APGLI ANNUAL ACCOUNT SLIPS /POLICY BOND

A Brief History of APGLI department

The APGLI Division is quite possibly of the most established office in the State. The Nizam of the former State of Hyderabad initiated the scheme in 1907 for the benefit of his employees. The program was renamed "Andhra Pradesh Government Life Insurance Fund" following the 1956 statehood of Andhra Pradesh. On September 25, 1957, the Honorable Finance Minister Sri B.Gopala Reddy presided over the first Managing Committee meeting following the formation of Andhra Pradesh State. The meeting had four members, a secretary, and a president. The department was reorganized in 1976 by opening four Regional Offices—one each in Hyderabad, Warangal, Vijayawada, and Kurnool—and there was only one office there until 1976. In addition, the Department was once more reorganized by the government in 1998, this time by adding 23 District Insurance Offices to the four Regional Offices. On March 1, 2014, the President gave his blessing to the Andhra Pradesh Reorganisation Act, 2014, which aimed to divide Andhra Pradesh into two parts. The "appointed day" for the formation of the new States is June 2, 2014. Also, presently in the leftover Territory of Andhra Pradesh the APGLI is working with 13 area protection workplaces and the Administrative center of the division the Directorate of Protection is working from Anjaneya Pinnacles, Ibrahimpatnam, Vijayawada W.E.F SEP 2016.

APGLI is a mandatory life insurance plan in addition to other mandatory savings plans like GPF/EPF and GIS. The APGLI scheme is mandatory for all state government employees who receive salaries from the Government of Andhra Pradesh's 010 head of account. Slab rates have been implemented as of, but the minimum compulsory subscription is set at around 4% of basic pay. 1994 and beyond.

 

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Issue of Policies

After derivation of first Top notch, the worker needs to top off and present a proposition structure properly marked and confirmed by his/her DDO/Head of office for getting APGLI strategy. The proposal form must include the employee's name, designation, office name, employee ID number, Adhar number, mobile number, father's name, date of birth, nominee's name, and policy number (in the event of an enhanced policy), basic pay, increased premium amount, and month and year of increase (G.O.Ms. Fin. No. 124, Admn. II) Section, Dt. 24.05.13) Only premium payments made without submitting a proposal form will not provide the subscriber with any risk coverage or financial benefit, and these payments will be considered unauthorized and will be refunded upon application without interest or bonus.

- The APGLI approaches don't lapse.(This implies whenever strategy is taken the arrangement holder needs to proceed with premium until development and there is no arrangement to stop). Under Section 80C, the APGLI Premium is exempt from income tax, and the policyholder receives the entire Sum Assured and Bonus up to the Date of Maturity upon maturity. The subscriber will receive the Surrender Value and the eligible Bonus if the Policy Holder ceases to be a government servant and decides to surrender the policy by ceasing to pay premiums. In the event of a policyholder's death prior to the policy's maturity, the legal heirs receive the entire Sum Assured and Bonus up to the date of death.

The District Insurance Officer will approve loans from A.P.G.L.I. The loan can be approved for up to 90% of the surrender value and must be paid back in 12 equal monthly installments, with a maximum of 48. The maximum amount for home loans EMI is permitted to 60. A Straightforward premium will be charged on the credits progressed at the pace of 1% well beyond GPF loan cost After Head just, interest will be recuperated in at least one portions not surpassing (10) regularly scheduled payments according to the Derivation Orders (Govt. Memorandum Circular No. 707/119/A2/Admin. II/2013) Determine the amount of accrued interest that must be deducted from the subscriber's monthly payment (Private Loan minus Interest) at the time of loan approval. G.O.Ms. No. 74 Money (Admn. II) Section, dt: 18.6.2015. According to the G.O.Ms, no loan in excess of Rs. 1000/- shall be granted. Dated May 15, 1996, No. 160 Fin & Plg (FW Admn-II) Dept.

The following documents are required: a loan application that has been completed accurately and signed by the DDO (containing information about the employee's name, designation, office name, employee ID number, adhar number, mobile number, father's name, date of birth, and policy number); a scanned copy of the first page of the bank pass book.