Tuesday, 24 January 2017

G.O.MS.No.13, Dated: 24-01-2017. 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 01.01.2016 to 31.12.2016

    
   
    GOVERNMENT OF ANDHRA PRADESH                                 ABSTRACT

PUBLIC  SERVICES  – Employees Welfare Scheme – 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 01.01.2016 to  31.12.2016 – Revised Table – Orders – Issued.

    FINANCE (ADMN.DI&IF) DEPARTMENT       G.O.MS.No. 13           Dated: 24-01-2017

 Read the following:-

1.  G.O.Ms.No.293, Finance & Planning (FW.Accts.II) Dept., dated: 08.10.1984.
2.  G.O.Ms.No.312, Finance & Planning (FW.Admn.II)  Department, dated: 06.11.1984.
3.  G.O.Ms.No.367, Finance & Planning (FW.Admn.II)  Department, dated: 15.11.1994.
4.  G.O.Ms.No.381, Finance & Planning (FW.Admn.II)  Department, dated: 05.12.1994.
5.  G.O.Ms.No.382, Finance & Planning (FW.Admn.II)  Department, dt: 05.12.1994.
6.  G.O.Ms.No.99, Finance (Admn.II)  Department, dated: 06.08.2015.
7.  G.O.Ms.No.1638, Finance (HR.V) Department, dated: 27.06.2016.
8.  Letter No.02/GIS-I/2016-17, dt: 27.06.2016, 27.07.2016, 30.08.2016, 19.10.2016 and 14.12.2016 of the Director of Insurance, A.P.,  Ibrahimpatnam.

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O R D E R:

       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 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.

       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 paisa and Rs. 6.875 paisa respectively.
 
       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. In  modification of the Para 9 of the  Government orders 1st  read above, orders were issued vide reference 4th  read  above, for fixing the interest on the accumulations of the Savings Fund of the Member of the  Scheme for the State as a whole and shall be paid at the Rate of 12 % per annum compounded Quarterly with effect from 01.11.1994.In  the reference 5th  read above, orders were issued for apportionment of the subscription of each unit Rs. 15/- between Insurance  Fund and Savings Fund 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.

      In  the reference 7th  read above, Government have issued orders to reduce the rate of interest from  8.7% to 8.1% per annum on the Provident Funds and other similar Funds i.e. Andhra Pradesh Government Life Insurance Funds maintained by the Government of Andhra Pradesh on par with rates of Government of India  until further orders.

        In  view of the  above circumstances and after careful  examination of the matter, Government hereby order that, the revised rates of interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed at 8.1% per annum from 01.04.2016 onwards.  The  Table is revised and issued for the periods covering from 01.01.2016 to  31.12.2016 to keep in align  with the calendar year as was done by Government of India. (The revised Table is appended to the GO along with illustrations Sheet).  This simplified Table is applicable to those who are retired /deceased from  01-01-2016 to 3112-2016 i.e. calendar Year 2016 only. The employees who were retired/died on or before 31-12-2015 old tables are applicable.

       All the HOD’s  DDO’s are requested to follow the  below mentioned instructions scrupulously to ensure proper implementation of 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.
      •  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.
      •  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 concerned shall be held responsible.
      •  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 is not recovered during his/her Service Period, the total subscription along with interest shall be recovered from the payments admissible to them.
     •  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 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. 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”.

   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. He is also advised to coordinate with all departments for the proper implementation of the scheme  Copy of this order  is available on  Internet and can be accessed at address http://www.ap.gov.in.goir .

   (BY ORDER AND IN THE NAME OF THE         GOVERNOR OF ANDHRA PRADESH)   

                              K.SUNITHA                                SECRETARY TO GOVERNMENT (B&IF) 



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