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Social Security Scheme of IRIA (SSS – IRIA) PowerPoint PPT Presentation


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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

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Social Security Scheme of IRIA (SSS – IRIA)

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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


Projected figures in first year of scheme


Approximate interest

  • Total collected amount:56,00,000

  • Interest@ 6%: 3,36,000

    Death claims (Assuming 2 accidental deaths)

  • 1,25,000  2 :2,50,000


Balance sheet (at the end of first year)


Second year of scheme

Considering 300 new members


Approximate interest

  • Total collected amount:55,86,000

  • Interest@ 6%: 03,35,160

    DFC (Assuming 2 accidental deaths)


Death claims in Second year

Death claims

  • 1,25,000  7 :8,75,000


Balance sheet (at the end of second year)


Third year of scheme

Considering 200 new members


Approximate interest

  • Total collected amount:67,96,160

  • Interest@ 6%: 04,07,770

    DFC (For 7 deaths in previous year)


Death claims in Third year

Death claims

1,50,000  10 :15,00,000


Balance sheet (at the end of Third year)


Fourth year of scheme

Considering 150 new members


Approximate interest

  • Total collected amount:74,63,930

  • Interest@ 6%: 04,47,836

    DFC (For 10 deaths in previous year)


Death claims in Fourth year

Death claims

1,75,000  6 :10,50,000


Balance sheet (at the end of Fourth year)


Fifth year of scheme

Considering 150 new members


Approximate interest

  • Total collected amount:89,36,766

  • Interest@ 6%: 05,36,206

    DFC (For 6 deaths in previous year)


Death claims in Fourth year

Death claims

2,00,000  7 :14,00,000


Balance sheet (at the end of Fifth year)


Option of merging with LIC group insurance

  • Insure member for a pre-decided amount say 1 or 1.5 lac

  • Premium rate – Age of the person

  • Upto 40 yrs of age – Rs. 350/ year

  • > 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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