Andhra Pradesh Government Life Insurance (APGLI) Complete Details
Andhra Pradesh Government Life Insurance (APGLI) is considered to be one of the oldest departments in the State that focuses on the Social Security Measure for the welfare of the Government employees. Government Employees in Andhra Pradesh can subscribe to APGLI bond, which has various benefits as under:
- APGLI Policy Bonds do not lapse.
- The premium rates are low.
- APGLI premium is exempted from income tax under Section 80C.
- There are very attractive bonus rates.
- Loan can be availed upto 90% of surrender value of APGLI bond policy.
- State Government employees can contribute maximum premium upto 20% of the basic pay, irrespective of slab rates.
- Insurable age has been increased to 53.
- The total Sum Assured and Bonus till Date of maturity are paid to the policyholder when there is a maturity of the policy.
- The subscriber will be paid Surrender value and the eligible Bonus when the policyholder steps down as a Government employee and surrenders the policy by discounting the payment of Premium.
- In case of Death of the policyholder before the maturity of the policy, the legal heirs will be paid the full Sum Assured along with Bonus till the date of his demise.
- Municipal Employees including Municipal Teachers can enroll for APGLI Bond.
APGLI Bond Payment
To make payment, use the Head of the Account of APGLI Department: 8011-105-01.
Major Head 8011 – Insurance and Pension Funds.
MH 105 – State Government Insurance Fund.
SH (01) – Andhra Pradesh State Government Life Insurance Fund.
The premium is recovered at source in the salary bills of the employees and the details are sent through schedules. The employees whose salaries are not paid through Treasury/PAO and who have to pay the premium through Challan have to credit the premium to the above head of the account.
Its important to know that if premium payment is made without submission of proposal form, there would be a risk of not getting any coverage or monetary benefit, as such payments will be treated as unauthorized amounts which will be refunded on application without any interest or bonus. Hence, before making any payments towards an APGLI Bond policy, contact the concerned District Insurance Office.
Those employees who are above 53years are not allowed to take APGLI policy.
Proposals submitted by employees who are above 53years will not be taken into consideration in issuing policies.
APGLI Bond Premium
The following are the compulsory Premium Slab Rates:
Pay Slabs(In Rupees) Compulsory Premium Rate (In Rupees)
6700-8440 250
8441-10900 350
10901-14860 450
14861-18030 600
18031-25600 750
25601 and above 1000
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