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(ix)30% of the subscription will go to Insurance Fund andthe balance 70% will go to Savings Funds.Fifth Pay Commission has recommended to revise theproportion to 25% and 75% provisionally and review the samebased on mortality rates.28.3 Interest on Savings FundInterest will be paid on the balance in the Savings Fund atprescribed rates, compounded quarterly.28.4 Benefits under the Scheme(i)(ii)(iii)(iv)(v)On Resignation/Retirement :- Amount of subscriptioncredited to the Savings Fund alongwith interest thereon will bepaid to the employee.On Death : Amount of insurance cover of the group to whichhe belongs on the date of death and the accumulation inSavings Fund will be paid to his nominee/heirs.If an employee dies before he was enrolled as a member (i.e.between the date of his joining service and the following IstJanuary), only the insurance amount will be paid to thenominee/heirs.Assignment of Insurance Cover and Savings Fund forobtaining loans : An employee can assign the insurance coverand accumulation in the savings fund to a recognised financialinstitution, for obtaining housing loans. However, noloans/advance or withdrawals are permitted from InsuranceFund/Savings Fund.The amount of subscription is eligible for Income Tax Rebateu/s 88 of IT Act.28.5 Mode of Payment(i)The payment under the scheme shall be made to the employeein case of retirement, or quitting service otherwise.(ii) In case of employee's death, the amount shall be paid to :(a)if there is a valid nomination, to the nominee(s) in themanner prescribed.Page 198 of 198