Deepak Gupta | Feb 9, 2019 |
Committee for Capacity Building of Members in ICAI launches ICAI-LIC Group Insurance Scheme for CA Members and their spouse
The salient features of the scheme are:
1.) Competitive rate of premium for Insurance.
2.) Payment of Premium for a year for getting the Life Insurance coverage.
3.) Rate of premium is varying to the mentioned age group.
4.) Members aged between 21 years to 64 years are eligible to join the Scheme.
5.) Spouse aged between 18 years to 64 years may join the scheme.
6.) No Health or Medical Underwriting is required at joining of the scheme.
7.) Life Insurance Coverage of Rs. 10 Lacs for member of ICAI.
8.) Life Insurance Coverage of Rs. 5 Lacs for spouse.
9.) Settlement of claims through ICAI.
10.) Scheme is renewable on option after 1 year on completion of due period.
Members are invited to join the Scheme (optional for spouse)
| S. No. Particulars | Terms | |
| 1. Age at entry | 18-64 years (on last birthday) | |
| 2. Validity period of Life Cover | One year | |
| 3. Type of Cover | 24 hours Comprehensive Global risk cover for the period of insurance from date of commencement which also includes death due to any reason | |
| 4. Sum Assured | Rs. 10 Lacs | |
| 5. Mode of Premium | Premium payable for one year | |
| 6. Annual premium to be paid in case of Members for the sum assured of Rs. 10 lacs | Age [Completed Years] | Total Amount Rs. |
| 18-30 | Rs.520/- plus GST as applicable | |
| 31-35 | Rs.630/- plus GST as applicable | |
| 36-40 | Rs.830/- plus GST as applicable | |
| 41-45 | Rs.1,100/- plus GST as applicable | |
| 46-50 | Rs.1750/- plus GST as applicable | |
| 51-55 | Rs.3,200/- plus GST as applicable | |
| 56-60 | Rs.4,700/- plus GST as applicable | |
| 61-64 | Rs.5,500/- plus GST as applicable | |
| 7. Annual premium to be paid in case of spouse for the sum assured of Rs. 5 lacs | Age [Completed Years] | Total Amount Rs. |
| 18-30 | Rs.260/- plus GST as applicable | |
| 31-35 | Rs.315/- plus GST as applicable | |
| 36-40 | Rs.415/- plus GST as applicable | |
| 41-45 | Rs.550/- plus GST as applicable | |
| 46-50 | Rs.875/- plus GST as applicable | |
| 51-55 | Rs.1600/- plus GST as applicable | |
| 56-60 | Rs.2350/- plus GST as applicable | |
| 60-64 | Rs.2750/- plus GST as applicable | |
1.) Scheme is administered by P & GS, Delhi Division of LIC.Special conditions:
2.) The period of 1 year of coverage starts from the date of insurance coverage given to member.
3.) Entry to the Scheme is valid duly on confirmation by LIC/ICAI.
4.) The decision of LIC will be final in all cases of Insurance Coverage and ICAI will not bear any responsibility for the same.
5.) Any clarification with regards to the scheme may be had from LIC;
Branch Manager
LIC of India
P&GS Department, Delhi Divisional
Office-I, 6th Floor, Jeevan Prakash
25 K.G. Marg, New Delhi-110001.
Application form for the Members of ICAI
Duly filled in & signed Application Form along with Demand Draft of requisite amount of premium as per Member/Spouse Age Group plus GST drawn in favour of ICAI-Term Insurance LIC payable at Noida/New Delhi can be sent directly at Secretary, The Committee for Capacity Building of Members in Practice (CCBMP), The Institute of Chartered Accountants of India, Administrative Building, First Floor ICAI BHAWAN, A-29, Sector 62, NOIDA-201309.
For further details and clarification member may send e-mail at [email protected], Telephone: 0120-3045994
Note: This is Group Term Insurance Scheme facilitated by Committee for Capacity Building of Members in Practice (CCBMP) ICAI jointly with LIC and recommendatory only. No Individual Policy is issued to the applicant. Coverage of Insurance Scheme is solely subjected to acceptance by LIC. CCBMP of ICAI is just a facilitator. The processing of Insurance Policy may take substantial time, hence applicants is advised to wait at least a month for its confirmation. Acknowledgments to the receipt of premium is issued after realisation of premium amount.
FAQs on ICAI-LIC Group Insurance Scheme for CA Members and their spouse
| S.No | Query | Reply |
| 1. | What is GTI | Group Term Insurance Scheme. Under which Life cover will be given to the participants at special rates as decided between ICAI and LIC |
| 2. | Why is it needed | Mainly to indemnify the family from the loss due to the death of insured. |
| 3. | What is difference between conventional normal Insurance plan and Term plan. | Group Term insurance is being provided at competitive rate without any requirement of Medical test etc. |
| 4. | GTI will cover upto which age | Up to Age 64 year in case of members |
| 5. | Which type of claims GTI will cover | Death Claim (i.e. Death due to any reason) |
| 6. | Commencement of the policy | Commencement of Policy will be from 01st of next month of the receipt of premium by ICAI |
| 7. | Commencement of Insurance | Date of commencement/ renewal of policy or date of premium received/realised after commencement of master policy issued by LIC, whichever is earlier |
| 8. | Will it cover accidental and/ or partial/complete disability coverage | It will cover death due to any reason |
| 9. | Will it cover suicide | Yes |
| 10. | What will be Amount in different case of disabilities / suicide | Nothing will be given for disabilities. However in case of death, the cover opted will be given. |
| 11. | Will it return / refund any portion of amount after maturity | NO |
| 12. | Could we extend it beyond 64 years | NO |
| 13. | What if any member ceases to be member | The life assured will be covered under the scheme as far as he is member and the premium is being received from ICAI |
| 14. | What will be the premium rates | Already communicated to ICAI |
| 15. | Whether any medical test will be required at initial | NO |
| 16. | What is process of settlement i.e directly between member and LIC or between member ICAI and LIC. | The Claim documents will be submitted through ICAI. The claim proceed may be settled in favour of Nominee directly. |
| 17. | Whether premium payment is centralised from ICAI | Yes, we require single premium cheque/transfer from ICAI |
| 18. | Existing Insurance scheme will be continued or Not | It may be continued |
| 19. | Will GTI cover suicide | Yes |
| 20. | What is benefit of ICAI GTI in comparison to open market Term plan. | 1.) Competitive rate of premium 2.) No medical requirement 3.) coverage for all kind of death 4.) Easy Claim process 5.) LIC is a PSU with Highest Settlement ratio, Sovereign Guarantee |
| 21. | Will GTI be continued in case of suspension or imposition of major penalty. | GTI is for member of ICAI |
| 22. | Grievance/Issue escalation matrix or procedure | Life Insurance Corporation of India has a well- established Grievance Redressal machinery in place. The Manager (P&GS) at the unit, The Regional Manager (P&GS) at the Zone and the Chief (P&GS) at the Central Office are the designated Grievance Redressal officers. In addition to this, The Insurance Ombudsman at NEW DELHI also addresses grievances in the matters related to Insurance. |
| 23. | Will member get separate policy document and number from LIC in case of GTI | No, Only one master policy will be issued to ICAI |
| 24. | What are the cases/ clauses for which GTI will not mature after demise of a member | Death due to any reason is covered. |
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