Current Size: 95%
Naval Group Insurance Scheme
Naval Group Insurance Scheme is a risk cum saving scheme. The general scheme covering all Naval & Coast Guard personnel has been revised w.e.f. 01 Apr 2010, and the rates of subscription and various benefits admissible to members are as follows:-
| (All figures are in Rupees) | Officer | Sailor/Navik | |
|---|---|---|---|
| (a) | Monthly Contribution | 4000 | 2000 |
| (b) | Insurance Cover | 40,00,000 | 20,00,000 |
| (c) | 20,00,000 | 10,00,000 | |
| Pro-rata disability benefit is admissible for 20% and above disability. | |||
Post Retirement Insurance Scheme cover against death only is provided on payment of one time non refundable contribution by officers and sailors on their retirement from the service on completion of pensionable service. This insurance cover does not cover professional flying risk. The period of cover and sum assured for members who join the scheme are follows:
| (All figures are in Rupees) | Monthly Contribution | Officer | Sailor |
|---|---|---|---|
| (a) | Single Non-Refundable one time Contribution | 20775 | 15500 |
| (b) | Insurance Cover | 4,50,000 | 2,00,000 |
| (c) | Period of Cover | 30 years from the date of retirement or upto 75 years of age, whichever is earlier | |
