Subject :   Introduction of Group Savings Linked Insurance scheme for employees of the Universities.

                                   The Government of Madhya Pradesh in Higher Education Department, Bhopal, vide order No.
   521-1158-R.3-IV-85 dated 27.3.85 have been pleased to direct that Group Savings Linked Insurance scheme may
   be made applicable to the Officers, employees and teaching staff of the University.

  *2. The Executive Council of the university hereby approves this Statute which contains the Group Saving Linked
        Insurance scheme. This Statute shall come into force from a uniform date for all universities mentioned in
        Schedule-I of the Madhya Pradesh Viswavidyalaya Adhiniyam 1973 (unless a comparable scheme is already
        in force in any university) as may be fixed by the coordination committee and each university shall complete the
        procedural formalities with the Life Insurance Corporation of India before that date.

  3.  The scheme is intended to provide for the employees of each university at a low cost and on a wholly contributory
       and self financing basis, the two benefits of (i) insurance cover to help their families in the unlikely event of death
       while in service, and
       (ii) a lumpsum payment to the employees to augment their resources of retirement.

  4. The scheme shall come into force from twentieth date of the month (Thus when salary for the month of October is
      disbursed on 1st November, the deduction of employee's contribution will be made from the salary of the month of
      October and the scheme shall come into force (on payment of contribution to the LIC) from 20th November of the

  5. Each regular and full time employee, Officer and teacher will be required to subscribe compulsorily a definite
      amount of the contribution according to category to which each of them belong. For this purpose, they will be
      divided into four categories as mentioned below and will contribute amount per month as noted against the
      category applicable to each of them. The maximum risk amount and the bifurcation of contribution as insurance
      premium and saving fund contribution is given below :  
       * E.C. Resolution No.18 dated 13.4.87

S.No. Pay range(i.e. pay and all types D.A.) Category Amount of contribution per month Max. risk covered Bifurcation of the monthly contribution towards
- - - - - Ins Pre(Rs.) Saving A/c with LIC(Rs.)
1. 5001 and above A 160.00 160,000 48 112
2. 2001 to 5000/- B 120.00 120,000 36 84
3. 1001 to 2000/- C 100.00 100,000 30 70
4. 1000 to below D 60.00 60,000 18 42

  6. In the event of shifting of an employee from one category to another category because of change of pay range his
      subscription will be raised from the next annual renewal date, to the level appropriate to the category to which be
      belongs and   until the date of next annual renewal will continue to be convered for insurance for the same amount
      for which he was eligible before such change in category.

  7. Entry into the scheme will be compulsory for all new regular entrants from the next renewal date. Those who have
      opted not to join the scheme at the commencement of the scheme will not be allowed to join the scheme

  8. Withdrawal from the scheme is not permitted except on cessation of employment.

  9. The contribution will be fully financed by the employee themselves, and the university will pay the contribution of
      all the employees of the university collectively to the Life Insurance Corporation, which has undertaken to run the
      scheme on behalf of the University.

  10. The amount of the contribution paid by the university to the Life Insurance Corporation of behalf of each employee,
        will be divided into two parts by the said corporation as given in paragraph 5 above. One part will be credited to
        the saving fund and separately accounted for and it will earn a compound interest of 11% per annum and all the
        accumulations in this saving and together with the interest will be paid to the employee on cessation of service due
        to resignation, retirement or to the nominee in the unlikely event of death of the employee while in service. The other
        part which represents insurance premium is not refundable.

             The other part of the contribution of the employee will be credited to the insurance fund for insurance cover
   owing to an unlikely event of death which in service, the nominee of the deceased employee will be eligible to receive
   the sum mentioned in paragraph 5 above applicable to his category. This amount will be paid to the nominee in addition
   to the accumulated amount in savings fund with interest thereon as stated above.

  11. The employee entering into service of the university after annual renewal month, will be given benefit of
        appropriate. Insurance cover only from the date of joining service on payment of subscription appropriate to his
        category as mentioned in paragraph 5 above. From the month following the annual renewal date the regular
        contribution as stated in paragraph 5 above will be deducted from their pay and thus they would become regular
        members of the scheme thereafter.

  12. The transactions will be subject to the audit by the auditors of Local Fund stationed in the University. The statement
        of consolidated amount standing to the credit of the group, issued by the LIC will be regularly checked and verified
        by the Local Fund auditors.

  13. This scheme shall be managed by the Registrar of the University, who will be responsible to ensure that monthly
        contribution of the employees is deducted regularly from the salaries of the employee and deposited with LIC
        before due date to avoid an penal interest payment. The Registrar will also ensure that pass/books/accounts
        registers of the employees in respect of deductions of contribution are properly completed and maintained.

  14. The University shall create a fund know as "Group Saving Linked Insurance Fund' and the university shall initially
        deposit out of its own fund an amount equal to one months' contribution payable to the LIC in this fund. The
        university may augment this fund from time to time if the circumstances so warrant. The monthly deductions from
        the employee's salary shall first be credited to this fund and the amount paid to LIC every month shall be debited
        to the fund.

  15. The subscription shall be recovered from the employee's salary every month including the month during which he
        remains on leave of any kind including extra-ordinary leave without pay or deputation.

  16. In the following case, the amount payable to the LIC every month shall be initially paid out of the group Savings
        Linked Insurance Fund before the prescribed date and subsequently the amount would be credited to the fund on
        recovery from the employees concerned.
         (a) When an employee proceeds on Leave of any kind including extra-ordinary leave without pay and his salary
                has not drawn or paid to him in any month. In such a case the amount may be recovered from any of the dues
                payable to the employee concerned. For this purpose, the Registrar shall obtain an undertaking from each
                employee at the commencement of the scheme.
          (b) When an employee has gone on deputation to any other organisation, it shall be the responsibility of the
                employee concerned to pay the amount of his contribution to the Registrar of the university before seventh
                day of each month, failing which the amount would be recovered from him with penal interest at 15% per

  17. The amount credited in the Saving account with the LIC (as shown in paragraph 5 below) shall be refunded by the
        LIC to the Registrar for refunding it to the employee concerned or his nominee in the unlikely event of death only
        on cessation of employment or death as the case may be. No advance will be admissible to the employee or his
        nominee from this saving account with the LIC.

  18. The Registrar of the University shall obtain from every employee who has contributed towards the scheme, a
        nomination confering on one or more persons the rights to receive the amount that may become payable under
        the scheme in the unlikely event of his death while in service. If the members of the scheme has a family at the time
        to his making a nomination, he shall make such nomination only in favour of a member of his family. All such
        nominations received by the Registrar of the University shall be countersigned by him and pasted in the service
        record of the employee concerned and a copy of the nomination shall be furnished to the LIC.


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