GDS Group Insurance Scheme,2010 : Comparative Study

GDS Group Insurance Scheme,2010 : Comparative Study

Rule :

• The scheme shall apply to all GDS.

• Monthly subscription of Rs.50 is being recovered from TRCA.

• The subscription of Rs.50 comprises a Savings fund of Rs.32.50 & Insurance Fund of Rs.18.50

• Isurance coverage Rs.50,000 who unfortunately die.

• The total accumulation of Savings fund together with interest shall be payable to member on his retirement.

Committee observations and Recommendations :

• It is important to GDS as it provides assured returns to the dependents, in the event of death of the GDS.

• The Committee notes that the amount received by GDS at the time of discharge plays an important role in the life of the GDSs post discharge as they are not entitled for pension.

• Committee recommended the enhancement of monthly subscription of Rs.500 with a insurance coverage of Rs.5 Lakhs.

National Union ( FNPO & NUGDS ) stand :

1. GDS GIS : 

• Annual subscription : Rs.50 × 12 = Rs.600

• Dependents will get only Rs.50,000 and Savings fund with interest. In any case the total amount received will not exceeds Rs.65,000.

2. Pradhan Mantri Jeevan Jyoti Bhima Yojana :

• Annual subscription : Rs.330 only (which is nearly half of the GDS GIS subscription )

• Family members will get Rs.2 Lakhswhich is three times higher than GDS GIS.

Conclusion :

Is this scheme favour to GDS ?

Definitely it is not an attractive scheme when compared to other schemes.

CH.Laxmi Narayana

CS,NUGDS.