CG Employees Group Insurance Scheme 2024: New Tables of Benefits

Department of Expenditure has released Group Insurance Scheme New Tables of Benefits to CG Staffs for the period from 01.04.2024 to 30.06.2024

The Central Government Employees Group Insurance Scheme (CGEGIS) 1980 is a welfare scheme designed to provide life insurance coverage and a lump sum payment to central government employees. The scheme is aimed at offering financial protection to the families of employees in the event of the employee’s death while in service.

Tables of Benefits

The benefits under the CGEGIS 1980 are calculated based on two components:

• Insurance Fund: This is the amount payable to the nominee of the employee in case of the employee’s death while in service.
• Savings Fund: This is the accumulated amount from the monthly contributions made by the employee, along with the interest accrued, which is payable to the employee on retirement or to their nominee in case of death.

Central Government Employees Group Insurance Scheme New Tables of Benefits 2024

No. 7(1)/EV/2024
Government of India
Ministry of Finance
Department of Expenditure
E-V Branch

New Delhi, the 9th July, 2024

OFFICE MEMORANDUM

Sub: Central Government Employees Group Insurance Scheme 1980 – Tables of Benefits for the savings fund for the period from 01.04.2024 to 30.06.2024.

The Tables of Benefits for Savings Fund to the beneficiaries under the Central Government Employees Group Insurance Scheme-1980, which are being issued on a quarterly basis from 01.01.2017 onwards, as brought out in this Ministry’s OM of even number dated 17.03.2017, for the quarter from 01.04.2024 to 30.06.2024, as worked out by IRDA based on the interest rate of 7.1% per annum (compounded quarterly) as notified by the Department of Economic Affairs as per their Resolution No. 5(3)-B(PD)/2023 dated 10.06.2024, are enclosed.

3. The Tables enclosed are of two categories as per the existing practice. As hitherto, the first Table of Benefits for the savings fund of the scheme is based on the subscription of Rs.10 p.m. from 1.1.1982 to 31.12.1989 and Rs.15 p.m. w.e.f. 1.1.1990 onwards. The second Table of Benefits for savings fund is based on a subscription of Rs.10 p.m. for those employees who had opted out of the revised rate of subscription w.e.f. 1.1.1990.

4. In so far as the persons serving in the Indian Audit and Accounts Department are concerned, these Orders are issued in consultation with the Comptroller and Auditor General of India, as mandated under Article 148(5) of the Constitution of India.

5. Hindi version of these orders is attached.

(Gulveena Badhan)
Deputy Secretary to the Government of India

To

1. All Ministries / Department of the Central Government as per standard list.
2. Copy with spare copies for information and necessary action to C&AG, UPSC, all State Government etc. as per standard list.

View / Download the order pdf