CGEGIS Table 2016 – Finmin Issued Tables of Benefits for the Savings Fund for the period from 01.01.2016 to 31.12.2016

No.7(1)/EV/2014

Government of India

Ministry of Finance

Department of Expenditure

New Delhi, Dated the 26th February, 2016

OFFICE MEMORANDUM

Sub: Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2016 to 31.12.2016

Every year two Table of Benefits are issued by the Ministry of Finance on calendar year basis for the savings fund to the beneficiaries under Central Government Employees Group Insurance Scheme (CGEGIS)-1980. While one Table of Benefits for the savings fund of the scheme is based on a subscription of Rs.10 per month per unit from 1.1.1982 to 31.12.1989 and Rs.15 per month per unit w.e.f. 1.1.1990 onwards, the other Table of Benefits for the savings fund is based on a subscription of Rs.10 per month in respect of the employees who had opted out of the revised rates of subscription w.e.f. 1.1.1990.

2. The two Table of Benefits under CGEGIS-80 for the calendar year 2016, prepared by IRDA, are enclosed. The benefits in the Tables have been worked out on the basis of interest @8.7% per annum (compounded quarterly), as notified by Department of Economic Affairs.

3. 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.

4. In its application to the employees of Indian Audit and Accounts Department this Office Memorandum issues in consultation with the Comptroller and Auditor General of India.

Sd/-

(Amar Nath Singh)

Deputy Secretary to the Government of India

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Review of payment function of Group Insurance of All India Services through E-payment.

F.No.11024/56/2012.A1S-11

Government of India

Ministry of Personnel, Public Grievances and Pensions

Department of Personnel & Training

North Block, New Delhi – 110001

Dated:09/09/2015

To

All the Chief Secretaries of State/UT Government,

Subject: Review of payment function of Group Insurance of All India Services through E-payment.

Sir,

I am directed to refer to this Department’s letter No. 11024/1/99-A1S-II dated 9/10th March, 2005 regarding simplification of procedure for payment of insurance/saving funds to the members of All India Service on their retirement/death. Now the simplified procedure calls for the State Governments to either make the payment of insurance/saving fund to the members of the All India Services and get the amount reimbursed from the Central Ministries controlling the respective All India Services for such payment or forward the claim of the retiring, officers to the Central Government for payment.

2. Accordingly, the Central Ministries Controlling the respective All India Services are making payment to the member of service on his retirement/death after due verification of the bill with data of remittances maintained by their PAOs. However, of late, it has been observed that the State Government are sending bills for an amount exceeding of 25,000/- to be paid to the member of service against claim(s) like Group Insurance. etc. inviting avoidable remarks or returning of the bills from the Controller General of Accounts, as the same being in violation of their extant guidelines in this regard.

3. The Controller of General of Accounts, Department of Expenditure vide their O.M. No. C11021/45/CGA/CVO/Mise/1133 dated 26/8/2015 (copy enclosed) has reviewed the payment functions. They have recently returned bills towards Group Insurance contribution of certain members of service emphasizing for strict compliance of its guidelines that no cheques are to be issued for an amount exceeding of 25,000/- towards any claim by the member of service. Therefore, such bills should be forwarded to the Central Ministries Controlling the respective All India Services alongwith requisite Bank details for making E-payment directly into the beneficiary account.

4. The State Governments are requested to furnish the following details of the beneficiary bank account on separate sheet along-with their claim:

(i) Name of the beneficiary

(ii) Bank and its Branch

(iii) Account No.

(iv) IFSC Code

(v) MICR Code

5. It is also to state that as and when the account is credited with the remittance of savings of Group Insurance, the same may immediately be acknowledged to the Drawing & Disbursing Officer (DDO) of the respective Central Ministries, controlling the cadre of All India Service.

Yours faithfully,

Sd/-

(Rajiv Jain)

Under Secretary to the Government of India

Source:http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02ser/11024_56_2012-AIS-II-09092015.pdf

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Central Government Employees Group Insurance Scheme -1980 — Tables of Benefits for the savings fund for the period from 01.01.2013 to 31.12.2013.

No.7(2)/EV/2012
Government of India
Ministry of Finance
Department of Expenditure

New Delhi, the 15th January, 2013

OFFICE MEMORANDUM

Sub: Central Government Employees Group Insurance Scheme -1980 — Tables of Benefits for the savings fund for the period from 01.01.2013 to 31.12.2013.

   The undersigned is directed to refer to this Ministry’s O.M. No.7 (1)/EV/2012 dated 9th May, 2012 forwarding therewith Tables of Benefits under CGEGIS for the year 2012. New Tables of Benefits for the savings fund of the Scheme based on a subscription of Rs. 10 per month from 1.1.1982 to 31.12.1989 and Rs.15 per month w.e.f. 1.1.1990 onwards have been prepared for the year 2013 and a copy of the table is enclosed.

