The premium payable under the Assurance shall be expressed as a constant amount per thousand sum assured per month. This will be the average rate of premium determined by the Corporation on the basis of the age wise distribution of Assurances separately in respect of the Members as on the date of commencement of Scheme and thereafter on each annual renewal date.
The total premium payable in respect of all the Members shall be determined every month by applying the average rate of premium per thousand sum assured to the total sum assured for all Members.
The premia for the Assurances shall be financed out of the contributions as follows :-
(i) Member's share of premium to be determined @Re. 0.67 up to January 31, 1975 and thereafter @Rs. 1.34 per Member for all members out of Member's contributions.
(ii) Balance of the total monthly premium required in excess of the amount determined as Member's share in (i) above to be paid by the State Government.