Government of the Punjab, Service & General Administration Department (Provincial Welfare Board) has issued the official Notification letter on 16th September, 2020 in connection with agreement of Group insurance scheme 2020-23 on retirement.
Group Insurance Notification 2020 Details
Punjab Government has awarded contract to the State Life Insurance Corporation of Pakistan for Pakistan Group Term Insurance for employees of the Punjab Government for a period of three years w.e.f. 01-7-2020 to 30-6-2023 under the provisions of Punjab Government Employees Welfare Fund Ordinance 1969.
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The annual and monthly rates of premium deduction, with effect from 01-7-2020 in respect of different categories of employees of Punjab Government are as follows:-
Revised Rates of Deduction of Group Insurance 2020 Punjab
|BPS||SUM ASSURED (RS.)||MONTHLY PREMIUM (RS.)||ANNUAL PREMIUM (RS.)|
|20 & Above||1,250,000||560||6725|
It is requested that necessary instructions may immediately be issued to all Drawing and Disbursing Officers of respective departments for compliance, ensuring deduction of Group Insurance Premium according to above mentioned rates with effect from 01-7-2020 while sanctioning pay bills of the employees under their administrative control.
As regards, Government Employees in BS-1 to BS-4, Government of the Punjab shall pay 1/4th of the total premium i.e. Rs. 16.75 per month per employee, to the state Life Insurance corporation of Pakistan and the balance premium of Rs. 50.25 per month shall be deducted from monthly salaries at its source of the employees in BS-01 to 04.
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It is further directed that all Departmental Heads ensure that w.e.f. 01-7-2020 all claims pertaining to Group Term Insurance i.e. in-service death or death within five (05) years of retirement, shall now be referred to General Manager , Group & Pension, State Life Insurance Corporation of Pakistan, 15-A, Davis Road, Lahore for the purpose pf payment after fulfilling all codal formalities.