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Committee for Capacity Building Members in Practice (CCBMP), ICAI: Arrangement LIC Term Insurance for Members of ICAI - (08-02-2019)

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ICAI-LIC Group Term Insurance Scheme
Arranged by:
Committee for Capacity Building of Members in Practice (CCBMP)


The Committee for Capacity Building of Members in ICAI is facilitating ICAI-LIC Group Insurance Scheme for Chartered Accountant Members and their spouse.

The salient features of the scheme:
  • Competitive rate of premium for Insurance.
  • Payment of Premium for a year for getting the Life Insurance coverage.
  • Rate of premium is varying to the mentioned age group.
  • Members aged between 21 years to 64 years are eligible to join the Scheme.
  • Spouse aged between 18 years to 64 years may join the scheme.
  • No Health or Medical Underwriting is required at joining of the scheme.
  • Life Insurance Coverage of Rs. 10 Lacs for member of ICAI.
  • Life Insurance Coverage of Rs. 5 Lacs for spouse.
  • Settlement of claims through ICAI.
  • 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

Special conditions:
  • Scheme is administered by P & GS, Delhi Division of LIC.
  • The period of 1 year of coverage starts from the date of insurance coverage given to member.
  • Entry to the Scheme is valid duly on confirmation by LIC/ICAI.
  • The decision of LIC will be final in all cases of Insurance Coverage and ICAI will not bear any responsibility for the same.
  • 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

FAQs of the Scheme

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 ti.ccbmp@icai.in, 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.

NB: 18% GST is applicable, may change from time to time as per the compliance of GST Authority

Clarification for Age Calculation

Upto 1st March e.g. Completed the 35 years 180 days up to 1st March than it will be considered in 36-40 years e.g. Not completed 35 years 180 days up to 1st March than it will be considered in 31-35 years
In case of payment made with in 2nd March to 1st April likewise thereafter each month in the calendar year e.g. Completed the 35 years 180 days up to 1st April than it will be considered in 36-40 years e.g. Completed the 35 years 180 days up to 1st April than it will be considered in 36-40 years
JOIN IN THE GROUP PROTECTION SCHEME-INSURE FOR LIFE
Last updated on 12th February, 2019
     
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