TSGLI Loan to Policy Holders
Telangana State Government has been released G.O.Ms. No. 34 Dt. 09.04.2015, Sanction
of Loan to Policyholders on their polices of Life Insurance Scheme. Government has permitted to Simple Interest on loan to the Loan Holder by calculating expected amount.
Government have
instructed and permitted the Director of Insurance to collect the interest on
loan sanctioned to the policyholder soon after the loan in question is
liquidated. Based on these orders of the Director of Insurance had revised the
loan deduction order in which the Drawing and Disbursing officers are being
asked to calculate interest on the loan soon after liquidation of loan at the
rate given and recover the same from the loaners.
Government after
careful examination of the proposal of the Director of Insurance, Telangana
State, Hyderabad hereby accord permission to calculate the expected amount of
simple interest on diminishing balance method at the time of sanction of loan
itself, fix the E.M.I., and inform the same to the concerned Drawing and
Disbursing Officers duly requesting them to recover the same which will be
consisting of principal and interest. The Director of Insurance shall see that
any excess or less amount of interest so recovered is accounted and adjusted at
the time of subsequent loan or settlement of claim.
G.O. Ms. No. 34 Dt.09.04.2015 – Click here to Download |
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