Introduction
- Reference: Department’s Memo No 013-F(J) dated 05.02.2024.
- Purpose: To introduce a new table of benefits for the accumulation of savings fund under Group Insurance scheme(GISS), highlighting the GISS interest rate applicable.
New Table of Benefits Under GISS
- Period Covered: The table of benefits is applicable for the period from 01.05.2024 to 31.07.2024.
- Basis for Scheme: The table aligns with the Central Government Employees Group Insurance Scheme, 1980, as per Government of India’s Office Memorandum No. 7(1)/EV/2023 dated 25th October, 2023, which includes information on the group insurance scheme interest rate.
Details of Benefit Calculations
- Unit Value: The subscription is based on a unit value of Rs. 10/- (Rupees Ten) per month.
- Fractional Amounts: The amounts listed in the table include fractions which should be rounded off after calculating the final amount payable, taking into account the group insurance scheme interest rate.
Applicability to Different Employee Groups
Group-D Category
- Default Table: The amounts specified in the table are directly applicable to members of the Group-D category.
Higher Groups
- Proportional Calculation: For members of higher employee groups, the corresponding amounts should be calculated proportionately, considering the same interest rate applied in the group insurance scheme.
Assumptions and Deductions
- Assumption: It is assumed that subscriptions have been fully realized from the member’s salary up to the month they cease to be in service.
- Deduction of Outstanding Subscriptions: If subscriptions have not been fully realized, the outstanding amounts along with interest, based on the group insurance scheme interest rate, will be deducted from the member’s entitlement.
Group Insurance Scheme, GISS Interest Rate Calculation Table:
The GISS interest rates for the given periods:
| From | To | Interest p.a. (compounded quarterly) |
|---|---|---|
| 01.11.1987 | 31.10.2001 | 12% |
| 01.11.2001 | 31.10.2002 | 11% |
| 01.11.2002 | 31.10.2003 | 9.5% |
| 01.11.2003 | 31.10.2004 | 9% |
| 01.11.2004 | 31.10.2012 | 8.0% |
| 01.11.2012 | 31.10.2013 | 8.6% |
| 01.11.2013 | 31.10.2014 | 8.8% |
| 01.11.2014 | 31.10.2017 | 8.7% |
| 01.11.2017 | 31.01.2018 | 8.0% |
| 01.02.2018 | 30.04.2018 | 7.9% |
| 01.05.2018 | 31.10.2018 | 7.8% |
| 01.11.2018 | 31.07.2019 | 7.6% |
| 01.08.2019 | 30.04.2020 | 8.0% |
| 01.05.2020 | 31.10.2020 | 7.9% |
| 01.11.2020 | 31.01.2021 | 7.9% |
| 01.02.2021 | 30.04.2021 | 7.1% |
| 01.05.2021 | 31.07.2021 | 7.1% |
| 01.08.2021 | 31.10.2021 | 7.1% |
| 01.11.2021 | 31.01.2022 | 7.1% |
| 01.02.2022 | 30.04.2022 | 7.1% |
| 01.05.2022 | 31.07.2022 | 7.1% |
| 01.08.2022 | 31.10.2022 | 7.1% |
| 01.11.2022 | 31.01.2023 | 7.1% |
| 01.02.2023 | 30.04.2023 | 7.1% |
| 01.05.2023 | 31.07.2023 | 7.1% |
| 01.08.2023 | 31.10.2023 | 7.1% |
| 01.11.2023 | 31.01.2024 | 7.1% |
| 01.02.2024 | 30.04.2024 | 7.1% |
| 01.05.2024 | 31.07.2024 | 7.1% |
Note: this is a gist of the following west bengal government financial department’s official order.
Also Read: West Bengal Government Holiday List 2024
Official Order
GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH
No. 053-F(J) ————————————————————————————– Date: 28.05.2024
MEMORANDUM
SUBJECT: State Govemment Employees Croup Insurance Scheme, 1987-Table of Benefits
under Savings Fund for the year of cessation of Membership 2024-2025
In continuation of this Department’s Memo No 013-F(J) dated 05.02.2024, 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. I0/- (Rupees Ten) only per month has been drawn up for the period from 01.05.2024 to 31.07.2024 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under Gol’s OM No. 7(l)/EV/2023 dated 25th October, 2023.
- 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% | 01.11.2013 | 31.10.2014 | 8.8% |
| 01.11.2001 | 31.10.2002 | 11% | 01.11.2014 | 31.10.2017 | 8.7% |
| 01.11.2002 | 31.10.2003 | 9.5% | 01.11.2017 | 31.01.2018 | 8.0% |
| 01.11.2003 | 31.10.2004 | 9% | 01.02.2018 | 30.04.2018 | 7.9% |
| 01.11.2004 | 31.10.2012 | 8.0% | 01.05.2018 | 31.10.2018 | 7.8% |
| 01.11.2012 | 31.10.2013 | 8.6% | 01.11.2018 | 31.07.2019 | 7.6% |
| 01.08.2019 | 30.04.2020 | 8.0% | 01.11.2020 | 31.01.2021 | 7.9% |
| 01.05.2020 | 31.10.2020 | 7.9% | 01.02.2021 | 30.04.2021 | 7.1% |
| 01.05.2021 | 31.07.2021 | 7.1% | 01.08.2021 | 31.10.2021 | 7.1% |
| 01.11.2021 | 31.01.2022 | 7.1% | 01.02.2022 | 30.04.2022 | 7.1% |
| 01.05.2022 | 31.07.2022 | 7.1% | 01.08.2022 | 31.10.2022 | 7.1% |
| 01.11.2022 | 31.01.2023 | 7.1% | 01.02.2023 | 30.04.2023 | 7.1% |
| 01.05.2023 | 31.07.2023 | 7.1% | 01.08.2023 | 31.10.2023 | 7.1% |
| 01.11.2023 | 31.01.2024 | 7.1% | 01.02.2024 | 30.04.2024 | 7.1% |
| 01.05.2024 | 31.07.2024 | 7.1% |
The mortaliry rate continues to remain unchanged.
- 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.
- 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.
- 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
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Frequently Asked Questions ON GISS
For what period is the new table of benefits applicable under GISS?
- The new table of benefits is applicable for the period from 01.05.2024 to 31.07.2024.
What is the unit subscription rate of Group Insurance Scheme?
- The unit subscription value specified is Rs. 10/- (Rupees Ten) per month.(directly applicable to members of the Group-D category).
- For members of higher employee groups, the corresponding amounts should be calculated proportionately.
What action is taken if subscriptions have not been fully realized from a member’s salary?
- If subscriptions have not been fully realized, the outstanding amounts along with interest will be deducted from the member’s entitlement.