ICAI (Institute of Chartered Accountants of India) and LIC have come forth together with a specialised group life-insurances scheme, specially designed for Chartered Accountants and their spouses, ages between 18 to 64 years, while members should age between 21 to 64 years, under the Committee for Capacity Building of Members in ICAI.
This scheme comes with a validity of one year, and an annual premium is to be paid when the official website of ICAI confirms the sum of rupees 10 lacs in the name of the member.
To understand the scheme more and better, you may go through these point-wise characteristics:
1. Age eligibility to join the scheme:
- For members, it should be equivalent to or more than 21 years but less than or equal to 64 years.
- For spouses, it should be equivalent to or more than 18 years but less than or equal to 64 years.
2. Life insurance coverage:
- For members, its 10 years.
- For spouses, its 5 years.
3. The affordable rate of premium
4. One can enjoy the fruits of Life insurance coverage just after paying the premium for a year.
5. Different rates of the premium are applicable to different age groups.
6. The scheme is not subject to any initial Medical or Health undertaking.
7. The scheme is sustainable after the expiration of the validity period of one year.
8. Resolution of the scheme is done by ICAI.