What is Central Government Employees Group Insurance Scheme ? How CGEGIS works ?
Central Government Employees Group Insurance Scheme (CGEGIS): Ministry of Finance
Central Government Employees Group Insurance Scheme (CGEGIS) came into force from 1st January,1982. The scheme provides for two fold benefit, viz., (1) insurance cover to help their families and (2) lump sum payment to augment their resources on retirement.
Central Government Employees Group Insurance Scheme – CGEGIS – table of benefits from July 2018
Also Read : Need for revising CGEGIS (Group Insurance)
Details of Central Government Employees Group Insurance Scheme (CGEGIS)
| Particulars | Description |
| Name of the Scheme | Central Government Employees Group Insurance Scheme (CGEGIS) |
| Sponsored by | Central Government |
| Funding Pattern | The scheme has two funds namely (1) Insurance Fund and (2) Savings Fund. A portion of the subscription is credited to Insurance Fund and the other portion to the Savings Fund in the ratio of 3:7. The Savings Fund will earn interest at the prescribed rate to be compounded quarterly. |
| Ministry/Department | Department of Expenditure |
| Description | Central Government Employees Group Insurance Scheme (CGEGIS) came into force from 1st January, 1982. The scheme provides for two fold benefit, viz., (1) insurance cover to help their families and (2) lump sum payment to augment their resources on retirement. |
| Beneficiaries | Individual, Family |
| Benefits | |
| Benefit Type | Material |
| Eligibility criteria | All the employees who had entered Central Government Service after 1st November,1980 will be compulsorily covered under the scheme from the date it came into force, i.e. from 1st January,1982. |
| How to Avail | The employees will be enrolled as members of the scheme only from 1st January every year. If an employee enters service on or after 2nd January in any year, he will be enrolled as a member only from 1st January of the next year. |
| Validity of the Scheme | |
| Introduced On | 01 / 01 / 1982 |
| Valid Upto | 12 / 11 / 2011 |
CENTRAL GOVERNMENT EMPLOYEES’ GROUP INSURANCE SCHEME, 1980.
5.1 The Scheme, Central Government Employees’ Group Insurance Scheme (CGEGIS)
came into force from 1st January,1982. This scheme provides for the Central Govt. employees the two fold benefit viz. (1) insurance cover to help their families and (2) lump sum payment to augment their resources on retirement.
5.2 The scheme has two funds namely (1) Insurance Fund and (2) Savings Fund. A portion of the subscription is credited to Insurance Fund and the other portion to the Savings Fund in the ratio of 3:7. The Savings Fund will earn interest at the prescribed rate to be compounded quarterly.
5.3 All these
employees’ who had entered Central Government Service after 1st November,1980 will be compulsorily covered under the scheme from the date it came into force i.e. from 1st January,1982. The employees will be enrolled as members of the scheme only from 1st January every year. If an employee enters service on or after 2nd January in any year, he will be enrolled as a member only from 1st January of the next year. However, he will be entitled to insurance cover from the actual date of entry of service till the end of that calendar year by paying monthly subscription of Rs. 5/- p.m. as premium for every Rs. 15,000/ – of the insurance cover.
Similarly, on regular promotion of a member of a lower Group to a higher Group after 1st January in a year, his subscription will be raised from the 1st January of the next year.
Note :- If an employee once admitted to a higher Group is subsequently reverted to the lower Group for one reason or the other, he will continue to subscribe at the same rate as that of higher Group.
