Public Services–Telangana Government Life Insurance Scheme Endowment Policies-Enhancement of Age of superannuation from 58 to 61 years and introduction of Telangana State Revised Pay Scales, 2020-Increase of Maximum Insurable Age under TS Government Life Insurance Scheme from (53) years to (56) years and decrease of minimum insurable age from 21 to 19 years and Revision of Rates of Compulsory Premium with reference to Revised Pay Scales, 2020 – Orders – Issued.
Under the existing rules, the Telangana Government Life Insurance Department issues the Endowment Insurance Policies to the Government employees based on the maximum insurable age of 53 years and these policies will mature on the insured attaining the age of 58 years. In the reference 2nd and 3rd read above, the compulsory premium rates under the policy have been revised as and when the Revised Pay Scales were implemented to the State Government Employees based on the recommendations of the successive Pay Revision Commissions and the existing rates are prescribed in the reference 6th read above.
In the reference 5th read above, the Government enhanced the age of superannuation of the State Government employees from (58) years to (61) years and in the reference 9th read above, the Government have issued orders introducing the Revised Pay Scales, 2020.
In the circumstances reported by the Director of Insurance, Telangana, Hyderabad in the reference 10th read above, Government after careful examination, hereby order that the maximum Insurable age under the Telangana Government Life Insurance Scheme be increased from 53 years to 56 years and minimum insurable be decreased from 21 to 19 years. As such, the insurable age as on next birth anniversary shall be 19 to 56 years and the rates of compulsory premium under the scheme shall be revised as detailed below and accordingly issue the following instructions:-
|
Existing Slab Rates |
Revised Slab Rates |
||
|
PRC 2015 Pay Slabs |
Monthly Premium Rs. |
PRC 2020 Pay Slabs |
Monthly Premium Rs. |
|
Pay from Rs.13000 to Rs.16400 |
500.00 |
Pay from Rs.19000 to Rs.24280 |
750.00 |
|
Pay from Rs.16401 to Rs.21230 |
650.00 |
Pay from Rs.24281 to Rs.31040 |
1000.00 |
|
Pay from Rs.21231 to Rs.28940 |
850.00 |
Pay from Rs.31041 to Rs.42300 |
1250.00 |
|
Pay from 28941
to Rs.35120 |
1150.000 |
Pay from Rs.42301 to Rs.51320 |
1700.00 |
|
Pay from Rs.35121 to Rs.48600 |
1400.00 |
Pay from Rs.51321 to Rs.71000 |
2000.00 |
|
Pay from Rs.48601 and above |
2000.00 |
Pay from Rs.71001 to Rs.162070 |
3000.00 |
- All the employees who are within the insurable age, must increase their premiums as per the revised rates specified above and submit requisite ‘Proposal Form', after recovery of first premium from the salary at the revised rates and take a policy from the Insurance Department.
- Whenever the premium is recovered (first/enhanced) the proponent has to submit the proposal form to the Insurance Department through D.D.O concerned and policies have to be obtained. Worth of total proposal forms submitted should be equivalent to total premium paid. Policy bonds can be downloaded from the department website i.e., www.tsgli.telangana.gov.in.
- Unless proposal form is submitted and policies obtained, the employees will not get Insurance coverage for the premium paid. In other words, at any point of time, Total premium = Worth of total proposal forms submitted = Worth of total policies obtained = Total Insurance coverage.
- An employee who is already a policy holder of TSGLI having Policy/ Policies, and is aged below (56) years can enhance the premium for additional policies. However, he should submit his application in the prescribed proforma before he actually attains the age of 56 years. In other words, deduction of premium (fresh/enhanced) and submission of proposal form both should take place before he/she actually attains the age of 56 years. Under any circumstances proposal shall not be accepted if the applicant has already attained the age of 56 years on the date of submission of his application, notwithstanding the fact that the amount was already deducted in the monthly pay bills. Such amounts shall be treated as unauthorized amounts and refunded to the individual following the usual procedure.
- In partial modification to the orders in the reference 1st read above, an employee who has put in (3) years continuous service, if he/she desires to pay more premium than slab rates may be allowed to contribute up to 20% of his/her basic pay (or) Rs 20,000/- per month including all policies premium whichever is less subject to submission of medical examination reports, at the discretion of the Director of Insurance.
- An employee who is already a subscriber of the Fund but is aged above
- (56) years cannot increase the Premium for additional policies. However, in respect of these employees, recovery of existing premium shall continue for the existing policies till the original date of maturity of the said policies (Last Premium due).
- The minimum term of Policy should be (5) years i.e., Maximum age at entry shall not be more than (56) years.
- The 'Sum Assured Table' issued in the G.O.4th read above be replaced by a new table Annexed to this order. The Director of Insurance, Telangana shall take necessary action in this regard.
- Necessary amendments to the Telangana Government Life Insurance Fund Rules shall be issued separately.
