Wednesday, October 2, 2019

Review of Deposit Coverage Linked Insurance from GPF

Review of Deposit Coverage Linked Insurance from GPF

Shiva Gopal Mishra
Secretary
National Council (Staff Side)
Joint Consultative Machinery,
13-C, Ferozshah Road,
New Delhi - 110001
No.NC-JCM-2019/Pension (SC)
September 26, 2019
The Secretary,
Government of India,
Department of Pension and Pensioners Welfare,
3rd Floor, Lok Nayak Bhawan,
Khan Market, New Delhi – 110003

Sub: Revision of the benefit of Deposit Linked Insurance coverage from GPF.

Dear Sir,
You are aware that the above subject was discussed as Item No-3 in the Standing Committee meeting of the National Council (JCM) held on 7-3-2019. The extract from the minutes of the above meeting is given below for your kind ready reference

Also read: GPF benefit to the employees who are governed under the NPS scheme recruited on or after 1-1-2004

‘Item No.3: Revision of the benefit of Deposit Linked Insurance coverage from GPF:

Joint Secretary (Pension) informed that a proposal was sent to Department of Expenditure to consider enhancement of the limit set for Deposit Linked Insurance Scheme 1976 from Rs.60,000 to Rs.6,00,000/- Department of Expenditure requested for clarification and some precedent cases which ave with EPFO. Since, Ministry of Labour and Employment has such similar benefits, wherein the limit of DLIS has been enhanced to 6,00,000/- for depositors in EPF, covered under the scheme, the precedent policy of M/o Labour & Employment along with the proposal has now been sent to Depariment of Expenditure. He further informed that the Department of Expenditure has been reminded to take action expeditiously.’

In spite of the above decision it is regretted to inform you that till date the Government orders on the subject matters has not yet been issued. It is therefore requested that the pending issue may be settled by issuing necessary Government Orders. A copy of the Government orders may please be endorsed to this Office.

Also check: GPF and similar funds Interest Rate - 8% (Eight percent) w.e.f. 1st January, 2019 to 31st March, 2019

Thanking you.
Yours sincerely,
Sd/-
(SHIVA GOPAL MISHRA)
Secretary

benefit-Deposit-Linked-Insurance-coverage-from-GPF

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