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WIRC CARES FOR YOU! Group Term Insurance Scheme for Chartered Accountants and Spouses

Single Premium for 3 Years

1 L a d i Sum Insured t R s . 0 a c s d i c i d n e A c e t B e n f i of Rs. 10 Lacs t onal

Other information

1.

The Scheme has been established and shall be administered with the P&GS Mumbai Division I Office of LIC at Mumbai.

2.

All matters relating to the Scheme including settlement of Claim etc. shall be looked after by the said office in Mumbai.

3.

It is proposed to have 12/24 policies (one/two for each month of the

calendar year, depending upon categorization of members having opted/having not opted for DAB cover) to have administrative convenience to both the parties to the arrangement and to have logical linkage with the Single Premium Period of 3 years.

4.

The period of 3 years & the lien period of 45 days will reckon from the date of entry in the scheme by each member.

The scheme is open for all members of the Institute in the Western Region and also their spouses who are not enrolled under a similar scheme being operated by the Institute of Chartered Accountants of India, Delhi. It is further clarified that a member shall be covered under one policy either at Mumbai or Delhi & in case of claim, the claim will be settled under one policy only.

The salient highlights of the scheme are as under :

  • Offering a High Life Cover of Rs. 10 lacs per member.

  • Additional Double cover by paying nominal premium

  • A provision for Spouse life cover of Rs. 5 lacs.

  • A unique SINGLE PREMIUM approach.

18-30 31-35 36-40 41-45 46-50 51-55 56-60

2,970 3,280 4,820 6,470 10,390 18,470 27,750

1,420 1,420 1,420 1,420 1,420 1,410 1,410

7)

Single Premium to be paid in case of spouse for the Sum assured of Rs. 5 Lac for a term of 3 years

18-30 31-35 36-40 41-45 46-50 51-55 56-60

1,485 1,640 2,410 3,235 5,195 9,235 13,875

710 710 710 710 710 705 705

  • NO EVIDENCE OF HEALTH NO MEDICAL EXAMINATION OR NO HEALTH DETAILS REQUIREMENTS for member as well as for Spouse

  • Highly Competitive Premium Rates.

  • 24 Hrs. Comprehensive, Global Life Risk cover without any Pre conditions.

  • FULL PREMIUM RETURN OFFER in case of normal death within lien period.

  • Members can join the Scheme at any time, at the existing rate of premium.

Details of the scheme are as under :

S.No. Particulars

Terms 18-60 years

1)

Age at entry

2)

Validity Period of Life Cover

Three years

3)

Type of Cover

24 hour Comprehensive Global risk cover for the period of insurance from date of commencement which also includes death due to Accident.

4)

5) 6)

Sum Assured

Rs.10 lacs + 10 lacs (If accident benefit premium paid)

Mode of Premium

Single Premium to be paid in case of Members for the Sum assured of Rs. 10 Lacs for a term of 3 years

Age Completed years

Term Assurance Premium

Accident Benefit Premium (optional) *

Amount Rs.

Amount

Single Premium payable for Three Years.

5.

WIRC will generally make payment to LIC on fortnightly basis. The date for the lien period & 3 years for the members would start from the date the list of members containing his name is forward to LIC.

6.

The updation of members' list will be done on Fortnightly basis along with due premia remittances.

7.

The members may apply for the life insurance by giving the following details in duplicate along with the premium cheque:

a) b) c) d) e) f) g) h) i) j) k)

Name Address Contact details such as phone no, e-mail IDs, Fax etc Membership No. of ICAI Date of Birth Age Name of Nominee Name of spouse Date of Birth of spouse Age of spouse Name of Nominee (in case of spouse)

Basic sum

Double Accidental

Total Premium

Self

assured

Spouse

Yes/No

Coverage Yes/No Yes/No

Example : A member aged 36 years with a spouse of 32 years decides to opt for insurance along with double accidental coverage for both. The total premium would be calculated as under :

Self

Basic Premium

Self

Accident Premium

Spouse

Basic Premium

Spouse

Accident Premium

Rs. 4820/- Rs. 1420/- Rs. 1640/- Rs. 710/-

8.

Cheques for the premium amount, computed as per the current

age of the member/spouse, needs to be drawn in favour of “WIRC Insurance Scheme”. and forwarded to WIRC 5th Floor, ICAI Bhavan, Cuffe Parade Mumbai 400 005. Out of Mumbai members will be

required to send Demand Drafts.

9.

Any Clarification with regard to the scheme may be had from:

CA. B.C. Jain, Chairman WIRC on cabcjain@gmail.com • CA. Prafulla Chhajed-Regional Council Member 98210 90612 or at wirc@icai.in

(*A member would have an option of taking Double Accident Benefit Cover (DAB) by paying the additional Accident benefit premium. Accidental death cover, is in addition to the life cover. This cover will, in case a member dies through an accident, provide additional cover to the extent of Rs.10,00,000/- and in case of spouse of Rs. 5,00,000/-).

Special Conditions:

WIRC Announces special tie-up with Kokilaben Dhirubhai Ambani Hospital, Andheri W Mumbai

Lien : The assurances granted under the Scheme are subject to a lien clause. No claim is admissible for deaths during the first 45 days from the entry date, except for cases of death due to accident. However, in case of a Normal Death, taking place during the Lien Period, PREMIUMS charged on the life of the deceased Member shall be refunded in full.

Special Benefits:

Insurance cover for Member's Spouse

: Will be considered to the extent of 50% i.e. up to Rs. 5,00,000/-. Premium for Spouse to be charged as per Spouse's age

Executive Health Check-up for Members & their Family Members at

discounted price of Rs. 3250/- only for further details contact CA. Prafulla Chhajed 9821090612

CA. Dhiraj Khandelwal 9867642684 CA. Sunil Patodia 9820344085

26

July 2009 | Western India Chartered Accountants Newsletter

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