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PRESS INFORMATION BUREAU (DEFENCE WING)

GOVERNMENT OF INDIA

***

37^th Meeting of the Investment Advisory Committee

of Army Group Insurance Fund

 New Delhi: Agrahayana 20, 1928

                                                11 December 2006

Army Chief, Gen JJ Singh inaugurated the Thirty Seventh Meeting of the Investment Advisory Committee (IAC) of the Army Group Insurance Fund (AGIF) here today.  The IAC comprises of distinguished personalities from the field of economics, industry, finance and management.  Army’s Adjutant General, Lt Gen Thomas Mathew is the Chairman of the IAC.    It was attended by Lt Gen S Pattabhiraman and other senior officers.  The following IAC members attended the meeting:-

Shri Dipankar Basu,  Ex Chairman SBI and  currently Non Executive Chairman, STCI and Sun F & C AMC, Shri S M Dutta,  Ex Chairman, Hindustan Lever and currently  Chairman Pearless  General Investments, Shri P G Mankad, IAS(Retd), Former Controller of Capital Issues, Min  of Finance; Ex Fin Secy, Govt  of India, Shri SS Marathe, Ex  Economic Advisor to the  Govt of India, Shri M Narasimham, Ex Governor, Reserve Bank of India and  currently  Chairman, Adm Staff College of India, Shri     J S Salunkhe,Ex MD, LIC of India, Shri MS Verma,  Ex Chairman SBI and Telecom Regulatory Authority of India (TRA), Shri G N Bajpai,                 Ex Chairman LIC and  SEBI  & President , Insurance Institute of India and Shri S P Talwar, Ex Deputy Governor of RBI, Ex Chairman & MD of Bank of Baroda, UBI and OBC.

            In the past, eminent jurist late Shri Nani Palkivala; Ex Governor RBI and Ex Chairman of Review Committee of Life Insurance late Shir RN Malhotra, and late Shri HT Parekh former Chairman HDFC Ltd,  were also members of the IAC of Army Group Insurance Fund and rendered their valuable advice on savings and investments of the AGI Funds.

            Army Group Insurance Fund (AGIF) was established in Jan 1976 as a Group Insurance Society.  The Army Group Insurance has completed 30 years of its dedicated service to the present and past members of the Indian Army and their dependents.  Starting with two schemes in 1976, it operates 16 schemes at present and covers approx 19 lac serving and retired personnel and their dependents.  The scheme also provides disability benefit for eligible members and post retirement Extended Insurance.  This is a self sustaining venture managed entirely out of the monthly subscription paid by the Army Personnel.  

In addition to provision of insurance cover to Indian Army, the fund also provides loans to its members for purchase of House, Conveyance and Computer at very competitive rates. 

            The IAC Members provide expert advice in an honorary capacity on AGIF investments and fund management.  The meeting reviewed the present economic scenario, the ongoing economic reforms in the country, and resultant implications and their impact on AGIF   investment. 

            Since inception of AGI, 19, 64,012 claims have been processed and an amount of Rs. 7121.57 crores disbursed as payments.                                 

SKS/RKJ