Page 103 - Appr

GRANT No.IX FISCAL ADMINISTRATION, PLANNING, SURVEYS AND
STATISTICS (Contd.)
89
GENERAL:
Andhra Pradesh State Life Insurance Fund: The expenditure in the grant
includes `20,50.26 lakh spent on the administration of Andhra Pradesh Government Life
Insurance Department which is transferred to the State Government Insurance Fund
before closure of accounts for the year.
The Andhra Pradesh State Life Insurance Fund is managed by the Government on
quasi-commercial lines and the benefit of insurance is open to Government employees
only. Premium recovered from the subscribers is credited to the Fund and payment of
insurance policies and the expenditure on administration of the insurance department are
debited to it.
The amount accrued in the Fund is payable to the subscribing employees on their
retirement and to the families of the employees who died while in service.
The balance in the Fund at the end of the year was `28,40,64.22 lakh. The
transactions of the Fund Account are included under the Major Head “8011- Insurance
and Pension Funds- MH-105 State Government Insurance Fund” are given in Statement
No.18 of the Finance Accounts 2012-13.
(ii) Family Benefit Fund: In order to supplement the benefit available to
employees under the Pension-cum-Gratuity Scheme, the Family Benefit Fund Scheme
was introduced by the Government from 21st October 1974. The Andhra Pradesh State
Employees Group Insurance Scheme was introduced from 1st November 1984 in place of
the Family Benefit Fund Scheme.
As a result of introduction of the A.P. State Employees Group Insurance Scheme, the
membership of the then existing Family Benefit Fund Scheme ceased from that date. The
amounts which would have been due to the members had they ceased to be in service on
31 st October 1984 under the old scheme continue to remain in the Fund and the
balance becomes payable to the members together with interest, on their retirement or
otherwise on demitting office for any reason.
The incomings in the form of interest and outgoings in the form of payment into/
from the Family Benefit Fund during the year were `50,26.16 lakh and `10,15.14 lakh
respectively, the closing balance at the end of the year being (-) `81,10.48 lakh.
An account of the transactions of the Family Benefit Fund included under the
Major Head “8011- Insurance and Pension Funds- MH 106- Other Insurance and Pension
Funds” is given in Statement No.18 of the Finance Accounts 2012-13.
The Andhra Pradesh Employees Group Insurance Scheme came which into force with
effect from 1st November 1984 is intended to provide insurance cover at a low cost to the
Andhra Pradesh State Government employees, employees of Panchayat Raj Institutions,
Municipalities and Work charged employees who have completed ten years of service. The
scheme is wholly contributory and operates on self financing basis.