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GIS Revised Tables - GIS Revised Rate of Interest from 01-01-2018 to 31-03- 2018 G.O.MS.No.51

G.O.MS.No.51 Dated: 24-04-2018 AP 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 01-01-2018 to 31-03- 2018 – Revised Tables/GIS Savings Tables

                  FINANCE (ADMIN-III) DEPARTMENT

G.O.MS.No. 5Dated: 24-04-2018 

Read the following:


1) G.O.Ms.No.293, Fin. & Plg (FW-Accts.II) Dept., dated: 08-10-1984. 
2) G.O.Ms.No.312, Fin. & Plg (FW-Acmn.II) Dept., dated: 06-11-1984. 
3) G.O.Ms.No.367, Fin. & Plg (FW-Admn.II) Dept., dated: 15-11-1984. 
4) G.O.Ms.No.13, Finance (Admn.II) Department. Dated: 24-01-2017. 
5) G.O.Rt.No.318, Finance (HR.5.Pen.GPF) Dep., dated: 22-02-2017. 
6) G.O.Rt.No.1171, Finance (HR.5.Pen.GPF) Dep., dated: 11-15-2017. 
7) G.O.Rt.No.2087, Finance (HR.5.Pen.GPF) Dep., dated: 31-12-2017. 
8) This Department Lr.No.02/GIS-I/2016-17, dated: 27-07-2016, 12-09-2016,19
10-2016 and 14-12-2016.
9) Govt.Memo.No.1690/138/A1/Admn. DI&IF/2016, dated: 05-10-2016. 
10) Committee Report dated: 14-12-2016. 
11) G.O.Ms.No.111, Finance (Admn.DI&IF) Dep., dated: 11-07-2017. 
12) G.O.Ms.No.122, Finance (Admn.DI&IF) Dep., dated: 19-07-2017. 
13) G.O.Ms.No.03, Finance (Admin-III) Dep., dated: 26-01-2018 
14) G.O Rt No .96 Finance (HR -5-Pension, GPF), Dep., dated: 24-1- 2018.

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ORDER:
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 1 st read above, the accumulations of savings fund part and insurance fund part shall carry interest for the rated prescribed by Government from time to time.
  1. In the reference 2nd read above, orders were issued for apportioning the subscription the 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.
  2. In The reference 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. File No.1690/138/A1/Admn.DI&IF/2016
    1. The Sanctioning Authorities / Drawing and Disbursement Officer / 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:
    2. 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.
    3. The Drawing and Disbursement Officer shall recover the correct rate of subscription according to the eligible group of employees. For any excess / less recovery, the Drawing and Disbursement Officer concerned shall be held responsible.
  • The Director of Insurance, Andhra Pradesh, Amaravati ,Ibrahimpatnam shall conduct a regular Audit of all claims paid under Group Insurance Scheme and send a report to the Head of the Department concerned.
  • 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.
  • 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.
  • If an employee’s subscription at any period if not recovered during his Service the total subscription along with interest shall be recovered from the payments admissible to him.
  • 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 and 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.
  • 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”.
  1. In view of the above circumstances stated above and after careful examination of the matter, File No.1690/138/A1/Admn.DI&IF/2016 Government hereby order that, the revised rates of interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 7.6% per annum as per the G.O Rt No .96 Finance (HR -5- Pension,GPF),Dep., dated :24-1-2018 and The Table for GIS subscription and with accumulated interest is issued for the periods covering from 01-01-2018 to 31-03-2018. Further, it is ordered that instructions prescribed at Para 4th above, should be followed scrupulously. The revised Table is annexed below.
  2. The Director of Insurance, Andhra Pradesh, Amaravathi, Ibrahimpatnam shall take further necessary action accordingly and conduct a regular Audit of all claims paid under Group Insurance Scheme and send a report of the Head of the Department concerned.
ANNEXURE

APGIS Maturity values are one unit for the first quarter of 2018 (Cumulative of saving Portion + Quarterly compounded interest)
year of start, AC CUMULATED SAVING
ONE UNIT APS EGIS UP TO March 2018
Jan-18 Feb-18 Mar-18
1984 21404.2 21550.34 21696.495
1985 19607. 19742.4 19877.23
1986 17980.2 18104.61 18229.077
1987 16505.7 16620.80 16735.926
1988 15169.9 15276.53 15383.205
1989 13959.7 14058.70 14157.706
1990 12863.4 12955.40 13047.465
1991 11870.1 11955.87 12041.642
1992 10970.3 11050.34 11130.415
1993 10155.1 10229.98 10304.889
1994 9389.23 9459.203 9529.235
1995 8377.90 8441.462 8505.088
1996 7479.34 7537.212 7595.147
1997 6680.98 6733.797 6786.677
1998 5971.6 54 6019.974 6068.361
1999 5341.42 5385.751 5430.147
2000 4780.4 4821.226 4862.069
2001 4276.1 4313.719 4351.367
2002 3817.0 3851.755 3886.496
2003 3397.26 3429.279 3461.362
2004 3012.48 3042.064 3071.710
2005 2657.2 2684.589 2711.985
2006 2329.0 2354.337 2379.655
2007 2025.90 2049.236 2072.633
2008 1745.81 1767.369 1788.992
2009 1487.05 1506.968 1526.952
2010 1247.9 1266.397 1284.867
2011 1027.14 1044.147 1061.219
2012 823.72 839.441 855.225
2013 637.20 651.740 666.342
2014 466.07 479.530 493.048
2015 309.06 321.522 334.046
2016 164.83 176.383 187.993
2017 31.701 42.402 53.169
INTEREST RATES
From To %
01-11-1984 31-10-1994 10.00
01-11-1994 31-03-2000 12.00
01-04-2000 31-03-2001 11.00
01-04-2001 31-03-2002 9.50
01-04-2002 31-10-2004 9.00
01-11-2004 31-12-2011 8.00
01-12-2011 31-03-2012 8.60
01-04-2012 31-03-2013 8.80
01-04-2013 31-03-2016 8.70
01-04-2016 31-12-2016 8.10
01-01-2017 31-03-2017 8.00
01-04-2017 31-06-2017 7.90
01-07-2017 31-12-2017 7.80
01-01-2018 31-03-2018 7.60

Unit size up to 31/10/1994 =Rs.10 (saving 6.875+insurance 3.125) and from 1/11/1994 Unit size increased to Rs.15 (saving 10.5+insurance 4.5) This increase in saving fund considered while arriving to maturity value of saving fund of one unit. The table prepared that fresh GIS unit saving portion starts only in the month of November in a calendar year.
Download G.O Copy and GIS Tables from January 2018 to March 2018