Table for the Year 2012/2013- Group Insurance Scheme-1984

Table for the Year 2012/2013- Group Insurance Scheme-1984

GIS Notification/Table for Year, 2012-13

In continuation to Finance Department’s Notification of even number dated-14-06-2012, the Governor of Himachal Pradesh is pleased to declare the rate of interest 8.6% per annum (Compounded quarterly) w.e.f. 01-04-2012 on the balances of savings fund under H.P.Govt. Employees Group Insurance Scheme-1984.

2. Owing to certain inadvertent errors in the above tables, the revised and corrected tables are circulated a fresh. The earlier tables circulated with the Notification under reference may please be treated as cancelled and are hereby withdrawn.

3. New table of benefits for the savings fund of the Scheme based on a subscription of Rs.10/- per month from 01-04-1985 and 15/- per month w. e .f 01-04-1990 onwards have been prepared for the year 2012-2013 and a copy of table is enclosed. Another table of benefits for the saving funds based on a subscription of Rs.10/- per month for those employees who had opted out of the revised rate of subscription w.e.f 01-04-1990 have also been drawn up for the year 2012-2013 and a copy of table is also enclosed. The amounts indicated in the tables have been worked out on the basis of following
rate of interest per annum( compounded quarterly):-

01-04-1985 to 31-03-1987 @ 11 %
01-04-1987 to 31-03-2001 @ 12 %
01-04-2001 to 31-03-2002 @ 11 %
01-04-2002 to 31-03-2003 @ 9.5 %
01-04-2003 to 31-03-2004 @ 9.00 %
01-04-2004 to 31-03-2012 @ 8 %
01-04-2012 to 31-03-2013 @ 8.6 %

4. While calculating the amount it has been assumed that full subscription has been recovered or will be recovered from the salary for the month in which he ceases to be in service, failing which should be deducted from the accumulated amounts payable.
The payment already made on the basis of earlier tables may be revised in accordance with the revised and corrected tables. Excess payment made, if any, may be
recovered.