GO.No. 90 Dated :01.05.2014-GIS (AP Group Insurance Scheme) Savings Tables Revised from 01.04.2014 to 31.03.2015. 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 01.04.2014 to 31.03.2015 – Revised Tables. These Orders and Tables shall come in force with effect from 01.04.2014.
GIS (AP Group Insurance Scheme) Savings Tables Revised from 01.04.2014 to 31.03.2015The Apportionment of the Subscription of each unit Rs. 15/- between Insurance Fund and Savings Fund was fixed in the Ratio of 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.
The Rate of Interest on Accumulations of Savings Fund of the Member of the Scheme and the Interest on the Insurance Fund from time to time is as follows :
|Financial Year||Rate of Interest||Government Order|
|11 / 1984 To 10 / 1994||10 %||G. O. Ms. No. 293, Finance & Planning (FW. Accts.II)
Department, dated : 08.10.1984
|11 / 1994 To 03 / 2000||12 %||G. O. Ms. No. 381, Finance & Planning (FW.Admn.II)
Department, dated : 05.12.1994
|01.04.2000 To 31.03.2001||11 %||G. O. Ms. No. 63, Finance & Planning (FW.Pen.II)
Department, dated : 06.06.2000
|01.04.2001 To 31.03.2002||9.5 %||G. O. Ms. No. 345, Finance & Planning (FW.Pen.II)
Department, dated : 07.07.2001
|01.04.2002 To 31.10.2004||9 %||G. O. Ms. No. 703, Finance & Planning (FW.Pen.II)
Department, dated : 19.07.2002
|01.11.2004 To 30.11.2011||8 %||G. O. Ms. No. 625, Finance & Planning (FW.Pen.II)
Department, dated : 02.09.2004
|01.12.2011 To 31.03.2012||8.6 %||G. O. Rt. No. 2425, Finance (Pen.II) Department, dated
|01.04.2012 To 31.03.2013||8.8 %||G. O. Rt. No. 2735, Finance (Pen.II) Department, dated
|01.04.2013 To 31.03.2014||8.7 %||G. O. Rt. No. 2142, Finance (Pen.II) Department, dated
- Government hereby order that in Supersession of the Orders issued in previously, the Revised Rates of Interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 8.7 % per Annum from 01.04.2014 onwards and the Tables are revised and issued for the Period covering from 01.04.2014 to 31.03.2015. The Revised Tables of Benefits I, II and III, III (A) to III (U) on Savings Fund of Andhra Pradesh State Employees Group Insurance Scheme – 1984 on Cessation of Membership during the Period from 01.04.2014 to 31.03.2015 are appended herewith for making Payments under the Scheme.
The Sanctioning Authorities / Drawing and Disbursement Officers / Treasury Officers / District Audit Officers / Pay and Accounts Officers / Director of Works Accounts are requested to keep in view of the appended Table while sanctioning and making the Final Payments under Group Insurance Scheme for proper Implementation of the Scheme. Further, the following Instructions shall also be Scrupulously followed.
- (1) The Head of the Department / Drawing and Disbursement Officer shall be held responsible for sanctioning the Group Insurance Scheme Final Payments. If any Excess Payments are found, the Difference Amount shall be collected from the sanctioning Authority and such Officers are liable for Disciplinary Action.
- (2) The Drawing and Disbursement Officer shall recover the Correct Rate of Subscription according to the eligible Group of the Employees. For any Excess / Less Recovery the Drawing and Disbursement Officer shall be held responsible.
- (3) The Director of Insurance, Andhra Pradesh, Hyderabad shall conduct a regular Audit of all Claims paid under Group Insurance Scheme and send a Report to the Head of the Department concerned.
- (4) The Head of the Department concerned shall take action against the erring Officials who are responsible for the Excess / Less Recoveries wherever they are detected.
- (5) Any Excess Payment made, if found during the Audit by the Directorate of Insurance, the same shall be immediately recovered from the concerned and remitted through Challan to the concerned Head of Account by the Drawing and Disbursement Officer and the fact of remittance shall invariably be communicated to the Directorate of Insurance.
- (6) If an Employee’s Subscription is not recovered during his Service Period, the Total Subscription along with Interest shall be recovered from the Payments admissible to him.
- (7) All the Heads of Offices should take Prompt Action for recording the necessary Subscription Entries in the Service Registers of the Employees under proper Attestation every Year at the close of March a Certificate shall be recorded in the Service Book of each Employee that Subscription to the Scheme at the Appropriate Rates have been recovered for the Period from April to March. The Entries shall be attested by the Drawing and Disbursing Officer.
- (8) As per G. O. Ms. No. 910, Finance (Admn.II) Department, dated : 28.10.2002. “sanctioning authority shall send a copy of Sanction Orders of the Group Insurance Scheme Payment including calculation slip to the Directorate of Insurance for verification”.