The Governor’s Administration today ordered renewal of the Group Personal Accidental Insurance Policy with M/S Oriental Insurance Company Ltd for (2nd Year) commencing from midnight 1 December 2018 to midnight 30 November 2019, as per the agreement already executed between the Government of Jammu and Kashmir and Oriental Insurance Company Ltd.
According to the Principal Secretary Finance, Navin K Choudhary the policy shall cover an aggregate of more than 3.50 lakh employees including the employees of PSUs, Autonomous Bodies, Local Bodies, Universities, Daily Rated Workers, Consolidated, Contractual, Contingent Paid workers, Adhoc Workers and SPOs.
The sum assured under this policy shall be Rs 10 lakh per employee against payment of a yearly premium of Rs 360 inclusive of GST.
He said all the Drawing and Disbursing Officers (DDOs) shall deduct Rs 360 from all categories of employees to be covered under the scheme from the salaries of November 2018 on compulsory basis. Similarly, the DDO of State PSUs, Autonomous Bodies, Local Bodies and Universities shall remit the amount of Rs 360 in respect of their employees for being covered under the scheme through demand draft favoring Principal Secretary to Government Finance Department on or before 5 December 2018 positively and same shall be furnished to the Joint Director Resources/Chief Accounts Officer, Finance Department, Civil Secretariat I&K Jammu/Srinagar.
However, wherever due to any administrative or financial problem, the DDO could not deduct the premium of his employee(s) from the salary of the November 2018, he shall immediately deposit/remit the prescribed premium against the proper Head of Account in the concerned Treasuries through challan after collecting the premium from the left-out employees to bring them under the insurance coverage.
Navin said sanction has also been accorded to the advance drawal of Rs 12,59,65,000 @ Rs 360 per employee 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 3.50 lakh employees of the Government of Jammu and Kashmir for a period of one year.