"AlC - Actuarial Studv Schgme -2023 (Amended upto March 202{)"
The lnstitute of Actuaries of India (lAl) and lnstitute and Faculty of Actuaries (IFOA), UK, have
adopted a new curriculum; "Curriculum-20l9". Under Curriculum-2019, number of exams have
reduced from 15 to 13 (certain exams having two parts) in order to acquire fellowship
qualification. Transfer guideline from old curriculum to new curriculum is appended in Annexure
2. To develop a pool of in-house actuarial professionals and to retain experienced actuarial
professionals in the company, it has become necessary to revise the existing actuarial study
support scheme("AlC - Actuarial Study Scheme -2022").
The revised Scheme i.e., AIC - Actuarial Study Scheme -2O23 (Amended upto March 2O241" will
apply to all employees of AIC including employees under probation and Actuarial Apprentices of
AIC pursuing Actuarial qualification. However, the benefits to Actuarial Apprentices will be paid
only on absorption as Scale - I Officer in the Company. This revised Scheme shall come into effect
from 1't April 2O24.
SPECIAL BENEFITS:
A. Special Study Leave (SSL): Special Study Leave (SSL) shall be granted for a period of 6 working
days for preparation of examination subject to following conditions:
o An employee can avail of Special Study Leave facility for exam of lnstitute of
Actuaries of lndia (lAl) or lnstitute and Faculty of Actuaries (IFOA), UK, but not for
r
both.
SSL is restricted to maximum of 6 working days in a single calendar year. SSL is
applicable to avail only on two occasions in a year with leaves splits in any manner,
The un-availed SSL in a calendar year cannot be carry forward to another calendar
year.
. No other type of leave can be clubbed with SSL.
o An employee who has been sanctioned SSL should appear in the examination for at
least one out of all the papers applied for, failing which, leave shall be debited to
.
his / her leave account for the number of days he / she was sanctioned SSL.
lf an employee has not passed any of the papers for which he/she had availed of SSL
onthe previous occasion, he/she shall not be eligible for SSL subsequently unless
he/she passes one paper again.
o An employee who is granted SSL is entitled for salary for the period.
. The competent authority to grant SSL shall be the Head of the Department of the
o
.
.
employee with the consent of HR department, HO.
Sanction should be obtained in advance before proceeding on leave. The leave
application to be submitted along with copy of examination call letter
Absence from duty of an employee for writing the actuarial examinations conducted
by the lnstitute of Actuaries of lndia (lAl)/ lnstitute of Faculty of Actuaries (IFOA), UK
will be treated as "On duty", but no TA / DA will be admissible.
The special study leave may be granted to an employee who applies for SSL for first
time.
The special leave may be granted to an employee who has passed at least one
subject in the previous examination with or without availing SSL.
The continuation of Special Study Leave (SSL) will be based on the employee achieving
at least a minimum of 80% in the KPI in the yearly review of the performance.
B. Reimbursement of Actuarial Expenses:
i.
The Annual subscription paid by the employee to the lnstitute of Actuaries of lndia or
lnstitute and Faculty of Actuaries (IFOA), UK (not for both) shall be reimbursed in full
(without any penalty) subject to the condition that he/she has appeared in any
examination in the preceding subscription year' However, after becoming a fellow
reimbursement of subscription fee will continue.
.
This condition however does not apply for a subscription year in which an employee is
admitted as a student member of the lAl/IFOA'
The employee can claim reimbursement within three months of date of such payment
.
on submission of the original receipt of payment.
The continuation of the reimbursement of Annual Subscription will be based on the
employee achieving at least a minimum of 80% in the KPI in the yearly review of the
.
performance.
ii. Examination fee and cost of Study Material
Examination Fee (lAl/IFOA) can be claimed for one attempt only by the employee only after
passing the resPective PaPer.
Reimbursement of cost of Study material purchased from the lndian lnstitute of Actuaries once
only after passing of respective paper. No reimbursement shall be made for purchase
of modifications / updates of study material, if any.
Examination fee and cost of Study Material shall be reimbursed in full subject to the
following conditions:
The employee should have been eligible for reimbursement of subscription fee for the
year during which he / she claims reimbursement of the Examination fee.
year
The employee should appear in the examination in that subject in the subscription
.
.
or in the immediately following subscription year during which the study material has
been purchased from lAl.
The employee can claim reimbursement within three months of date of declaration of
the results, on submission of the original receipt of payment along with copy of result.
.
.
