ICAI Committee Released 4 new Insurance Schemes for CA Members

The Institute of Chartered Accountants of India (ICAI) Committee released 4 new Insurance Products as Beneficiary Schemes for Members of ICAI under Committee Initiatives.

These 4 new Insurance Products are:

1. HDFC Group Poorna Suraksha

2. ICICI Lombard – Retail Cyber Policy

3. ICICI Lombard – Health Insurance

4. ICICI Lombard – Super Top Up

HDFC Group Poorna Suraksha

This is a Term Insurance Cover for Members. Term insurance is a pure life cover where the Insured’s nominee gets a fixed amount in case of death of the Insured. The insured pays a yearly premium to the insurer for a specific number of years or one time. In return, the insurer promises to pay a sum assured to the nominee in case of death of the Insured during the policy term, provided the policy has not lapsed, the premium has been paid and the policy is active or live.

Securing family’s future is the primary objective of every individual and a considerable amount of time of their life is utilised in securing a comfortable future for their loved ones. Any untoward incident can derail the plans an individual has for his family and leave them exposed and vulnerable to life’s hardships.

A term life cover provides a surety to the Member that his family will have sufficient money to take care of their lives after he is gone.

HDFC Life Group Poorna Suraksha is a Group Term Insurance plan that ensures financial security of the Members loved ones in case of death of the Member.

Benefits under HDFC Group Poorna Suraksha

• Choice of policy term – Member can choose number of years of cover also known as the Policy Term.
• Choice of Life Insurance Cover – Member can choose life insurance cover starting at Rs. 30 Lac with multiple sum assured options including Rs. 50 Lac, Rs. 75 Lac, Rs. 1 cr and beyond.
• Flexibility of Premium Payment – Member can pay premium all at once, regularly for each year or pay for limited duration (5/10/12/15 years).
• Cover Continuance – Incase of Member leaving the group; he/she can continue as an individual policy till the expiry of coverage term.
• Settlement Option – Empowering the Nominee to choose settlement option. Nominee can choose to receive the benefits over a period of 5-15 years instead of lumpsum.

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