National Security Scheme for IRIA NSS-IRIA

January 5, 2018 | Author: Anonymous | Category: Business, Finance, Investing
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Social Security Scheme of IRIA (SSS – IRIA) Dr. Suresh H. Saboo Vice President, IRIA

Introduction Social and financial security is needed by everyone  Many other medical organizations like FOGSI, IMA – running similar scheme very successfully  IRIA – A big and strong organization  Such scheme will increase our members 

Salient features       

Scheme only for life members ONE TIME PREMIUM Premium increases with age Death Fraternity Contribution (DFC) – required every year, depending on the number of deaths 1000 members required in the first year to make it reasonably viable No death benefit to any member in the first year of scheme (Accidents – excluded) Rapid settlement of death claims (Within 7 days)

Portfolio management 

The money will be invested in

Proposed scheme

Premium table for becoming a member of the scheme

Age group 45 – Rs. 530/ year The scheme is administered through association Association is the master policy holder Premium payment and settlement of claims through association

Implementation of LIC group insurance Association provides list of members with date of birth  LIC will inform the premium amount  Association will fill up the form and the master policy is issued 

Scheme is renewable every year

Summary NSS is viable, needs systematic planning and implementation  1000 members – realistic target  Office bearers should not be changed for first five years  We have benefit of good office structure  LIC group insurance – another option  Fund investment in proper portfolios is crucial 

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