Excelsior Correspondent
JAMMU, Nov 27: The State Finance Department has entered into a tie up with M/s Oriental Insurance Company Ltd for Group Personal Accidental Insurance Policy of the State Government employees for a period of 12 months, commencing from December 1, 2017.
The policy shall also cover the employees of PSUs, Autonomous Bodies, Local Bodies, Universities, daily rated workers, Casual workers, Consolidated, Contractual, Contingent paid workers, Adhoc employees and SPOs.
The Sum assured under this policy shall be Rs 10 lakh (Rupees ten lakh only) per employee against payment of a yearly premium of Rs 359.90, inclusive of GST 18 percent i.e. Rs 54.90.
The DDOs of the Government shall deduct Rs 359.90/- from all categories of these employees from the salaries of November, 2017. The amount so recovered from the salaries/wages etc of the employees for the month of November 2017 shall be credited to the head of the account.
The DDOs of the Autonomous Bodies shall do the same thing in their respective institution and remit the deducted amount to the Finance Department by cheque drawn in favour of the Principal Secretary to Government, Finance Department.
A detailed Memorandum of Understanding (MoU)/ Agreement indicating the terms and conditions and other related details shall be executed between the Government of J&K State and M/s Oriental Insurance Company Limited.
The Government has also accorded sanction for the advance drawal of an amount of Rs 12,59,65,000/- only @ Rs 359.90/- per employee under Major Head 8235- General & Other Reserve Funds, Sub Major Head 00, Minor Head: 105, General Insurance Fund (Janta Insurance), Group Head:00, Sub Head:00 by the Joint Director Resources, Finance Department for subsequent release of the amount to the M/s Oriental Insurance Company Ltd. as premium for Group Personal Accidental Insurance Policy for the employees of the Government of Jammu and Kashmir for a period of one year from the date of payment of premium.
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