|
I. NAVAL
GROUP INSURANCE SCHEME |
| 1. Naval Group
Insurance Scheme is a risk cum saving scheme. The general scheme
covering all Naval & Coast Guard personnel has been revised in
1997 and the rates of subscription and various benefits admissible to
members are as follows :- |
| |
Officers |
Sailors/Naviks |
| a) |
Monthly
Contribution |
Rs 500/- |
Rs250/- |
| b) |
Insurance Cover |
Rs. 7
lacs |
Rs.3.5
lacs |
| c) |
Disability cover for
100% disability on invalidment out from service prior toexpiry of
engagement |
Rs. 3.5
lacs |
Rs. 1.75
lacs |
|
Pro-rata
disability benefit is admissible for 20% and above disability.
|
|
|
II. POST
RETIREMENT DEATH INSURANCE EXTENSION SCHEME |
1. Post Retirement Insurance
cover against death only is provided on payment of one time non refundable
contribution to officers and sailors on their retirement from the
service on completion of pensionable service. This insurance cover
does not cover professional flying risk. The period of cover and sum
assured for members who join the scheme are are follows :-
| |
Officers |
Sailors |
| a) |
Single Non-Refundable one
time Contribution |
Rs.11020/- |
Rs.3780/- |
| b) |
Insurance Cover |
Rs. 2.50
lacs |
Rs. 1.50
lacs |
| c) |
Period
of Cover |
15 years
from the date of retirement or upto 70 years of age, whichever is
earlier |
|
