Savings Fund for the period from 1.1.2009 to 31.12.2009.

Railway Ministry:

In continuation of this Ministry's letter No.PC-III/2000/GIS/2 dated 15.01.2008, a copy of O. M. No.7(2)/EV/2008 dated 22.12.2008 of the Ministry of Finance, Department of Expenditure on the above subject is forwarded herewith for information and necessary action.

Finance Ministry:

The undersigned is directed to r/efer to this Ministry's O.M. No.7{3)/EV/2oo7 dated 18th December, 2007 forwarding ther ewith Tables of Benefits under CGEGISfor the year 2008. New Tables of Benefits for the savings fund of the Scheme based on a subscription of Rs.I0 per month from 1.1.1982to 31.12.1989 and Rs.15 per month w.e.f. 1.1.1990 onwards have been prepared for the year 2009 and a copy of the table is enclosed. Another Table of Benefits for the savings fund based on a subscription of Rs.10 per month for those employees who has opted out of the revised rates of subscription w.eJ. 1.1.1990 have also been drawn up for the year 2009 and a copy of that table Is also enclosed. The amounts in the Tables have been worked out on the basis of interest @ 10% per annum(compounded quarterly) for the period from 1.1.1982 to 31.12.1982, 11% per annum(compounded quarterly) w.e.f. 1.1.1983 to 31.12.1986, 12%per annum(compounded quarterly) w.e.f. 1.1.1987 to 31.12.2000, 11% per annum (compounded quarterly) w.eJ. 1.1.2001 'co 31.12.2001, 9.5% per annum(compounded quarterly) w.eJ. 1.1.2002 to 31.12.2002, 9.0% per annum(compounded quarterly) w.e.f. 1.1.2003 to 31.12.2003 and 8% per :annum (compounded quarterly) w.eJ. 1.1.2004 onwards. The mortality rate under the Scheme has been taken as 3.75 per thousand per annum up to 31.12.1987 and 3.60 per thousand per annum thereafter in both the cases. While calculating the amount it has been assumed that the subscription has been recovered or will be recovered fr om the salary of the month in which a member ceases to be in service failing which it sh'Juld be deducted from accumulated amounts payable.

2. In its application to the employees of Indian Audit and Accounts Depa.rtment this Office Memorandum issues in consultation with the Comptroller and Auditor General of India.

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