RBE No.59/2017: Railway Employees Group Insurance Scheme
No. PC-III/2000/GIS/2, dated 20.06.2017
Sub: Railway Employees Group Insurance Scheme, 1980 – Tables of Benefits for the Savings fund for the period from 01.04.2017 to 30.06.2017.
The Tables of Benefits under CGEGIS-1980 for the period 01.01.2017 to 31.03.2017 issued by Ministry of Finance vide their OM dated 17.03.2017 was circulated to Zonal Railways / Production Units etc. vide Board’s letter of even number dated 07.04.2017. (RBE No.33/2017)
In continuation of Board’s letter ibid, a copy of Ministry of Finance’s O.M.No. 7(2)/EV/2016, dated 02.06.2017 circulating Tables of Benefits for the period from 01.04.2017 to 30.06.2017 is enclosed herewith for information and necessary action.
Ministry of Finance
Department Of Expenditure
O.M.No. 7(2)/EV/2016, dated 02.06.2017
Sub: Central Government Employees Group Insurance Scheme, 1980 – Tables of Benefits for the Savings fund for the period from 01.04.2017 to 30.06.2017.
1. Ministry of Finance issued two Tables of Benefits on quarterly 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 subscription of Rs.10 per month from 01.01.1982 to 31.12.1989 and Rs.15 per month w.e.f. 01.01.1990 onwards, the other Table of Benefits for the Savings fund is based on a subscription of Rs.10 per month for those employees who had opted out of the revised rates of subscription w.e.f. 01.01.1990.
2. The Tables of Benefits under CGEGIS-80 are prepared by IRDA based on rate of interest notified by DEA for small savings including GPF. Earlier, DEA used to notify the interest rate on financial year basis. However, DEA has now shifted to notifying the interest rate on quarterly basis. In view of this, the Tables of Benefits are being issued on quarterly basis commencing from 01.01.2017 to 31.03.2017.
3. The Two Tables under CGEGIS-80 for the Second quarter of the Year 2017 i.e. 01.04.2017 to 30.06.2017, prepared by IRDA are enclosed. The benefits in the Tables have been worked out on the basis of interest @ 7.90% per annum (compounded quarterly), as notified by Department of Economic Affairs.
4. 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 the members ceases to be in service failing which it should be deducted from the accumulated amount payable.
5. 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.
Download Railway Board Circular RBE No.59/2017
For forward reference see RBE No.153/2017