LIC policies offered by ICAI – Term life insurance | CMP benefits | Benefits for Members in practice by ICAI

written by ADMIN | March 10, 2021

After Medical insurance and personal loans for CA now ICAI has come up with term insurance plan for members in practice.

Group Term Insurance Scheme through LIC

For availing the said Term Insurance through online link: https://cmpbenefits.icai.org/lic-term-insurance/

Committee for Capacity Building of Members in Practice (CCBMP), ICAI

Members are invited to join the Scheme (optional for spouse) through the said online link

Salient Features:

  • Competitive rate of Premium.
  • Annual premium payment 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.
  • Applicant should be healthy and disease free while joining 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.
  • The Insurance Coverage will start from the issuance of Master Policy from LIC.
S. No. Particulars Terms
1. Age at entry 21-64 (For Members) & 18-64 years (For Spouse)
2. Validity period of Life Cover One year
3. Sum Assured Rs. 10,00,000/- For the Members of ICAI
Rs 5,00,000/- for the Spouse of the Members of ICAI
4. Mode of Premium Online Premium payable
5. Annual premium to be paid in case of Members for the sum assured of Rs. 10 lacs
Age [Completed Years] Total Amount Rs.
21-30 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
6. 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
61-64 Rs.2750/- plus GST as applicable

For availing the said Term Insurance through online link: https://cmpbenefits.icai.org/lic-term-insurance/

For other details, please visit https://www.icai.org/post.html?post_id=15416

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.
  • Branch Manager LIC of India
  • P&GS Department, Delhi Divisional
    Office-I, 6th Floor, Jeevan Prakash” 25
    K.G. Marg, New Delhi-110001.

For any other queries, please contact:
Secretary, Committee for Capacity Building of Members in Practice,
First Floor, Administrative Building,
The Institute of Chartered Accounts of India,
ICAI BHAWAN, A-29, Sector-62, Noida-201309
Ph.: 0120-3045994
E-mail: ti.ccbmp@icai.in

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 advise to wait for its confirmation from LIC.

 

To read full notification CLICK HERE.