Friday, January 14, 2022

APGLI ANNUAL ACCOUNT SLIPS /POLICY BOND



A Brief History of APGLI department

The APGLI Department is one of the oldest departments in the State. The Scheme was originally started in 1907 by the Nizam of erstwhile State of Hyderabad for the welfare of his employees. After formation of Andhra Pradesh state in 1956, the scheme was changed as "Andhra Pradesh Government Life Insurance Fund". The first Managing Committee meeting after formation of Andhra Pradesh State consisting of 4 members, one Secretary and a President was held on 25-9-1957 and Sri B.Gopala Reddy, the then Honorable Finance Minister was President of the meeting. Till 1976, there was only one offsice at Hyderabad and in 1976, the department was reorganized by opening four Regional Offices, one each at Hyderabad, Warangal, Vijayawada and Kurnool. And later in 1998 and the Department was again reorganized by the Government, by opening (23) District Insurance Offices in place of the four Regional Offices. In 2014 Andhra Pradesh Reorganisation Act, 2014 for bifurcation of Andhra Pradesh received the President's assent on 01 March 2014. The ''appointed day'' for the new States' formation is 02 June 2014. And now in the residual State of Andhra Pradesh the APGLI is operating with 13 district insurance offices and the Head office of the department the Directorate of Insurance is working from Anjaneya Towers, Ibrahimpatnam, Vijayawada W.E.F SEP 2016.

APGLI is a compulsory life insurance scheme apart from other compulsory saving schemes like GPF/EPF, GIS. All the state government employees who are drawing salaries from 010 head of account of the Government of Andhra Pradesh are mandatorily bound to get insured with APGLI scheme. The minimum compulsory subscription is fixed around 4% of the basic pay however slab rates are introduced w.e.f. 1994 onwards.
 
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POLICY DETAILS 

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Issue of Policies

After deduction of first Premium, the employee has to fill up and submit a proposal form duly signed and attested by his/her DDO/Head of office for obtaining APGLI policy. The proposal form to be filled with details of Name of the employee, Designation,Name of the Office, Empoyee ID No, Adhar No, Mobile No, Father’s Name, Date of Birth, Nominee details and policy number(in case of enhanced policy), basic pay, amount of premium increased, and month & year in which it is increased (G.O.Ms.No.124, Fin.(Admn.II) Dept., Dt.24.05.13)

Only premium payment without submission of proposal form will not give any risk coverage or monetary benefit to the subscriber and such payments will be treated as unauthorized amounts which will be refunded on application, without any interest or bonus.

- The APGLI policies do not lapse.(This means once policy is taken the policy holder has to continue premium until maturity and there is no provision to discontinue). APGLI Premium is exempted from income tax under Section 80C. In case of maturity of the policy, the total Sum Assured and Bonus till Date of Maturity are paid to the policy holder. If the Policy Holder ceases to be Government servant, and decides to surrender the policy by discontinuing the payment of Premium, the subscriber will be paid the Surrender Value and the eligible Bonus. In case of Death of policy holder before maturity of the policy, the full Sum Assured along with Bonus till date of death are paid to the legal heirs.

Loans from A.P.G.L.I (will be sanctioned by the District Insurance Officer)

Loan may be sanctioned up to 90% of the surrender value and shall be recovered in 12 EMI minimum and maximum 48. In case of house loans the max. EMI is allowed to 60. A Simple interest will be charged on the loans advanced at the rate of 1% over and above GPF interest rate After Principal only, interest will be recovered in one or more installments not exceeding (10) monthly installments as per the Deduction Orders (Govt. Circular Memo No.707/119/A2/ Admn.II/ 2013) Calculate the accruable amount of interest due, at the time of sanction of loan itself and total amount arrived thereon (Principal Loan + Interest) should be deducted in EMI from the subscriber. (G.O.Ms.No. 74 Finance (Admn.II) Dept., dt: 18.6.2015. No loan shall be granted for a sum less than Rs.1000/- vide G.O.Ms.No.160 Fin & Plg (FW Admn-II) Dept dated 15.05.1996.

Required Documents are:-

Loan form duly filled and attested by DDO (with details of Name of the employee, Designation,Name of the Office, Empoyee ID No, Adhar No, Mobile No, Father’s Name, Date of Birth, policy number, )

First page of Bank pass book Xerox copy


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