The Tables of Benefits for Savings Fund to the beneficiaries under the New Group Insurance Scheme, 1985, which are being issued on a quarterly basis from 01-04-2017 onwards, as based on GOI’s Letter No.7(2)/EV/2016 dated 17-03-2017, for the quarter from 01-07-2023 to 30-09-2023, as worked out on the interest rate of 7.1% p.a. (compounded quarterly) based on GOI’s letter No. 7(1)/EV/2023 dated 08-05-2023, are enclosed.
The Tables enclosed are of two categories as per the existing practice. As hitherto, the first Table of Benefits for the savings fund of the scheme is based on the subscription of per unit of Rs.10/- per month from 01-04-1986 to 31-12-1989 and per unit Rs.15/- per month w.e.f. 01-01-1990 onwards. The second Table of Benefits for the savings fund of the scheme is based on the subscription of per unit of Rs.10/- per month for those employees who had opted out of the revised rate of subscription w.e.f. 01-01-1990. The mortality rate under the scheme has been taken as 3.75 per thousand per annum upto 31-12-87 and 3.60 per thousand per annum thereafter in both cases. While calculating the amount, it has been assumed that the subscription has been recovered or will be recovered from the salary of the month in which a member ceases to be in service failing which it should be deducted from accumulated amounts payable.