Group Insurance Scheme

The employees of the Board who have completed six months of service and are between the age of 18 and 58 years, except those Class IV employees whose maximum age limit is 60 years, shall be covered under the Group Insurance Scheme, which provides for Rs. 10,000 for each employee in the event of death, and the amount shall be paid to the nominee or legal heir of such employee at the time when his/her death occurs while in service. The monthly premium for Class IV employees shall be Rs. 5 and for other employees it shall be Rs. 10, which shall be deducted from their salary every month; the amount so deducted shall be deposited with the Life Insurance Corporation of India (LICI), Jeevan Bima Nigam, 19 Mahatma Gandhi Road, Post Box No. 130, Indore-1, in respect of each Class IV employee at Rs. 0.445, or such other amount as may be determined after consultation with the LICI.