G.O. Ms.No. 74 dated 17.09.2021 GIS Revised Tables from April 2021 to June 2021
GO. MS No. 74 dt: 17-09-2021 Andhra Pradesh State Employees Group Insurance Scheme 1984 - Revised Rate of Interest (7.1% p.a) on accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-04-2021 to 30-06-2021 Revised Tables - Orders - Issued.
Read the Following:
1) G.O.MS.No.293, Finance & Planning (Finance, Wing-Accts.II) Department, Dated:08.10.1984
2) G.O.MS.No.312,Finance & Plg.(Fin. Wing.Accts.II)Department,Dated:06-11-1984
3) G.O.MS.No.367,Finance&Planning(FW-Admin.II)Department, Dated: 15-11-1994
4) G.O.MS.No.8, Finance (Admn-III.DI, DSA) Department. Dated:22-02-2021
5) G.O.RT.No.3060, Finance (HR-III-Pension,GPF) Dep., Dated:29-12-2020
6) G.O.RT.No.337, Finance (HR-III-Pension,GPF) Dep., Dated:26-02-2021
7) G.O.MS.No. 43, Finance (Admn-IILDI, DSA) Department. Dated:25-06-2021
8) G.O.RT.No.1590, Finance (HR-III-Pension, GPF) Dep., Dated:01-07-2021
In the reference 1" read above, orders were issued for 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" 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.
In the reference 2 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.
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 read above, orders were issued for revision of rate of subscription of 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 01-11-1994. 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:
In view of the above circumstances stated above and after careful examination of the matter, Government hereby order that the revised rate @7.1% pa. 1st Apr 2021 on the Andhra Pradesh Group Insurance Savings Funds shall be allowed to continue up to 30-06-2021. Further, it is ordered that instructions prescribed should be followed scrupulously. The revised Table is annexed in Annexure I and some illustrations are also given in Annexure-II.