To organise and unite pensioners in the General Insurance Industry
General Insurance Corporation of India and Its subsidiaries-National Insurance Co. Ltd., New India Assurance Co. Ltd., United India Insurace Co. Ltd. and Oriental Insurance Co. Ltd.) and establishments connected or allied with the General Insurance Industry (Tarrif Advisory Committee, Loss prevention Association of India) and to regularise their relations with their erstwhile employers.Read more
Pension is the scheme regulated under General Insurance (Employees) Pension Scheme 1995.
What is the Date of commencement of Scheme?
As per Chapter-1 (Para-1) the commencement date is 1st November 1993.
To whom the scheme is applicable?
All the confirmed employees of GIC and its subsidiaries viz .Oriental, New India, United India and National Insurance and have completed minimum ten years on date of retirement and opte...
As per the Scheme Pensioners are Dearness Relief ( D. A. ) is revised upward or downward in every six months effective from Feb & August.
You can become a member by submitting prescribed application form with life membership of Rs.800/- as entrance fee. A donation is also expected from you. You have to remit it by D.D. or core banking or by cheque.
Commutation means permission to sale maximum 1/3rd basic pension for a lumpsum amount calculated on given formula. This commutation is restored after fifteen years of survival of pensioner.
Three months in advance of your retirement you should option pension proforma from the office of posting fill in properly and submit keeping proof of it.
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