Group Insurance Notification 2020 Punjab Government has uploaded here on this webpage. Therefore, The government has given new Group Insurance rates in 2020.
Group Insurance Notification 2020:
In addition, the government of Punjab has issued a Group Insurance Notification on 16 September. So, there are new revised rates of deduction in this notification. So, The Punjab govt will deduct GI on monthly basis with new rates. Therefore, all employees in Punjab may read carefully this notification given at the end of this page.
In other words, the government has started a new contract with state life insurance. The state life Insurance corporation is not a new corporation. Above all, It is working for the last 50 years or so in Pakistan. So, we can say that it is a reputed insurance corporation in the country. Therefore, the Punjab govt has started a new contract with this corporation.
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Revised Rates of Group Insurance:
However, the new deduction revised rates are as follows,
- Basic Scale 1 to 4 Sum Assured 150000 Monthly 67 rupees and annually 807
2. Similarly, Basic Scale 5 to 10 175000 Monthly 79 and annually 942
3. Basic Scale 11 to 15 300000 Monthly 135 and annually 1614
4. Basic Scale 16 450000 Monthly 202 and annually 2421
5. Basic Scale 17 600000 Monthly 269 and annually 3228
6. Basic Scale 18 875000 Monthly 392 and annually 4708
7. Basic Scale 19 1050000 Monthly 471 and annually 5649
8. Basic Scale 20 and above 1250000 Monthly 560 and annually 6725
At last, The government of Punjab has issued the rates as per notification with effect from 1st July 2020.