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State Government Employees Group Insurance Scheme, 1987 - Table of Benefits under Savings Fund for the year of cessation of membership 2011-2012.

Government of West Bengal
Finance Department
Audit Branch

No. : 10286-F(J)

Kolkata, the 14th November, 2011.

Subject: State Government Employees Group Insurance Scheme, 1987 - Table of Benefits under Savings Fund for the year of cessation of membership 2011-2012.

   In continuation of this department's Memo No. 10324-F(J), dated 01.11.2010 the undersigned is directed to say that a new table of benefits showing accumulations in the savings fund under the above mentioned scheme corresponding to a unit subscription of Rs. 10/ - (Rs. Ten) only per month has been drawn up for the period from 01.11.2011 to 31.10.2012 in matching with the table of benefits of the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI's OM No. 7(1)/EV/2010, dated 31.01.2011. A copy of the said table is enclosed as ready reckoner. The figures have been worked out on the basis of interest @ 12% p.a. (compounded quarterly) for the period from 01.11.1987 to 31.10.2001, 11% p.a. (compounded quarterly) from 01.11.2001 to 31.10.2002, 9.5% p.a. (compounded quarterly) from 01.11.2002 to 31.10.2003, 9.0% p.a. (compounded quarterly) from 01.11.2003 to 31.10.2004 and 8.0% p.a. (compounded quarterly) w.e.f. 01.11.2004 onwards. The mortality rate continues to remain unchanged.

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Central Government Employees Group Insurance Scheme, 1980- Accounting Procedure-reg.

No.9(3)12012/TA/478
Ministry of Finance
Department of Expenditure
Controller General of Accounts
7th Floor, Lok Nayak Bhawan

Khan Market, New Delhi, 
Dated: 17th July, 2012.

OFFICE MEMORANDUM

Subject: Central Government Employees Group Insurance Scheme, 1980- Accounting Procedure-reg.

   Attention is invited to this Office O.M.No.S.11013/2/81/TA/2907 dated 22nd September, 1981. and followed by amendments issued vide O.Ms. dated 1.3.82, 22.9.82, 27.9.84 and 26.12.85 on the subject cited above.

   2. The work assigned to this Office relating to management of CGEGIS-1980 as prescribed in the CGEGIS Accounting Procedure circulated in our O.M. dated 22.9.1981 has been transferred to Pr.A0, Ministry of Finance. Consequently, the following amendments are made to the Accounting Procedure therein so that all future requirement for the management of information relating to this scheme can be provided by the line Ministries/Departments to the O/0Pr.AO, Ministry of Finance:-

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Central Government Employees Group Insurance Scheme — Upward revision of rate of monthly subscription — reg.

NFIR
National Federation of Indian Railwaymen.

No.11/43
                                       Dated: 12.06.2012

The Secretary,
Ministry of Finance,
(Department of Expenditure),
Government of India,
New Delhi.

Dear Sir,

Sub: - Central Government Employees Group Insurance Scheme — Upward revision of rate of monthly subscription — reg.

Ref: - Ministry of Finance (Department of Expenditure) OM No.7(1)EV/2008 dated 10th September, 2010.

   NFIR vide letter of even number dated l3th February, 2012 (copy enclosed) had drawn the kind attention of the Hon’ble Finance Minister to the fact that the rates of monthly subscription towards Group Insurance Scheme deducted from the monthly salaries of different categories of Central Government Employees were prescribed way back in the year 1990. Thereafter despite repeated correspondence for a long time with the Government of India to enhance the monthly deduction and upward revision of corresponding maturity value, there are no instructions from the Government. There have been recommendations of Vth & VIth Central Pay Commissions since 1990 but unfortunately no upward revision has been considered by the Government in this direction till date.

   NFIR, once again requests you to kindly see that the deduction of amount towards Employees Group Insurance Scheme is raised by 10 times with the corresponding increase of maturity value. Decision taken in the matter may be advised to the Federation.

Yours faithfully,

sd/-
(M.Raghavaiah)
General Secretary.

Source: www.nfirindia.com

Central Government Employees Group Insurance Scheme-1980 - Tables of Benefits for the savings fund for the period from 01.01.2012 to 31.12.2012.

No.7(1)/EV/2012
Government of India
Ministry of Finance
Department of Expenditure

New Delhi, the 9th May, 2012.

CORRIGENDUM

Sub:- Central Government Employees Group Insurance Scheme-1980 - Tables of Benefits for the savings fund for the period from 01.01.2012 to 31.12.2012.

   The undersigned is directed to refer to this Department’s Office Memorandum of even no. dated 24th April, 2012, forwarding therewith the Tables of Benefits for the savings fund of the Scheme for the year 2012 based on a subscription of `10 per month from 1.1.1982 to 31.12.1989 and `15 per month w.e.f. 1.1.1990 onwards and table of benefits based on a subscription of ` 10/- p.m throughout.

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