The State government has enhanced the maximum insurable age for the employees under the Telangana Government Life Insurance Scheme from 53 years to 56 years.
The minimum insurable age has simultaneously been decreased to 19 years from the existing 21 years. Under the existing rules, endowment insurance policies are being issued to the staff based on maximum insurable age of 53 years and these policies would mature on the insured attaining 58 years.
The revision of the maximum and minimum insurable age follows the enhancement of retirement age from 58 to 61 years as also the implementation of the revised pay scales. All employees within the insurable age should increase their premiums as per the rates specified and submit the proposal form after the recovery of the first premium from the salary for taking a policy from the insurance department.
Whenever the premium was recovered (fresh/enhanced), the proponent should submit the proposal form through the drawing and disbursement officer concerned and policies should be obtained. Worth of the total proposal forms submitted should be equivalent to the total premium paid and policy bonds could be downloaded from the department’s website www.tsgli.telangana.gov.in.
The government said, in the orders issued, that unless proposal form was submitted and policies obtained, employees would not get insurance coverage for the premium paid.
“In other words, at any point of time, total premium = worth of total proposal forms submitted = worth of total policies obtained = total insurance coverage,” the government said in its orders.
Employees already holding policies of TSGLI and aged below 56 years could enhance the premium for additional policies. However, he/she should submit the application in the prescribed proforma before actually attaining the age of 56. Deduction of premium and submission of proposal form should take place before he/she actually attain the age of 56. Under any circumstances, proposal would not be accepted if the applicant had already attained 56 years on the date of submission of application notwithstanding the fact that the amount was already deducted in the monthly pay bills.
Such amounts should be treated as unauthorised amounts and refunded to the individual following the usual procedure. Employees who put in three years of continuous service would be allowed to contribute upto 20% of the basic pay or ₹20,000 a month whichever was less subject the medical examination reports. Employees already subscribed but aged above 56 could not increase the premium for additional policies, the order said.