The continuation of the reimbursement of Examination Fee will be based on the employee
performance'
achieving at least a minimum of 80% in the KPI in the yearly review of the
c. special Benefits for in-house development of actuarial capabilitv;
per new
Employees shall be eligible to receive benefits on passing three or more papers as
(IFOA),
Actuaries
of
Faculty
curriculum from lnstitute of Actuaries of lndia (lAl) or lnstitute and
UK.
o Restrictive Clause: An employee who has passed more than three papers but less
.
than six papers as per new Curriculum shall be eligible forthis benefit only if he/she
passes at least one paper during the next two years from the date of passing the last
paper or the date of circular whichever is later'
There is no restrictive clause once an employee passes six papers.
0r
This special benefit shall not count as a part of basic pay for any
purpose such as HRA,
CCA, DA, GratuitY etc'
Monthly Benefits forming part of salary: Qualification allowance shall be
payable to
follows:
employees under this scheme depends on the number of qualified exams as
Papers/ Series*
Qualification allowance per month (Rs.)
Per each CT PaPer
CA2l CPZ pa?er
CA3/ CP3 paper
CA1/ CP1 paPer
Per each SP/ST PaPer (AnY 2)
SA paper (Any 1)
3000
3000
3000
12000
12000
12000
* Or equivalent papers as per the new structure. New structure attached as Annexure- 2
.
paper passed/exempted
Qualification Allowance per month will be paid for each
as per above table.
benefit
Employee passed paper under old curriculum is also eligible for this
.
The special benefit shall cease to be payable if the employee does not
.
providedpaperspassesinoldcurriculumisstillvalidundernewcurriculum.
.
.
keep alive
his/her membership of the lAl/lFoA upon renewal of membership of the
concerned institute, if otherwise payable, shall be paid for the relevant
subscriPtion Year.
as per new
This monthly benefit commences only on passing three papers or more
curriculum.
has given a notice
The special benefit shall cease to be payable to an employee who
company
of resignation or voluntary retirement under the existing scheme of the
from the date of such notice. However, subject to the rules in this regard
if an
retirement'
employee is allowed to withdraw the notice of resignation or voluntary
as if the
employee
an
the special benefit may be paid, if otherwise payable, to such
.
notice was not given at all.
achieving at
The continuation of the Special Benefits will be based on the employee
performance'
the
of
least a minimum of 80% in the KPI in the yearly review
Other Conditions:
.
should give an
Those employees who are availing of any of these above benefits
three years
undertaking in writing that they shall serve the company for the next
spent on
amount
which
from the date of availing benefit under the Scheme, failing
towards cost of all such facilities and training etc' would be recovered
them by AIC
from them or adjusted from terminal dues'
.
or part of above
The Management shall have all the rights to withdraw all the above
prior
notice'
without
benefits at any point of time
lnstitute of Hctuories of lncJio
.l'()uvr.'r
t.'r!lt r.lo. I' 2ilr:,, .lrrrl Frrrr;r, "f ' t\irn1; itr
,1, 5rlr.!\,.-,i)rj,, (:r;iri(j t{r.rtriil, }:,lr.rr rro i{,1..
Sil(t{)r,1r-1, 5e;iw00i_i.,, Nr.rr SsawLrr:.rj: Ilailway il.rI,orr, l\j.),rt ,!1r.t,r}l:",;l . .i00/0Li
r ._)l 22 3!.lri3t_1060 _ + 3l i2 l!(igiii/i()
This is to irrfornr all tlrc rtretrrbers tltat Council in its
nreetirrg clatercl g!r'Decenrb-o r 2al7 h;rs cleciderj
to aclopt the lFoA Cttrrir:ttlum/syllabus 20lg in orrJer to .rlign its curricultrrn
urtilornrity in the [duc;rtion stanclar:ds across .,rll Actuarial l]ociies.
Changes to the curriculutr will be implernented irr 2019. Detarl:
transfer on to tltt', new r:tirriculurrr will be arrailable on the lAl
ancl l:ring rnore
al:out honr the cs4erlt syste6 will
website slrclrtly.
Core Principles
lrt the Core PrinciPlt: stage thtrre will ire three rlain rloclult,s;
Actuarial Statistics (cS), Actuarial
Mflthematics (cM), ancl Business (cu). All of these rnodules nr.r.:d to
be passeri to be able to qualify
as an Associate or a Fellow. The letter C in each of these
mor!r-rlec stancJs for Core.
