GISS, 1987 – Table of Benefits upto January, 2023

GISS, 1987 – Table of Benefits upto January, 2023

WB FINANCE (CLICK HERE)

GROUP INSURANCE SAVING SCHEME (CLICK HERE)

GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No.- 3173-F (J)-W.B. Date: 21.11.2022

MEMORANDUM

SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2022-2023.

In continuation of this Department’s Memo No. 2055-F(J)W.B. dated 04.08.2022, 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 01.11.2022 to 31.01.2023 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(2)/EV/20l6 dated 12th September, 2022.

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% 01.08.2019 30.04.2020 8%
01.11.2001 31.10.2002 11% 01.05.2020 31.10.2020 7.9%
01.11.2002 31.10.2003 9.5% 01.11.2020 31.01.2021 7.9%
01.11.2003 31.10.2004 9% 01.02.2021 30.04.2021 7.1%
01.11.2004 31.10.2012 8.0% 01.05.2021 31.07.2021 7.1%
01.11.2012 31.10.2013 8.6% 01.08.2021 31.10.2021 7.1%
01.11.2013 31.10.2014 8.8% 01.11.2021 31.01.2022 7.1%
01.11.2014 31.10.2017 8.7% 01.02.2022 30.04.2022 7.1%
01.11.2017 31.01.2018 8.0% 01.05.2022 31.07.2022 7.1%
01.02.2018 30.04.2018 7.9% 01.08.2022 31.10.2022 7.1%
01.05.2018 31.10.2018 7.8% 01.11.2022 31.01.2023 7.1%
01.11.2018 31.07.2019 7.6%

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.

Joint Secretary
to the Government of West Bengal

Enclosure TO THE FINANCE DEPARTMENT MEMO NO: 3173-F(J)-WB DATED: 21.11.2022.

TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE SCHEME, 1987 FOR SUBSCRIPTION @ RS. 10/- PER MONTH, YEAR OF CESSATION 2022-2023
MONTH OF CESSATION FROM NOVEMBER, 2022 TO JANUARY, 2023.

YEAR OF ENTRY November, 2022 (In Rupees) December, 2022 (In Rupees) January, 2023 (In Rupees)
1987 21604.55 21738.62 21873.49
1988 19300.04 19420.56 19541.79
1989 17215.45 17323.71 17432.61
1990 15360.07 15457.42 15555.34
1991 13710.68 13798.32 13886.49
1992 12247.13 12326.17 12405.67
1993 10950.84 11022.26 11094.09
1994 9793.94 9858.55 9923.54
1995 8767.14 8825.70 8884.62
1996 7856.48 7909.70 7963.22
1997 7048.05 7096.50 7145.25
1998 6327.89 6372.11 6416.59
1999 5686.72 5727.16 5767.85
2000 5125.15 5162.29 5199.66
2001 4622.74 4656.93 4691.32
2002 4170.78 4202.32 4234.03
2003 3763.19 3792.33 3821.64
2004 3391.16 3418.11 3445.21
2005 3049.02 3073.96 3099.04
2006 2732.94 2756.02 2779.23
2007 2440.93 2462.29 2483.77
2008 2171.16 2190.93 2210.81
2009 1921.93 1940.23 1958.64
2010 1691.68 1708.63 1725.68
2011 1478.96 1494.66 1510.45
2012 1282.29 1296.83 1311.46
2013 1101.58 1115.05 1128.61
2014 935.77 948.28 960.86
2015 783.72 795.33 807.01
2016 644.20 654.99 665.84
2017 516.19 526.22 536.32
2018 398.25 407.59 416.99
2019 288.99 297.69 306.44
2020 187.94 196.05 204.20
2021 94.28 101.84 109.44
2022 7.00 14.04 21.12

Joint Secretary
to the Government of West Bengal

 

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