Wednesday, 13 February 2019

Andhra Pradesh State Employees Group Insurance Scheme – 1984 –Rate of Interest existing @7.6% p.a to continue up to 30-09-2018 and revised rate @ 8 % p.a w.e.f 1st Oct 2018 to 31st Dec 2018. G.O.MS.No. 19, Dated: 13-02-2019



GOVERNMENT OF ANDHRA PRADESH 
ABSTRACT   

PUBLIC SERVICES – Employees  Welfare  Scheme  – Andhra  Pradesh State Employees  Group Insurance Scheme – 1984 –Rate of Interest existing @7.6% p.a to continue up to 30-09-2018 and revised rate  @  8 % p.a w.e.f 1st Oct 2018 to 31st Dec 2018 on Accumulated Savings Fund - Communication of Tables of Benefits for Savings Fund for the Period from 01-07-2018 to 31-122018 – Revised  Tables – Order–Issued.       


FINANCE(ADMIN-III)  DEPARTMENT 
G.O.MS.No.  19            Dated:  13-02-2019 









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) Dept,  dated: 06.11.1984.
3. G.O.Ms.No.367, Finance & Planning  (FW.Admn.II) Dept,  dated: 15.11.1994.
4. G.O.Ms.No.111, Finance (Admn.DI&IF) Dep., dated:  11-07-2017
5. G.O.Ms.No.122, Finance (Admn.DI&IF) Dep., dated:  19-07-2017
6. G.O.Ms.No.3, Finance  (Admin-III)  Dep., dated:  26-01-2018
7. G.O.Ms.No.96, Finance (HR-5-Pension, GPF)  Dep., dated:  24-01-2018
8. G.O.Ms.No.51, Finance (Admin-III)  Dep., dated: 24-04-2018
9. G.O.Rt.No.1204,  Finance (HR-5-Pension,  GPF) Dep.,  Dated:  22-05-2018
10.  G.O. Ms. No. 156,  Finance (Admn-III)  Department, Dated: 28-09-2018.
11.  G.O.Rt.No.2119,  Finance (HR-4-Pension.II, GPF) Dep., Dated:  17-12-2018.

<<>> 

     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 for  the  rated prescribed  by  Government from  time  to  time.

2.   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.

3.   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.

4.   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:

*Government have 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  3nd Quarter and 4th Quarter of 2018 is prepared at the applicable interest rates 7.6% pa and 8.0% pa.  

5.   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:

• 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 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 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.

• 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 must send a copy of sanction orders of the Group Insurance Scheme Payment including calculation slip to the Directorate of Insurance for verification”.

• 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.


6. In view of the above circumstances stated above and after careful examination of the matter, Government hereby order that, the existing 7.6% rate of interest on the Andhra Pradesh Group Insurance Savings Funds shall be allowed to continue up to 30-09-2018 and revised rate @ 8% p.a from 1st Oct 2018 to 31st Dec 2018 on Accumulated Savings Fund. Further, it is ordered that instructions prescribed should be followed scrupulously. The revised Table is annexed.

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

 K.V.V. SATYANARAYANA  
SPECIAL SECRETARY TO GOVERNMENT (B&IF) 




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