The government has accorded sanction to tie up for Group Personal Accidental Insurance policy for the employees with M/S Oriental Insurance Company Limited. The tie-up will be for one year commencing 1 December 2017 to 30 November 2018 (midnight).
As per a notification issued by the Principal Secretary Finance, Navin K Choudhary, the policy shall cover employees of the state government including employees of PSUs, Autonomous Bodies, Local Bodies, Universities, daily rated workers, casual workers, consolidated workers, contractual / contingent paid workers, adhoc employees and SPOs.
The sum assured under this policy shall by Rs 10 lakh per employee against payment of a yearly premium of Rs 359.90.
The order further states that the DDOs of the government shall deduct Rs 359.90 from all categories of employees from the salaries of November 2017.
The DDOs of the autonomous bodies shall do the same thing in their respective institutions and remit the deducted amount to the Finance Department by cheque drawn in favour of the Principal Secretary, Finance Department.
According to the notification, a detailed Memorandum of Understanding / agreement indicating the terms and conditions and other related details shall be executed between the Government of Jammu and Kashmir and M/s Oriental Insurance Company Limited.
Meanwhile, the Finance Department has also accorded sanction to the advance drawal of Rs 125965000 @ Rs 359.90 per employee under Major Head 8235 for subsequent release of the amount to the M/S Oriental Insurance Company Ltd as premium for Group Personal Accidental Insurance Policy one year from the date of payment of premium.