Account Holders
The Group Insurance Scheme for All India Service Officers was implemented by Government
of India on 1.1.1982. It is compulsory for all officers recruited directly to the
Services.
The rates of deduction are as follows:
|
Sl. No.
|
Period
|
Deduction
|
Saving Fund
|
Insurance Fund
|
|
1
|
Jan/1982 to Dec/1987
|
Rs. 80
|
68.75% (Rs. 55)
|
31.25% (Rs. 25)
|
|
2
|
Jan/1988 till today
|
Rs. 120
|
70% (Rs. 84)
|
30% (Rs. 36)
|
The Deductions are bifurcated into two parts as shown above. On Super annuation
the sum of saving Fund is paid and in case of unfortunate death along with saving
fund, the sum assured of Rs. 1,20,000 is paid to lawful
nominee.
The Deductions are sent in advance for the month to the concerned Ministeries of
Government Of India, who do the account keeping for the scheme. The claims are also
paid by concerned ministries,. The interest rates for saving fund are as per rates
declared under General Provident Scheme. The rates are as follows:
|
From
|
To
|
Rate of Interest
|
|
01-Jan-1982
|
31-Dec-1982
|
10%
|
|
01-Jan-1983
|
31-Dec-1986
|
11%
|
|
01-Jan-1987
|
31-Dec-2000
|
12%
|
|
01-Jan-2001
|
31-Dec-2001
|
11%
|
|
01-Jan-2002
|
31-Dec-2002
|
9.5%
|
|
01-Jan-2003
|
31-Dec-2003
|
9%
|
|
01-Jan-2004
|
31-Dec-2011
|
8%
|