GISS, 1987 – Table of Benefits upto April, 2024

GISS, 1987 – Table of Benefits upto April, 2024

WB FINANCE(CLICK HRRE)

GISS(CLICK HERE)

GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 013-F(J) Date: 05.02.2024

MEMORANDUM

SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2023-2024 & 2024-2025.

In continuation of this Department’s Memo No 100-F(J)W.B. dated 10.11.2023, the undersigned is directed to say that a new table of benefits showing accumulation of savings fund under the above mentioned scheme corresponding to a unit subscription of Rs. 10/- (Rupees Ten) only per month has been drawn up for the period from 01.02.2024 to 30.04.2024 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(1)/EV/2023 dated 25th October, 2023.

2. A copy of the said table is enclosed herewith as ready-reckoner. The figures have been worked out on the basis of the rate of interests as follows:-

From To Interest p.a. (compounded quarterly) From To Interest p.a. (compounded quarterly)
01.11.1987 31.10.2001 12% 01.11.2020 31.01.2021 7.9%
01.11.2001 31.10.2002 11% 01.02.2021 30.04.2021 7.1%
01.11.2002 31.10.2003 9.5% 01.05.2021 31.07.2021 7.1%
01.11.2003 31.10.2004 9% 01.08.2021 31.10.2021 7.1%
01.11.2004 31.10.2012 8.0% 01.11.2021 31.01.2022 7.1%
01.11.2012 31.10.2013 8.6% 01.02.2022 30.04.2022 7.1%
01.11.2013 31.10.2014 8.8% 01.05.2022 31.07.2022 7.1%
01.11.2014 31.10.2017 8.7% 01.08.2022 31.10.2022 7.1%
01.11.2017 31.01.2018 8.0% 01.11.2022 31.01.2023 7.1%
01.02.2018 30.04.2018 7.9% 01.02.2023 30.04.2023 7.1%
01.05.2018 31.10.2018 7.8% 01.05.2023 31.07.2023 7.1%
01.11.2018 31.07.2019 7.6% 01.08.2023 31.10.2023 7.1%
01.08.2019 30.04.2020 8% 01.11.2023 31.01.2024 7.1%
01.05.2020 31.10.2020 7.9% 01.02.2024 30.04.2024 7.1%

The mortality rate continues to remain unchanged.

3. The amounts shown in the table are applicable (with the fractions) for one unit and to be rounded off after calculating the final amount payable.

4. The amounts shown in the table are applicable to a member of Group-D category. Corresponding amounts for the member of higher groups may be calculated proportionately.

5. It is assumed that subscriptions have fully been realized from salary up to the month in which a member ceases to be in service, failing the same shall be deducted with interest from his/her entitlement.

Sd/- Joint Secretary
to the Government of West Bengal

ENCLOSURE TO THE FINANCE DEPARTMENT MEMO NO: 013-F(J) DATED: 05.02.2024

TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE SCHEME, 1987 FOR SUBSCRIPTION @ RS. 10/- PER MONTH, YEAR OF CESSATION 2023-2024 & 2024-2025.
MONTH OF CESSATION FROM FEBRUARY, 2024 TO APRIL, 2024.

YEAR OF ENTRY February, 2024 (In Rupees) March, 2024 (In Rupees) April, 2024 (In Rupees)
1987 23700.67 23847.08 23994.35
1988 21184.25 21315.85 21448.23
1989 18907.97 19026.19 19145.10
1990 16881.98 16988.28 17095.20
1991 15080.91 15176.61 15272.88
1992 13482.77 13569.08 13655.89
1993 12067.29 12145.27 12223.70
1994 10804.00 10874.55 10945.51
1995 9682.77 9746.73 9811.06
1996 8688.38 8746.48 8804.93
1997 7805.60 7858.51 7911.74
1998 7019.22 7067.51 7116.08
1999 6319.08 6363.25 6407.68
2000 5705.88 5746.44 5787.24
2001 5157.27 5194.60 5232.16
2002 4663.75 4698.18 4732.82
2003 4218.68 4250.50 4282.50
2004 3812.44 3841.86 3871.46
2005 3438.84 3466.07 3493.45
2006 3093.69 3118.89 3144.23
2007 2774.83 2798.15 2821.61
2008 2480.24 2501.83 2523.55
2009 2208.10 2228.08 2248.19
2010 1956.67 1975.18 1993.80
2011 1724.40 1741.54 1758.79
2012 1509.64 1525.52 1541.49
2013 1312.31 1327.03 1341.83
2014 1131.26 1144.92 1158.65
2015 965.22 977.90 990.65
2016 812.87 824.65 836.51
2017 673.09 684.05 695.07
2018 544.31 554.51 564.77
2019 425.00 434.50 444.06
2020 314.66 323.51 332.42
2021 212.39 220.64 228.93
2022 117.08 124.77 132.50
2023 28.25 35.41 42.62

Sd/- Joint Secretary
to the Government of West Bengal

 

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