Central Government Employees Group Insurance Scheme, 1980 - Tables of Benefits for the Savings Fund for the period from 1.1.2017 to 31.03.2017

Central Government Employees Group Insurance Scheme, 1980 - Tables of Benefits for the Savings Fund for the period from 1.1.2017 to 31.03.2017.

The Table of Benefits under CGEGIS-198C for the period 01-01-2016 to 31-12-2016 issued by Ministry of Finance vide their OM dated 26-02-2016 was circulated to Zonal Railways/Production Units etc. vide Board's,letter of even number dated 03-03-2016.

It has now been decided by Ministry of Finance that the Table of Benefits will now be issued on quarterly basis commencing from 01-01-2017 to 31.03.2017, Accordingly, Table of benefits under CGEGIS-1980 for the first quarter of the year 2017 i.e. 01-01-2017 to 31-03-2017 has now been issued vide Ministry of Finance's Office Memorandum No. 7(2)/EV/20l6 dated 17-03-2017. A copy of the Ministry of Finance's above office Memorandum alongwith Tables of benefits is enclosed herewith for information and necessary action.

DA: As above

(M.K.Panda)
joint Director, Pay Commission
Railway Board

No. PC-III/2000/GIS/2

New Delhi, Dated: 07.04.207

No,7(2)EV/2016
  Government of India
Ministry of Finance
Department of Expenditure

New Delhi, the 17th March,2017

OFFICE MEMORANDUM

Sub: Central Government Employees Group Insurance Scheme, 1980 - Tables of for the savings fund for the period from 01.01.2017 to 31.03.2017.

Every year two Tables of Benefits are issued by the Ministry of Finance on calendar year basis for the savings fund to  the beneficiaries under central Government Group Insurance scheme (CGEGIS-1980). While one Table of Benefits for the Savings fund of the Scheme is based on a subscription of Rs.10 per month from 1.1.1982 to 31.12.1989 and Rs.10 per month for those employees who had opted out of the revised rates of subscription w.e.f. 1.1.1990.

2. The Tables of Benefits under CGEGIS-80 are prepared by IRDA based on the rate of interest notified by DEA for small savings including GPF. Earlier, DEA used to notify the interest rate on financial year basis. However, DEA has now shifted to notifying the interest rate on quarterly basis. In view of this, it has been decided that the Table of benefits will be issues on quarterly basis commencing from 1.1.2017 to 31.3.2017.

3. The Two Tables under CGEGIS-80 for the first quarter of the year 2017 i.e. 1.1.2017 to 31.3.2017, prepared by IRDA, are enclosed. The benefits in the Tables have been worked out on the basis of interest @8% per annum (compounded quarterly), as notified by Department of Economic Affairs.


4. While calculating the amount it has been assumed that the subscription has been recovered or will be recovered from the salary of the month in which a member ceases to be in service failing which it should be deducted from accumulated amounts payable.

5. In its application to the employees of Indian Audit and Accounts Department this Office Memorandum issues in consulation with the comptroller and Auditor General of India.

Source : NFIR

LIC India: BONUS Info: Reversionary Bonus Rates declared as a result of valuation as at 31st March 2015

LIC India: BONUS Info: Reversionary Bonus Rates declared as a result of valuation as at 31st March 2015

L – 42 (Annexure)

IRDA Public Disclosure

S.No.	Plan	Term*	Bonus Rates (Per Rs. 1000/- Sum Assured)** 2015
1.	Whole Life Type Plans (2,5,6,8,10,28 – before conversion, 35,36,37,38, 49,77,78,85 & 86)		70
2.	Endowment Type Plans (14,17,27 – after conversion, 28 – after conversion, 34,39,40,41,42,50,54,79, 80,81,84,8 7,90,91,92,95,101,102, 103,109,110 & 121)	< 11	34
		11 to 15	38
		16 to 20	42
		> 20	48
3.	New Endowment Plan (814)	12 to 15	38
		16 to 20	42
		> 20	48
4.	Single Premium Endowment Plan (817)	10 to 15	41
		16 to 20	46
		> 20	51
5.	Money Back Assurances Plans (75 & 93)	20	39
		25	44
6.	New Money Back Plans (820 & 821)	20	39
		25	44
7.	Jeevan Surabhi Plans (106,107 & 108)	15	34
		20	41
		25	50
8.	Jeevan Mitra (Double Cover Plan), Jeevan Saathi (88,89)	15	40
		16 to 20	44
		> 20	48
9.	Jeevan Mitra (Triple Cover Plan) (133)	< 16	40
		16 to 20	45
		> 20	50
10.	Limited Payment Endowment Plan (48)	<16	40
		16 to 20	44
		> 20	49
11.	Limited Premium Endowment Plan (830)	12	40
		16	45
		21	50
12.	New Children Money Back Plan (832)	13 to 15	38
		16 to 20	42
		> 20	48
13.	Jeevan Lakshya Plan (833)	13 to 15	41
		16 to 20	45
		> 20	49
14.	Jeevan Anand Plan (149)	5	38
		6 to 10	38
		11 to 15	41
		16 to 20	45
		> 20	49
15.	New Jeevan Anand Plan (815)	15	41
		16 to 20	45
		> 20	49
16.	Jeevan Rekha Plan (152)	< 11	49
		11 to 15	44
		16 to 20	40
		> 20	34
17.	Jeevan Anurag Plan (168)	< 11	38
		11 to 15	40
		16 to 20	42
		> 20	44
18.	New Jeevan Suraksha – I Plan (147)	< 6	21
		6 to 10	27
		11 to 15	31
		> 15	35
19.	New Jeevan Dhara – I Plan (148)	< 6	21
		6 to 10	27
		11 to 15	31
		> 15	35
20.	Jeevan Tarang Plan (178)	10	47
		15	48
		20	49
21.	Jeevan Madhur Plan (182)	< 11	21
		11 to 15	26
22.	Child Career Plan (184)	11 to 15	40
		16 to 20	38
		> 20	40
23.	Child Future Plan (185)	11 to 15	38
		16 to 20	42
		> 20	44
24.	Jeevan Bharti Plan (160)	15	38
		20	40
25.	Jeevan Shree – I Plan (162)	10	44
		15	45
		20	48
		25	52
26.	Jeevan Nidhi Plan (169)	< 11	38
		11 to 15	40
		16 to 20	42
		> 20	44
27.	Jeevan Pramukh Plan (167)	10	47
		15	48
		20	51
		25	55
28.	Jeevan Amrit Plan (186)	10 to 15	30
		16 to 20	30
		> 20	30
29.	Jeevan Bharti – I Plan (192)	15	29
		20	31

