Central Government Employees Group Insurance Scheme 1980 ( CGEGIS ) – tables of Benefits from 1st January 2013 to 31st December 2013
CGEGIS is a group Insurance Scheme applicable to Central Government Employees.
It came into force from 1st January,1982, and provides employees either the life insurance cover in the case of death during service or a maturity amount in the case of retirement from service.
A portion of the subscription is credited to Insurance Fund and the other portion to the Savings Fund in the ratio of 3:7. The Savings Fund will earn interest at the prescribed rate to be compounded quarterly.
Monthly subscription, life insurance sum assured and Maturity amount applicable for different cadres are as follows
|Employee Cadre||Contribution per Month (Rs.)||Insurance cover (Rs.)|
Features of this Scheme:
- On Resignation/Retirement :- Amount of subscription credited to the Savings Fund along with interest thereon will be paid to the employee.
- On Death : Amount of insurance cover of the group to which he belongs on the date of death and the accumulation in Savings Fund will be paid to his nominee/heirs.
- If an employee dies before he was enrolled as a member (i.e. between the date of his joining service and the following Ist January), only the insurance amount will be paid to the nominee/heirs.
- Employee can assign the insurance cover and accumulation in the savings fund to a recognized financial institution, for obtaining housing loans. However, no loans/advance or withdrawals are permitted from Insurance Fund/Savings Fund.
- The amount of subscription is eligible for Income Tax Rebate u/s 88 of IT Act.
Savings aspect of this Central Government Empoyees Group Insurance Scheme is governed by Tables of Benefit announced by Finance Ministry every year.
In respect of year 2013, Finance Ministry has released Tables of Benefit.
CGEGIS Tables of Benfit for the period from 01.01.2013 to 31.12.2013
Central Government Employees Group insurance Scheme-1980
Sub: Central Government Employees Group insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2013 to 31.12.2013.