Revised Rates of Deduction of Group Insurance 2020 Punjab Govt Employees.
I am directed to refer to the subject noted above and to intimate that the Government of Punjab through the process of open bidding has awarded a contract to the state life Insurance Cooperation of Pakistan for Group Term Insurance for the employees of the Punjab Government for a period of three years w.e.f 01.07.2020 to 30.06.2023 under the previous of Punjab Government Employees Welfare Fund Ordinance, 1969. The annual and monthly rates of premium deduction, with effect from 01.07.2020 in respect of different categories of employees of the Punjab Government are as follow:
Table of Group Insurance Deduction Rates 2020.
Sr. No. BPS SUM ASSURED (Rs.) MONTHLY (Rs.) ANNUAL PREMIUM (Rs.)
1. 1-4 150,000 67 807
2. 5-10 175,000 79 942
3. 11-15 300,000 135 1614
4. 16 450,000 202 2421
5. 17 600,000 269 3228
6. 18 875,000 392 4708
7. 19 1,050,000 471 5649
8. 20 & above 1,250,000 560 6725
It is requested that necessary instructions may immediately be issued to all Drawin and Dispursiing Officers of respective departments for compliance, ensuring the deduction of Group Insurance Premium according to the above-mentioned rates with effect from 01.07.2020 while sanctioning pay bills of the employees under their administrative control. As regards, Government Employees in Bs-1 to Bs-4, the Government of Punjab shall pay 1/4th of the total premium i.e. Rs16.75 per month per employee, to the State Life Insurance Corporation of Pakistan and the balance premium of Rs.50.25 per month shall be educated from monthly salaries at its source of the employee in BS-01 to 04.
It is further directed that all Departmental Heads ensure that w.e.f. 01.07.2020. 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, Gro[u & Pension State Life Insurance Corporation of Pakistan, 15-A Davis Road Lahore for the purpose of payment after fulfilling codal formalities.