Naval Group Insurance Scheme

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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:-

I. Naval Group Insurance Scheme
(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:

II. Post Retirement Death Insurance Extension Scheme
(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