Indian Navy NGIS Loan

Hi I am looking for the information about the Naval Group Insurance Fund which is a part of the service offered to the officers in the Indian Navy as well as the objective of NGIF?

[Rajkumar Agarwal]

Naval Group Insurance Fund (NGIF) is to give significant government managed savings to serving Naval work force, their relatives and resigned staff by method for giving Life Insurance spread, with regards to the financial conditions winning in the public eye and the nation.

Enlistment

The Naval Group Insurance Scheme has been enlisted under the Societies Registration Act XXI of 1860 (Punjab Amendment Act, 1957) as reached out to the Union Territory of Delhi.

Goal of the Fund

The destinations for which the Naval Group Insurance Fund has been built up, are :-

(a) To give disaster protection Cover to administration staff of the Indian Navy and such other work force as the Governing body of the Fund may choose from time to time.

(b) To give Insurance Cover against disablement amid administration on a case to case premise.

(c) Grants on discharge/retirement for resettlement in common life.

(d) To build up, backing and to help in the foundation and backing of whatever other organization, society or asset established for all or any of the destinations of the Fund.

(e) To amalgamate with any organization, affiliation, society, or asset having goals completely or halfway like those of the Fund.

(f) To do any such legal things as are accidental or helpful for the fulfillment of

the above goals or as chose by the Governing Body of the asset from time to time.

(g) All the salary of the Fund might be used for encouragement of its destinations.

(h) Direct financing of Housing Advance to the serving individuals.

(j) Direct financing of vehicle and PC development to the serving individuals.

Enrollment

The accompanying will be the individuals from the Fund:
(an) All serving officers, sailors and ocean cadets of all branches of Indian Navy counting re-utilized officers yet barring cadets, at Academics/Naval Designing College.

(b) All serving officers of the Coast Guard.

(c) All mariners including understudies and serving Naviks of the Coast Guard.

(d) Medical officers dispatched into the Indian Navy including those on secondment to different administrations. Restorative officers exchanged from another administration will keep on remaining individuals from the gathering protection plan they had joined at first.

(e) Any other work force which the Governing body of the Fund may choose to incorporate every once in a while