AP 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 01-07-2020 to 30-09-2020 – Revised Tables

PUBLIC SERVICES – Employees Welfare Scheme – 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 01-07-2020 to 30-09-2020 – Revised Tables – Orders –  Issued.

FINANCE (ADMN-III-DI,DSA) DEPARTMENT

G.O.M S.No.8                                                                                                            Dated:  22-02-2021

AP 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 01-07-2020 to 30-09-2020 – Revised Tables

  • GO.MS.No.293, Finance & Planning (Finance.Wing-Accts.II) Department, Dated:08.10.1984
  • GO.MS.No.312,Finance.&Plg.(Fin.Wing.Accts.II)Department,Dated:06-11-1984
  • GO.MS.No.367,Finance. Planning(FW-Admn.II)Department,Dated:15-11-1994
  • GO.MS.No.111,Finance(Admn.DI&IF)Department,Dated:11-07-2017
  • GO.MS.No.122,Finance(Admn.DI&IF)Department,Dated:19-07-2017
  • GO.MS.No.3,Finance(Admin-III) Department, Dated:26-01-2018
  • GO.RT.No.96,Finance (HR-5-Pension,GPF) Department, Dated:24-01-2018
  • GO.MS.No.51,Finance (Admin-III) Department, Dated:24-04-2018
  • GO.RT.No.1204,Finance (HR-5-Pension,GPF) Department, Dated:22-05-2018
  • GO.MS.No.156, Finance (Admn-III) Department, Dated:28-09-2018.
  • GO.RT.No.2119, Finance (HR-4-Pension.II,GPF) Department,Dated:17-12-2018.
  • GO.MS.No.19, Finance (Admn-III) Department ,Dated :13-02-2019
  • GO.RT.No.110, Finance (HR-IV-Pension.II,GPF) Department,Dated:24-01-2019.
  • GO.RT.No.950, Finance(HR-IV-Pension.II,GPF) Department,Dated:01.05. 2019.
  • GO.MS.No. 131, Finance(Admn-III.DI,DSA)  Department, Dated: 27-09-2019.
  • GO.RT.No.1319,  Finance(HR-IV-Pension.II,GPF)Department,Dated:20-08-2019.
  • GO.MS.No.2,  Finance(Admn-III.DI,DSA)Department,Dated:01-01-2020.
  • GO.RT.No.2134, Finance(HR-III-Pension)Department,Dated:24-12-2019.
  • GO.MS.No.41, Finance(Admn-III.DI,DSA)Department,Dated:13-05-2020.
  • GO.RT.No.1689, Finance(HR-III-Pension)Department,Dated:22-06-2020
  • GO.RT.No.1690, Finance(HR-III-Pension)Department,Dated:22-06-2020
  • GO.MS.No.81, Finance (Admn-III.DI, DSA) Department. Dated: 07-09-2020
  • G.O.RT.No.2403, Finance (HR-III-Pension,GPF) Dep., Dated: 22-09-2020

In the reference 1st 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 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.

  1. 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/- and Rs.6.875/-respectively.
  2. 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.
  3. 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:

DOWNLOAD GIS REVISED G.O.M S.No.8  

Financial Year Rate of Interest Government Order
01-04-2013 to

31-03-2016

 8.7% G.O.RT.No.2142, Finance (Pen-II) Department, Dated: 30-04-2013
01-04-2016 to

30-06-2016

 8.1% G.O.RT.No.1638, Finance (HR-5-Pension,GPF) Department, Dated: 27-06-2016
01-01-2017 to

31-03-2017

 8.0% G.O.RT.No.318, Finance (HR-5-Pension,GPF)

Department, Dated: 22-02-2017
01-04-2017 to

30-06-2017

 7.9% G.O.RT.No.1171, Finance (HR-5-Pension,GPF) Department, Dated: 17-05-2017
01-07-2017 to

31-12-2017

 7.8% G.O.RT.No.2087, Finance(HR-5-Pension,GPF)

Department, Dated: 31-10-2017
01-01-2018 to

31-03-2018

 7.6% G.O.RT.No.96, Finance (HR-5-Pension,GPF)

Department, Dated: 24-01-2018
01-04-2018 to

30-06-2018

 7.6% G.O.RT.No.1204, Finance(HR-5-Pension,GPF)

