Enhancement of Sum Assured in respect of Group Insurance coverage for five years after retirement 05.10.2002
OFFICE MEMORANDUM
Subject: Enhancement of Sum Assured in respect of Group Insurance
I am directed to state that the Punjab Government Employees Welfare Fund Ordinance has been amended vide Government of Punjab Law and Parliamentary Affairs Department notification No. Legis. 13-22/91 dated 23.9.2002 with effect from 01.07,2002.
2. Apart from enhancement of the sum assured the coverage shall continue to remain extended to five years after retirement of Govt. Servants without requiring them to pay a premium after retirement. The Government Servants retiring on or after 01.07.2002 shall be covered for the revised enhanced sums, while Government Servants who retired on or before 30.06.2002 shall be covered for the previous! sums assured,
3. With effect from 01.07.2002 the annual and monthly rates of premium for the revised assured sums, in respect of different categories of employees of the Punjab Government shall be as follows:-
| B.P.S. | Sum Assured | Annual Premium | Monthly Premium |
|---|---|---|---|
| 1 – 4 | Rs. 1,20,000.00 | Rs. 450.00 | Rs. 37.50 |
| 5 – 10 | Rs. 1,40,000.00 | Rs. 525.00 | Rs. 43.75 |
| 11 – 15 | Rs. 2,40,000.00 | Rs. 900.00 | Rs. 75.00 |
| 16 | Rs. 3,60,000.00 | Rs. 1,350.00 | Rs. 112.50 |
| 17 | Rs. 4,80,000.00 | Rs. 1,800.00 | Rs. 150.00 |
| 18 | Rs. 7,00,000.00 | Rs. 2,625.00 | Rs. 218.75 |
| 19 | Rs. 8,10,000.00 | Rs. 3,150.00 | Rs. 262.50 |
| 20 & above | Rs. 10,00,000.00 | Rs. 3,750.00 | Rs. 312.50 |
As regards Government Employees in BS 1-4, 1/4th of total premium (i.e.Rs.9.37 per employee per month) will be paid by the Government and the balance premium of Rs.28.13 per month shall be deducted from their monthly salaries.
4. You are requested to issue instructions to all drawing and disbursing officers of your Department to ensure that while passing the pay bills of the employees working under them deduction of Group Insurance premium is made according to new rates with effect from 01.07.2002. The arrears of balance premium for the months of July, 2002 to September, 2002 may be deducted in installments within the next four months.
5. The Department Heads are requested to ensure that apart from the cases of death during service, claims of retired Government Servants may also be lodged with State Life Insurance Corporation of Pakistan in case death occurs within five years after retirement.
