Monday, 23 May 2016

APGLI Revised rate of interest 2015-16 vide GO.99 Dt6-8-2015

orders were issued introducing Group Insurance Scheme to the State Government Employees in place of Family Benefit Scheme with effectfrom 01.11.1984. According to Para 9 of the reference 1st read above, the accumulations of SavingsFund part and Insurance Fund part shall carry interest at the rates prescribed by Government from time to time.

orders were issued for apportioning the subscriptionof each unit of Rs. 10/- between Insurance Fund and Savings Fund in the ratio of Rs. 3.125/-and Rs. 6.875/- respectively

In terms of the recommendation of the Committee constituted to review the workingof the Andhra Pradesh State Employees Group Insurance Scheme in Government orders 3rd above orders were issued for revision of rate of subscription each unit from Rs. 10/- toRs. 15/- with effect from 01.11.1994. In modification of the Para 9 of the Government orders 1stread above, orders were
issued in Government orders 4thread above, for fixing the intereston the accumulations of the Savings Fund of the Member of the Scheme for the State as awhole and shall be paid at the Rate of 12 % per annum compounded Quarterly with effect from 01.11.1994. Further, in the Government orders 5thread above, the apportionment of the subscription of each unit 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 beRs. 15,000/- for each unit of subscription

In the reference 14th read above, Government has issued orders to reduce the rate of interest from 8.8 % to 8.7 % per annum with effect from 01.04.2014 on the Provident Fundsand other similar funds i.e., Andhra Pradesh Government Life Insurance Funds maintainedby the Government of Andhra Pradesh on par with rates of Government of India until furtherorders

In view of the above circumstances and after careful examination of the matter,Government hereby order that the revised rates of interest on the Andhra Pradesh Group Insurance Savings Fundsshall be allowed at 8.7 % per annum from 01.04.2015 onwards. The Tables are revisedand issued for the
period covering from 01.04.2015 to 31.03.2016. The revised tables ofbenefits I, II and III, III (A) to III (U) on Savings Fund of Andhra Pradesh State EmployeesGroup Insurance Scheme – 1984 on cessation of membership during the period from01.04.2015 to 31.03.2016are appended herewith for making payments under the Scheme.

These orders and Tables shall come in force with effect from 01.04.2015.

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