Department, Dated: 22-05-2018.
01-10-2018 to

30-06-2019

 8.0% G.O.RT.No.2119,  Finance(HR-IV- Pension.II,GPF)

Department, Dated: 17-12-2018,

G.O.RT.No.110,  Finance(HR-IV- Pension.II,GPF)
Department, Dated: 24-01-2019,
G.O.RT.No.950,  Finance(HR-IV- Pension.II,GPF)
Department, Dated: 01-05-2019
01-07-2019 to 7.9% G.O.RT.No.1319, Finance ( HR-IV- Pension.II,GPF)
31-03-2020 Department, Dated: 20-08-2019 and
G.O.RT.No. 2134, Finance ( HR-III-Pension)
Department ,Dated: 24-12-2019,
G.O.RT. No .1689,Finance(HR-III-Pension)
Department., Dated: 22-06-2020
01-04-2020 to 7.1% G.O.RT. No .1690,Finance(HR-III-Pension)
30-09-2020 Department ., Dated: 22-06-2020,

G.O.RT. No .2403, (HR-III-Pension,GPF) Dep.,
Dated: 22-09-2020
  1. Government has constituted a committee for preparation of Tables for calendar year 2016 onwards on par with CGEGIS tables. The Committee has prepared a simplified table for maturity value of one unit for the calendar year 2016 and in Continuation of the government orders the table for 3rd Quarter of 2020 is prepared at the applicable interest rates 1% per anum.
  2. The Sanctioning Authorities / Drawing and Disbursement Officer / Treasury Officers

/District Audit Officers / Pay and Accounts Officers / Director of Works and 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 employees. For any excess/less recovery, the Drawing and Disbursement Officer concerned shall be held responsible
  3. The Director of Insurance, Andhra Pradesh, Amravati, and Ibrahimpatnam shall conduct a regular Audit of all claims paid under Group Insurance Scheme and send are port 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 e-challan to the Head of Account i.e. 8011-107-01 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 at any period if not recovered during his Service 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 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.
  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”.
  9. As per G.O.Ms.No.225, Finance (Admn.II) Department, dated:22-06- 2010 the revised pay slabs as per RPS 2010 and its Corresponding Slabs in the Revised Scales of Pay, 2015 for Classification of Groups and Compulsory deduction of subscription units applicable to the corresponding groups as shown below.
S.

No.

 Slabs of Pay under Revised Scales of Pay 2010 asper

G.O.MsNo.225

 Correspondin g Slabs in the Revised Scales

of

Pay,2015

 Classification of Groups Units of Subscription

(Rs 15/- per each unit)
1 Rs.18030-55660 35120-110850 A 8 Units Rs.120/-
2 Rs.11860-42590 23100-84970 B 4 Units Rs 60/-
3 Rs.8440-33200 16400-66330 C 2 Units Rs 30/-
4 Rs.6700-23650 13000-47330 D 1 Units Rs 15/-
  1. In view of the above circumstances stated above and after careful examination of the matter, Government hereby order that the revised rate @7.1% p.a. from 1st July 2020 on the Andhra Pradesh Group Insurance Savings Funds shall be allowed to continue up to 30-09- 2020. Further, it is ordered that instructions prescribed should be followed scrupulously. The revised Table is annexed and some illustrations are also given in Annexure-ii.
 