Note:
	* Plan – 149 & 152 : Premium Paying Term in place of Term
	Plan – 178: Accumulation Period in place of Term
	Plan – 147,148 & 169: Deferment Period in place of Term
	** Plan – 147 & 148: Bonus rates are per thousand Notional Cash Option
	Plan – 182: Bonus rates are per thousand Death Benefit Sum Assured
	Plan – 186: Bonus rates are per thousand premium paid

Source: www.licindia.in

New Norms for Life Insurance Products

Norms for LIC Products 

 

The Insurance Regulatory and Development Authority (IRDA) has informed that two regulations have been framed, namely, (i) Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations 2013 dated 18.02.2013 and (ii) Insurance Regulatory and Development Authority (Non- Linked Insurance Products) Regulations 2013 dated 18.02.2013 to make life insurance products user friendly. 

 

The provisions of the regulations are helpful to the policyholders in the following manner :

 

• Product classification is defined to bring transparency. 

 

• Minimum death benefit is prescribed to ensure that the beneficiary will get a reasonable amount on death of policyholder. 

 

• The commission is linked to the premium payment term to encourage long-term products. 

 

• Minimum Guaranteed Surrender Value in respect of individual products and the surrender penalty in respect of fund based group products are prescribed to protect the interests of policyholders and to ensure reasonable benefits to policyholders on surrender. 

 

• The surrender penalty in respect of Fund based group products is restricted to give more return to policyholders. 

 

• The norms regarding disclosure to policyholder have been strengthened to help the policyholder make an informed decision. 

 

• Better yield to the customers of variable Insurance Products through specification of limits on reduction in yield. 

 

• To encourage revival of discontinued Unit linked policies revival period is enhanced beyond the lock-in period. 

 

IRDA has further informed that the existing products which are not compliant with the new regulations have to be modified before 30th June 2013 for Group products and before 30th September 2013 for Individual products. 

 

This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today. 

 

PIB

PFRDA Orders : Additional Benefit on death/disability of government servant covered by National Pension System (NPS)

Additional Benefit on death/disability of government servant covered by National Pension System (NPS)

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

Cir no: PFRDA/ 2013/2/ PDEX / 2                                                                
SL-5

Subject:  Additional Benefit on death/disability of government servant covered by National Pension System (NPS)

PFRDA has in past replied to various queries received from various government  departments in reference to OM No. 38/41/P&PWA (A) issued by DoP & PW’s dated 05/05/2009 with respect to the additional relief on death/disability of government servants covered by the new Defined Contributory Pension System (NPS).

The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.

It has been decided that additional benefits provided in terms of the said OM are over and above the benefits provided by the National Pension System, as per para 3 of the OM.In case the recovery of the accumulated pension wealth under NPS account is to be undertaken as per government’s decision, it has to be done by the department concerned directly from the subscriber/nominees/legal heirs after due payment from NPS system to them, in order to fulfill the contractual obligations under NPS.

Source: www.pfrda.org.in

All Insurance Companies are selling their policies online - IRDA

All Insurance Companies are selling their policies online - IRDA

Online Sale of Insurance Policies

Insurance Regulatory and Development Authority (IRDA) has informed that all Insurance Companies functioning in the country are selling their policies online except Agriculture Insurance Company of India Ltd. (AICIL), Export Credit and Guarantee Corporation (ECGC), L&T General Insurance, Raheja QBE General Insurance, SBI General Insurance and Shriram General Insurance.

IRDA has informed that the likely benefits of purchasing policies online are as under:-

i. Availability of Lower Premium rates due to reduced operational expenses o the company,

ii. Quick and hassle free purchase of the policies,

iii. Policyholder may take an informed decision by liking into the products available online,

iv. Renewal of the policy becomes easier,

v. In case of a claim event, intimation may be given in a faster way than otherwise.

The manner of settlement of claims are as per Terms and Conditions of the Policy issued by the insurance companies.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.

PIB