Employees Group Insurance Scheme: RBE No.18/1987 – Table of benefits

No.PCIII/87/GIS/1, dated 12.02.1987

Sub: Central Govt. Employees Group Insurance Scheme, 1980 – Table of benefits for the Saving Fund for the year, 1987.

A copy of OM No.7(33) E.V./86, dated 20.01.1987 of Ministry of Finance, Department of Expenditure on the above subject is sent herewith for your information and necessary action.

Copy of Ministry of Finance (Department of Expenditure), E.V. Branch’s

Office Memorandum No.7(33) E.V./86, dated 20.01.1987.

Sub: Central Govt. Employees Group Insurance Scheme, 1980 – Table of Benefits for the Savings Fund for the year 1987.

1.     The undersigned is directed to refer to this Ministry’s O.M. No.F.1(8)-83/WIP, dated 22^nd June, 1984 and to say that it has been decided to raise the rate of interest to 12 per cent per annum (compounded quarterly) from 01.01.1987 on the balances in the savings fund. The Table of Benefits in the savings fund for the year 1987 has accordingly been drawn up a copy of which is forwarded herewith for guidance. The accumulated amounts in the Table have been worked out on the basis of interest at the rate of 10 per cent per annum (compounded quarterly) for the period from 01.01.1982 to 31.12.1982, 11 per cent per annum (compounded quarterly) with effect from 01.01.1983 to 31.12.1986 and 12 per cent per annum (compounded quarterly) with effect from 01.01.1987 to 31.12.1987.

2.     The savings fund amounts indicated in the Table are based on a subscription of Rs.10 per month. Therefore, in the event of cessation of service of a member of the Group Insurance, the amount payable to a member belonging to Group ‘C’, ‘B’ & ‘A’ should be worked out proportionately. It has also been assumed that full subscription has already been recovered/ will be recovered from the salary for that month failing which it should be deducted from the accummulated amount as indicated in the Table.

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

Download Railway Board Circular RBE No.18/1987 

Forward reference ⇒ RBE No.