UNIT

 Andhra Pradesh State Employees Group Insurance Scheme
start

year

 Accumulated Saving Fund of one unit  up to

Sep 2020
↓ ↓  closing month  in the year 2020          ↓
July-20 Aug-20 Sep-20
1984 26274.69 26440.67 26606.71
1985 24098.50 24251.61 24404.77
1986 22126.98 22268.42 22409.93
1987 20340.89 20471.76 20602.69
1988 18722.77 18844.07 18965.43
1989 17256.84 17369.46 17482.15
1990 15928.78 16033.54 16138.37
1991 14725.62 14823.26 14920.97
1992 13635.61 13726.81 13818.07
1993 12648.12 12733.48 12818.90
1994 11719.58 11799.42 11879.32
1995 10494.50 10567.10 10639.75
1996 9406.04 9472.19 9538.41
1997 8438.95 8499.38 8559.87
1998 7579.71 7635.05 7690.46
1999 6816.28 6867.11 6918.00
2000 6136.75 6183.56 6230.43
2001 5525.85 5569.05 5612.30
2002 4969.78 5009.68 5049.65
2003 4461.23 4498.13 4535.09
2004 3995.13 4029.27 4063.47
2005 3564.83 3596.42 3628.08
2006 3167.30 3196.54 3225.84
2007 2800.04 2827.11 2854.24
2008 2460.76 2485.81 2510.94
2009 2147.30 2170.51 2193.78
2010 1857.72 1879.22 1900.77
2011 1590.20 1610.11 1630.08
2012 1343.79 1362.24 1380.75
2013 1117.85 1134.96 1152.14
2014 910.56 926.44 942.39
2015 720.36 735.12 749.94
2016 545.65 559.38 573.17
2017 384.38 397.15 409.99
2018 235.02 246.91 258.87
2019 96.83 107.90 119.04
2020 0 0 0

 

 

INTEREST RATES
FROM TO %
1-Nov-1984 31-Oct-1994 10
1-Nov-1994 31-Mar-2000 12
1-Apr-2000 31-Mar-2001 11
1-Apr-2001 31-Mar-2002 9.5
1-Apr-2002 31-Mar-2004 9
1-Apr-2004 30-Nov-2011 8
1-Dec-2011 31-Mar-2012 8.6
1-Apr-2012 31-Mar-2013 8.8
1-Apr-2013 31-Mar-2016 8.7
1-Apr-2016 31-Dec-2016 8.1
1-Jan-2017 31-Mar-2017 8
1-Apr-2017 30-Jun-2017 7.9
1-Jul-2017 31-Dec-2017 7.8
1-Jan-2018 30-Sep-2018 7.6
1-Oct-2018 30-Jun-2019 8
1-July-2019 31-Mar-2020 7.9
1-Apr-2020 30-Sep-2020 7.1

up to 31/10/1994 one Unit =Rs.10 (saving6.875+insurance3.125) and from 1/11/1994  unit  size increased to Rs.15( saving 10.5+insurance4.5). This change is considered  while  arriving  to  maturity  value  of  saving  portion of  one  unit. The  month November in a  calendar  year is taken as starting  month.

ANNEXURE –II (Illustrations)

 A unit starts at Rs 10 pm .before 1994 and it increases to Rs 15 pm from 1994 but there is no extra unit only one unit is to be taken for arriving maturity value with starting year before

mployee retires in Sep 2020GIS particulars Year of Start No of Units added One unit maturity on Sep 2020 based on its starting year Total of Maturity
From 11/1990 to 10/1994 Rs 10 pm 1990 1 16138.37 16,138.37
and from 11/1994 Rs.15 Per month
From 11/2000 to 10/2010 Rs 30 pm 2000 1 6230.43 6,230.43
From 11/2010 to 10/2014 Rs 60 pm 2010 2 1900.77 3,801.54
From 11/2014 to 09/2020 Rs 120pm 2014 4 942.39
3,769.56
Total No of units at his Retirement. 8 Total Maturity with interest on Sep,

2020

 29,939.90

Note: All units put together shall not exceed 8 in any case.

 

Employee Retires in Aug,2020 GIS Particulars Year of Start No of Units

added

 One unit maturity on Aug 2020 based on its starting year Total of Maturity
From 11/1984 to 10/1989 Rs 10 pm 1984 1 26440.67 26,440.67
From 11/1989 to 10/1994 Rs 20 pm 1989 1 17369.46 17,369.46
From 11/1994 to 10/2006  Rs 30 pm 1994 No Extra

Units

 —  

6,393.08
From 11/2006 to 08/2020 Rs 60 pm 2006 2 3196.54
Total  No of units at his Retirement 4 Total Maturity with interest on Aug,

2020

 50,203.21

 

Employee Retires in July,2020 GIS Particulars Year of Start No of

Units added

 One unit maturity on July,2020 based on its starting year Total of Maturity
From 11/1993 to 10/1994 Rs 80 pm 1993 8 12648.12 1,01,184.96
From 11/1994 to 07/2020 Rs 120pm 1994 No Extra

Units

 — —
Total  No of units at his Retirement 8 Total Maturity with interest on

July,2020

 1,01,184.96

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