Group Insurance Scheme (GIS)

Andhra Pradesh State Employees Group Insurance Scheme 1984

ABSTRACT PUBLIC SERVICES – Welfare – Andhra Pradesh State Employees Group Insurance Scheme,1984 – Revised rates of Interest on accumulated Savings Fund – Orders –Issued.

G.O. (P) No. 101  FINANCE (ADMN.II) DEPARTMENT Dated. 31.03.2009

GIS Slab Rates G.O.Ms.No.225, Dated:22.06.2010 RPS 2010

In terms of the recommendation of the Committee constituted to review the working of the A.P. State Employees Group Insurance Scheme(GIS)

Orders were issued revising the rate of interest @ 12% per annum compounded quarterly with effect from 01.11.1994 on the accumulations of the savings fund under Group Insurance Scheme. Tthe accumulations of savings fund part and Insurance Fund part shall carry interest at the rates prescribed by Government from time to time.The rates shall be revised based on the revision of rates of interest made by Government of India from time to time on their savings funds i.e. G.P.F. etc.

The Government of India have revised the rate of interest on GPF and other similar funds reducing the rate of interest at 11% p.a. from 1.4.2000 to 31-3-2001, at 9.5% p.a. from 1.4.2001 to 31.3.2002 and at 9% p.a. from 1.4.2002 onwards respectively. Consequently, State Government have issued .Revising the rates of interest as 11% w.e.f. 1.4.2000 and 9.5% w.e.f.1.4.2001 and 9% from 1.4.2002 on GPF and other similar

Revising the rates of interest on the A.P. State Employees Group Insurance Savings Fund at 11% p.a. w.e.f. 1.4.2000 to 31.3.2001, at 9.5% p.a. from 1.4.2001 to 31.3.2002 and at 9% p.a. from 1.4.2002 onwards, compounded quarterly on cessation of membership from the scheme. The connected tables of benefits have been issued covering the period from 01.04.2002 to 31.10.2004. But subsequently the rate of interest was reduced from 9% to 8% w.e.f. 01.04.2004 though the tables were already issued covering the period upto 31.10.2004.

       Orders were issued revising the rate of interest at 8% per annum from 01-04-2004 on GPF and other similar funds. Accordingly orders have been issued in the reference 15th read above revising the rate of interest on the A.P.Group Insurance Savings Funds w.e.f.01.04.2004 and the tables of benefit from savings fund have been revised covering the period from 01.11.2004 to 31.03.2005 . Government of India have revised the rate of interest on Central Government Employees Group Insurance Scheme and other similar funds fixing the rate of interest at 8% p.a. from 01-01-2005 revising the rates of interest at 8 % per annum and the tables of benefit of savings fund covering the period from 01.04.2005 to 31.03.2006 have also been revised vide reference 19th read above. Government of India , have fixed the rate of interest on Central Government Employees Group Insurance Scheme funds at 8% per annum from 01.01.2006 & 31.12.2007. Consequently revising the rates of interest at 8 % per annum and the tables of benefit of savings fund covering the period from 01.04.2006 to 31.03.2007. Revising of slabs of pay based on the revised Pay Scale – 2005(OMC) w.e.f. November – 2005. Government of above have continued the rate of Interest on the Central Government   Employees Group Insurance Funds @ 8% per annum from 01.01.2008 to 31.12.2009. Based on this orders were issued in the reference 26th read above revising the rate of Interest on the Andhra Pradesh Group Insurance Funds at 8% per annum from 01.04.2008 to 31.03.2009.

The Government of India in the reference 27th read above, have continued to fix the rate of interest on the Central Government Employees Group Insurance Scheme Funds @ 8% per annum from 01.01.2009 to 31.12.2009. Based on this, the Director of Insurance being the Head of the Department concerned has furnished the proposals for fixing the rates of interest on the A.P.G.I.S. Funds and also to issue revised tables of benefit of savings funds covering the period from 01.04.2009 to 31.03.2010

In the above circumstances and after careful examination of the issue, Government hereby order that the rates of interest on the A.P. Group Insurance Savings Funds be allowed at 8% per annum from 1st April, 2009 onwards and the tables shall be issued for the period covering from 1st April 2009 to 31st March, 2010.

The Director of Insurance is further advised to obtain the Government of India revised rates of interest and submit proposals to the Government in advance every year so as to issue orders in time.

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