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 01-04-2013 to 31-03-2014 – Revised Tables
FINANCE (ADMN.II) DEPARTMENT G.O.Ms.No. 126 Dated: 29 -05-2013
In the previous orders vide GO.293 in 1984 orders were issued introducing Group Insurance Scheme to the State Government employees in place of Family Benefit Fund Scheme w.e.f. 01-11-1984. According to para 9 of the above order, the accumulations of Savings Fund part and Insurance Fund part shall carry interest at the rates prescribed by Government from time to time.
2. In the reference 2 nd 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 and Rs. 6.875 respectively.
3. In terms of the recommendation of the Committee constituted to review the working of the A.P. State Employees Group Insurance Scheme in Government orders 3 rd read above orders were issued for revision of rate of subscription of each unit from Rs.10/- to Rs.15/- with effect from 01-11-1994. In modification of the para 9 of the Government orders 1 st read above, orders were issued in Government orders 4 th 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. Further, in the Government Orders 5 th read above, the apportionment of the subscription of each unit of 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 01-11-1994. 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 :
  Financial Year                     Rate of Interest                 Government Order 
11/1984 to 10/1994                   10%                         G. O. Ms. No. 293  dated 08-10-1984
11/1994 to 03/2000                   12%                         G. O. Ms. No. 381  dated 05-12-1994.
01-04-00 - 31-03-2001             11%                        G.O.Ms. No. 63    dated 06-06-2000
01-04-01 - 31-03-2002              9.5%                      G.O.Ms.No. 345   dated 07-07-2001
01-04-02 - 31-10-2004              9%                         G.O.Ms.No. 703   dated 19-07-2002
01-11-04 - 30-11-2011              8%                          G.O.Ms.No. 625  dated 02-09-2004
01-12-11 - 31-03-2012              8.6%                       G.O.Rt.No. 2425  dated 10-05-2012.
01-04-12 - 31-03-2013              8.8 %                      G.O.Rt.No. 2735   dated 16-06-2012.
01-04-2013 onwards                   8.7%                       G.O.Rt.No.2142    dated 30-04-2013. 
5. In the reference 12th read above, Government were issued orders to reduce the
rate of interest from 8.8% to 8.7% per annum w.e.f. 01-04-2013 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 the rates of Government of India until further
6. In view of the above circumstances and after careful examination of the matter,
Government hereby order that in supercessi on of the orders issued in the reference 8 th read
above, the revised rates of interest on the A.P. Group Insurance Savings Funds shall be
allowed at 8.7% per annum from 01-04-2013 onwards and the Tables are revised and issued
for the period covering from 01-04-2013 to 31-03-2014. The revised tables of benefits I, II
& III, III(A) to III (T) on savings Fund of Andhra Pradesh State Employees Group Insurance
Scheme, 1984 on cessation of membership during the period from 01-04-2013 to 31-03-2014
are appended herewith for making payments under the Scheme.
7. These orders and Tables shall come in force with effect from 01-04-2013.
8.. The Sanctioning Authorities / Drawing & Disbursement Officer’s / 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.
(1) The Head of the Department / Drawing & 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 and remitted by the sanctioning authority and such Officers are liable for disciplinary action.
(2) The Drawing & Disbursement Officer shall recover the correct rate of subscription according to the eligible group of the employees. For any excess / less recovery, the D.D.O. concerned shall be held responsible.
(3) The Director of Insurance, Andhra Pradesh, Hyderabad shall conduct a regular Audit of all claims paid under Group Insurance Scheme and send a report to the Head of the Department concerned.
(4) 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.
(5) 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 D.D.O. and the fact of remittance shall invariably be communicated to the Directorate of Insurance.
(6) If an employee’s subscription is not recovered during his service period, the total subscription along with interest shall be re covered from the Payments admissible to him.
(7) 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 subscriptions 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 & Disbursing Officer.
(8) 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”.
9. The Director of Insurance is further advised to obtain the revised rates of interest from the Government of India and submit the proposals to the Government in advance every year so as to issue orders in time.
Previous Post Next Post

Contact Form