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

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Social Security Scheme of IRIA (SSS – IRIA)

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Social security scheme of iria sss iria

Social Security Scheme of IRIA(SSS – IRIA)

Dr. Suresh H. Saboo

Vice President, IRIA


Introduction

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

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

Portfolio management

  • The money will be invested in


Proposed scheme

Proposed scheme


Premium table for becoming a member of the scheme

Premium table for becoming a member of the scheme


Projected figures in first year of scheme

Projected figures in first year of scheme


Social security scheme of iria sss iria

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

Balance sheet (at the end of first year)


Second year of scheme

Second year of scheme

Considering 300 new members


Social security scheme of iria sss iria

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 in Second year

Death claims

  • 1,25,000  7 :8,75,000


Balance sheet at the end of second year

Balance sheet (at the end of second year)


Third year of scheme

Third year of scheme

Considering 200 new members


Social security scheme of iria sss iria

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 in Third year

Death claims

1,50,000  10 :15,00,000


Balance sheet at the end of third year

Balance sheet (at the end of Third year)


Fourth year of scheme

Fourth year of scheme

Considering 150 new members


Social security scheme of iria sss iria

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 in Fourth year

Death claims

1,75,000  6 :10,50,000


Balance sheet at the end of fourth year

Balance sheet (at the end of Fourth year)


Fifth year of scheme

Fifth year of scheme

Considering 150 new members


Social security scheme of iria sss iria

Approximate interest

  • Total collected amount:89,36,766

  • Interest@ 6%: 05,36,206

    DFC (For 6 deaths in previous year)


Death claims in fourth year1

Death claims in Fourth year

Death claims

2,00,000  7 :14,00,000


Balance sheet at the end of fifth year

Balance sheet (at the end of Fifth year)


Option of merging with lic group insurance

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

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

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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