Deposit linked insurance Scheme

Deposit linked insurance Scheme

This is a scheme linked with the GRS balance at credit.

If an employee dies which in service, an additional amount is paid along with the available GPF balance to the nominee or eligible member of the family.

No additional premium is required to be paid to get eligibility for the scheme.

But the following three conditions are compulsory ---

Ø Death should occur while in service.

Ø Subscriber must have completed at least 5 years of service at the time of his/ her death.

Ø The GPF balance should not fall below the under mentioned limit at any time during the last 36 months preceding the month of death.

Pay band	Grade pay	Limit of balance to be maintained
PB-II ( Rs. 9300-34800 )	Rs. 4800 PM or more	Rs 25000
PB-II ( Rs. 9300-34800 )	Rs. 4200 PM or more but less than Rs 4800	Rs 15000
Pay band – II, Pay band – I, Pay band – Is ( Rs 4400-7400)	Rs 1400 PM or More but less than Rs 4200	Rs 10000
Pay band – IS ( Rs 4440-7440 )	Rs 1300 PM but less than Rs 1400 – Pm	Rs 6000

Additional amount payable under the scheme:

Amount eligible is equal to the average balance in the account during the period of 36 Months Preceding the month of death subject to the minimum of Rs 60000/-

Minimum limit is to be applied after ariving at the average of 36 months and not at Every Stage.