Search News, Order, Rules etc. in more than 6700 articles type keywords and hit enter

Search News, Order, Rules etc. in more than 6,700 articles type keywords and hit enter

Monday, December 10, 2012

"Sampoorn Surakhsa" - Approval of Group Term Insurance Plan issued by SBI Life

Employees' Provident Fund Organisation
No. C-III/4(1)09/EDLl/Exempt./HQ/26790
Date: 03.12.2012/04.12.2012

All Addl. Central PF Commissioners(Zones)
All Regional PF Commissioners (OIC ROs/SROs)

Sub:- Approval of Group Term Insurance Plan "Sampoorn Suraksha" issued by M/S SBI Life Insurance Company Limited for issuance in lieu of the Employees' Deposit-Linked Insurance Scheme, 1976.

The Central Board of Trustees, it its 157th meeting had approved the proposal for allowing Insurance Companies in Private Sector coming under the regulatory control of IRDA to offer the Group Insurance Scheme conferring similar or better benefits than the Employees' Deposit Linked-Insurance Scheme, 1976 for the purpose of grant of exemption from the Employees' Deposit-Linked Insurance Scheme, 1976.

2. M/s SBI Life Insurance Company Limited, has approached the Employees' Provident Fund Organisation for approval of the Group Term Insurance Plan "Sampoorn Suraksha" offered by them for issuance in lieu of Employees' Deposit-Linked Insurance Scheme, 1976.  The salient features of the policy are as under:-
(i) The Policy is arranged to provide Assurance benefits to the employees with a minimum of Rs. 1,32,000 as.the product minimum is Rs. 1,32,000.
(ii) All members of the Employees' Provident Funds Scheme, 1952 in the company will be eligible to be members of the policy. The member becomes eligible for the coverage as soon as he/she becomes the member of the Employees' Provident Funds Scheme, 1952.
(iii) No member shall withdraw from the Scheme as long as he satisfies the conditions of eligibility described above.
(iv) The employer (policy holder) will give an undertaking to the effect that all new members have been included from the date of their joining. If a death claim is received in respect of a member whose premium and/or name is not submitted to SBI Life Insurance, the employer undertakes to provide the benefits for the same.

(v) "the Beneficiary" shall mean the person or persons who has/have been nominated by the Member/s as beneficiary/beneficiaries and will be the same as envisaged under the Employees' Deposit-Linked Insurance Scheme, 1976.

3. On a careful examination of the proposal submitted by M/s SBI Life Insurance Company Limited, it has been found that benefits conferred by their policy is better than the benefits under the Employees' Deposit-Linked Insurance Scheme, 1976. Therefore, those employers who opt for their policy mentioned above to cover their employees shall be entitled for grant of relaxation/exemption from Employees' Deposit-Linked Insurance Scheme, 1976.

4. Regional Provident Fund Commissioner may, therefore, forward the proposal for exemption under Employees' Deposit-Linked Insurance Scheme, 1976 wherever the employer has opted for Group Term Insurance Plan "Sampoorn Suraksha" of M/s SBI Life Insurance Company Limited. However, while forwarding the proposal as per the guidelines issued by Headquarters' Circular No. EDLI/C-I/ Sc/ Notification/ 02/ General Circular dated 10/11th September 2002, a certificate on the following points may also be enclosed:-
(a) That the policy was valid on the date when application of exemption from Employees' Deposit-Linked Insurance Scheme, 1976 was made.
(b) That the employer has enrolled all eligible members and has also given an undertaking to that effect.
(c) That the insurance benefits under no circumstances shall be less than what would otherwise have been admissible to the beneficiary under Employees' Deposit-linked Insurance Scheme, 1976.
(d) That the certificate of IRDA permitting M/s SBI Life Insurance Company Limited to transact in Life Insurance business is valid at the time application for exemption from the provisions of Employees' Deposit-Linked Insurance Scheme, 1976 is made.

Yours faithfully,

Enclosures:- As above.
(P.K. Udgata)
Addl. Central PF Commissioner (Compliance)

Stay connected with us via Facebook, Google+ or Email Subscription.

Subscribe to Central Government Employee News & Tools by Email [Click Here]
Follow us: Twitter [click here] | Facebook [click here] Google+ [click here]

No comments:

Post a Comment

Don't hesitate to express yourself. Please write your valuable comments.

Recent Comments


7th CPC Report

Full Report || Allowances  || Pay Structure (Civil)  || Pay Structure (Military)  || Pension (Civil)  || Pension (Defence)  || Advances  || Leave  || NPS
1. Foreword View
2. The Macroeconomic Situation
2.1 General Economic Situation and Financial Resources of the Central Government
2.2 Financial Resources of the State Governments
3. Analysis of Central Government Personnel View
4. Approach to Pay
4.1 Principles of Pay Determination View
4.2 Determination of Minimum Pay View
5. Revised Pay Structure
5.1 Pay Structure (Civilian Employees) View
5.2 Pay Structure (Defence Forces Personnel) View
6. Pay Related Issues of Defence Forces Personnel
6.1 Background and Approach to Pay Related Issues of Defence Personnel
6.2 Cadres of Defence Forces Personnel
7. Pay Scales for Specific Services, Categories & Cadres
7.1 Headquarters Organisations in Government of India and Office Staff in Field Offices View
7.2 All India Services
7.3 Central Services Group A
7.4 Engineering Services
7.5 Scientific Services
7.6 Medical and Paramedical Services
7.7 Common Categories
8. Allowances View
8.1 List of Allowances (Summary) View
8.2 Overview of Allowances View
8.3 Allowances Payable for Additional/ Extra Duty View
8.4 Allowances related to Knowledge Updates View
8.5 Allowances related to Deputation View
8.6 Allowances related to Working on Holidays View
8.7 Allowances related to Housing View
8.8 Allowances related to Good Service View
8.9 Qualification Allowances View
8.10 Allowances related to Risk and Hardship View
8.11 Allowances for Running Staff of Indian Railways View
8.12 Allowances related to Sports View
8.13 Sumptuary Allowances View
8.14 Allowances related to Training View
8.15 Allowances related to Travel View
8.16 Allowances related to Uniform View
8.17 Other Allowances View
9. Other Facilities
9.1 Advances View
9.2 Holidays and Leave View
9.3 CGEGIS View
9.4 GPF View
9.5 Medical Facilities for Serving Employees and Pensioners View
9.6 Persons with Disabilities View
10. Pension and Related Benefits
10.1 Pension and Related Benefits of Civilian Employees View
10.2 Pension and Related Benefits of Defence Forces Personnel View
10.3 National Pension System (NPS) View
11. Issues Specific to Ministries and Departments
12. Officers and Employees of the Supreme Court of India
13. Regulatory Bodies
14. Training
15. Bonus Schemes and Performance Related Pay View
16. Financial Implications View
17. Executive Summary View
18. Meetings held by the Commission
Top Generated search terms/ keywords used by our visitors to  arrive in Central Government Employee News.