GISS, 1987 – Table of Benefits upto January, 2024

GISS, 1987 – Table of Benefits upto January, 2024

WB FINANCE (CLICK HERE)

GROUP INSURANCE CUM SAVINGS SCHEME (CLICK HERE)

GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 100-F(J)-W.B. Date: 10.11.2023

MEMORANDUM

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

In continuation of this Department’s Memo No 061-F(J)W.B. dated 10.08.2023, 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 01.11.2023 to 31.01.2024 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(1)/EV/2023 dated 09th February, 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%

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: 100-F(J)WB DATED: 10.11.2023

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

YEAR OF ENTRY November, 2023 (In Rupees) December, 2023 (In Rupees) January, 2024 (In Rupees)
1987 23266.57 23410.42 23555.12
1988 20794.03 20923.34 21053.41
1989 18557.45 18673.61 18790.44
1990 16566.79 16671.24 16776.30
1991 14797.13 14891.17 14985.76
1992 13226.87 13311.67 13396.97
1993 11836.07 11912.69 11989.76
1994 10594.82 10664.14 10733.86
1995 9493.14 9555.98 9619.19
1996 8516.09 8573.19 8630.61
1997 7648.71 7700.70 7753.00
1998 6876.04 6923.49 6971.21
1999 6188.12 6231.52 6275.17
2000 5585.61 5625.46 5665.55
2001 5046.57 5083.25 5120.15
2002 4561.66 4595.49 4629.52
2003 4124.35 4155.61 4187.05
2004 3725.19 3754.10 3783.19
2005 3358.11 3384.86 3411.77
2006 3018.98 3043.74 3068.64
2007 2705.68 2728.59 2751.64
2008 2416.23 2437.44 2458.78
2009 2148.83 2168.47 2188.23
2010 1901.79 1919.98 1938.27
2011 1673.57 1690.41 1707.36
2012 1462.56 1478.16 1493.85
2013 1268.67 1283.13 1297.68
2014 1090.78 1104.19 1117.69
2015 927.63 940.09 952.62
2016 777.94 789.52 801.16
2017 640.60 651.36 662.19
2018 514.06 524.08 534.16
2019 396.84 406.17 415.56
2020 288.42 297.11 305.86
2021 187.93 196.03 204.19
2022 94.28 101.84 109.44
2023 7.00 14.04 21.12

Sd/- Joint Secretary
to the Government of West Bengal

 

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No. 100-F dated 10.11.2023Source

 

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