SIPF premium rates and related some important rules : State Insurance and Provident Fund.
It was established primarily to provide financial and social security to the state government employees. This scheme came into the field of work from 1 January 1954. Since then the scheme was re-implemented with effect from 1 April 1998 with some modifications.
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Friends, mainly, the returns of this scheme are the highest. The main reason behind this happening is lack of middlemen. The amount of your deduction goes directly to the government. Which reduces the cost of implementation.
Who will be eligible for this scheme : –
- Every person appointed under the Rajasthan Service Rules who are permanently or temporarily appointed to a post by the Zilla Parishad, Panchayat Samiti or organization. Will be eligible for this scheme.
- Employees appointed on or after 20 January 2006 will not be eligible for this scheme for 2 years from the date of their appointment.
- Employees of All India Services appointed in Rajasthan cadre can also opt for this scheme.
Some important points related to the scheme : –
- As per the order dated 10.05.2004, the rate of interest has been reduced from 9.5% to 8.5%.
- In case of excess premium received as per para 1 & 2 of sub-rule 1 of Rule 22 of Insurance Rules 1998, payment will be made at the rate of 12% by 31.03.2002 in case of delay in payment. After this, payment will be made at the rate of 9.5% from 01.04.2002. After this, payment will be made at the rate of 8.5% from 10.05.2004.
- According to Part (1) of sub-rule (1) of Rule No. 11 of Rajasthan Government Employees Insurance Rules, 1998, the premium rates are revised with fixed timelines.
- According to an order dated 14.03.2020, the rates effective from 01.04.2020 will be as follows.
|Pay Matrix level||Monthly|
|Upto 22000 /-||800 /-||1200 /-||2200 /-|
|22001 /- to 28500 /-||1200 /-||2200 /-||3000 /-|
|28501 /- to 46500 /-||2200 /-||3000 /-||5000 /-|
|46501 /- to 72000 /-||3000 /-||5000 /-||7000 /-|
|Above 72000 /-||5000 /-||7000 /-||–|
- You can choose the premium mentioned in the two clauses coming forward at the rate of pay clause prescribed under sub-rule (2) of rule 11, as per your wish.
- There is an option to change or start this deduction from the April salary due in March at the beginning of every financial year.
- According to Rule 13, the right to choose the option of deduction below the option once selected is not given.
- On the basis of sub-rule (2) of Rule 39, the scheme can be continued till 31st March after retirement in case of retirement.
Articles that may be useful for you : –
Effective interest rates on loans taken from the scheme : –
|Year||Rate of Interest|
|UPTO 18.09.1985||6.0 %|
Click here to see departmental orders related to the revised rates effective from 01.04.2020 – Click Here
Click here for rules related to Rajasthan State Insurance – Click Here
For SIPF related form click here – Click Here