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
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Salient features
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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
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The money will be invested in
Proposed
scheme
Premium table for becoming a member of the scheme
Age
group
<30
Reg. fees Basic
Total
premium
500
3500
4000
31-40
500
4500
5000
41-50
500
5500
6000
51-55
500
6000
6500
56-60
500
6500
7000
61-65
500
7500
8000
66-70
500
8500
9000
Projected figures in first year of
scheme
Approximate interest
 Total collected amount :
 Interest @ 6%
:
56,00,000
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 :
 Interest @ 6%
:
55,86,000
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 :
 Interest @ 6%
:
67,96,160
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 :
 Interest @ 6%
:
74,63,930
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 :
 Interest @ 6%
:
89,36,766
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
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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
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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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National Security Scheme for IRIA NSS-IRIA