The following decisions taken in INBA General
Committee and INBA Council Meeting held during Senior Officers Conference 19
Oct.
Naval Group Insurance Fund
| (a) | Interest on saving element at 8.5 percent for FY 2007-08 | |
| (b) | Annual bonus for FY 2006-07 as under | |
| Category | Bonus | |
| General Group Insurance Scheme | 5 percent | |
| Addl GIS for Aviators / IMSF personnel | 6 percent | |
| Addl GIS for Submariners / MARCOS | 8 percent | |
| (c) | Addl Group Insurance for Aviators / Submariners increased to Rs. Four Lacs for officers and Rs. Two Lacs for sailors | |
| (d) | Post Retirement Death Insurance Extension scheme cover for officers enhanced to rupees Four Lacs | |
| (e) | Housing Loan increased to Rs. 15 Lacs for officers and Rs. 7.5 Lacs for sailors | |
Indian Naval Benevolent Association
| (a) | Scholarship for handicapped children enhanced to Rs. 400/- p.m. boarders and Rs. 200/- p.m. for day scholars upto 25 years age |
| (b) | Re-imbursement of coaching fee for professional degree courses for sailors children enhanced to Rs. 5000/- |
| (c) | Re-imbursement of Rs. 30,000/- for vocational courses for windows of Naval Personnel who die in harness detailed letter in post |