2oltCririiulum cr3
CSl Core St;rtistrcs I
Cl2l and CT6
CS2 Corc Statisiii.r ZLI.L ;rrrrl C'l-li
J
, lfil: (ore Modcllinli
'-'-tt L
C 1B
L
{r
Cf\4.? - \-,.rr(1
Cr:rre tvtoqqlll1lg-jl
lMorJellirrg
__ .,_--}:1M_
'
{-l-2
CBI Cr:re lJusinr:ss .l
CT7
CB2 . Core Brrsirre:,s 2
crs
CB3 . Corc,Business J
i iurrent gury.lgfi;
I
i
i
,
_----
i
;
i
,?
j:-
Actuarial Statistics (CSt and CS2)
The Actuari;il Statistics (C5) nrodule will consist of
two subjr..cts. Acltrurial
Statistir:s L .rnc.l Z. Eaclr
subject will consist of two .Jxams. one is a three hour paper
basecl exanr anr1 the other is rr r:n*
lrour and tlrirty milrutFs cornputer based exarrr. These exarTrs
can be sat and passecl separately.
Tlre subjer:ts covered irr the Acl.uarial Statistics nrodules cs
L covers content previously in subject
cT3' C52 covers the content from subjects CT4 arrcl cT6. Yor.r will neecl
to have passecl or [2een
granted ar1 exenlptiotr frorn both CT4 and CT6 to be eligible
for a pass in cs2 clurirlg tlre trarrs1er
process.
Actuarial Mathematics {CM1 and CM2}
The Actuarial M.ltherriatics (CM) moclule will consist
of two subjects. Actu.rriatr Mathenratics 1 and
2' Each subject will cortsist of two exams. one is a three hour paper.basecl
exarn and the other is
a one lrntlr and thirty minutes cor)rputer basecJ exanr. These exams can
be sat ancl pcrssed
separately.
CMI' covers the corrter"rt previously given in -.,ubjects CTI arrcj
C"r5, cM2 covers sub.iect CTg, you
will need to lrave passed or been grantecl an exemptiorr frorrr both crl
and cTS to be eligible for
a pass in Cft/li during the tr.ansfer process.
Business (C81, CB2 and CB3)
The Business (cB) module will consist of three subjects -.
Business .1" {Business l-inance), Business
2 (Busint:ss Economics), attd Busitress 3 (Business Marragerrrerrt).
1'hese .rre all three hour paperbase'd exanrs which carr be sat in arry orcler.
Ctsl' covers sr.rl:ject CT2, CB2 covers subject CT7.rncl
CB-l is.r repl.-rcellerrt for CT9.
Page
\.-
I of 3
A
Instituto of ffcEuorios of lndio
li.i
[Jrri( rrr_i. I:-.20[r. ]nrl fli>ur, ',F', \,VinB iil Trtrver 2,
.
.;rr;rwr)r)ijt. GJ,.,tn.i (:1.ilt,,i1, l)lltt n()
Sr:r:tttr rl0, lie;t.,r-rr;rl',, !!t'.ir 5rl'lloocls IiailWay -':l,rtirrt:, l"l.l\/r \'llirrrtri:lr - 4tJ0/{llr
1' 9J .22 .i968t:Ot'rr:) " t !'i I J2 i96ilf-0irt)
Core Practlces
ln tht, Core Pracl.ices stage wlrich is covering subjects earlii:r covered ;:s Core Applications (CA
subjects). Core Practices will lrave three rtrain nroclules: Actuarial Practice {CF1), Mr:delling
Practice (CP2) and Corrrtnurricatiorr Practice (CP3). All of thestr nrodtrles nered to be passed to l:e
able to qualify as an Associate and then Fellour.
Actuarial Praaice (CP1)
The module Actuarial Practice (CP1) covers tlre conterrt currently covered in CA1..
It wilt be exanrinecl by two paper-based exams. The first cotrtaitring questiotts requirirrg short
answers and the second containitrg longer case study type que'stions.
The first paper is a three hour paper-based exanr. The secotrd paper will have an extended
planning tinre of forty f ive rlinutes and an exam writing time of two hours and thirty rninutesModelling Practice (CP2)
'Ilre module Modelling Practice (CP2) covers the content cutr i:rttly covere(! itl CA2.
There is aclditional rnaterial acldecl around d.rta analytics .rrcJ this rnodule will br" ex.lrrtirred tty
two tlrree lrour conrputer basecl exatl:ls.
Communication Practice (CP3)
The nrodule Cornrnunicatiorr Practice (CP3) will contain cotrtent sitlilar to the r:urrent CA3
syllabus.
The moclule will be ex;rrnirred by a three hout'corn;ruter-based exanl, wlriclr will cover wh"rt and
how to communicate, along with preparing a cornmunication to a non-actuarial audience and
justifying why you chose a p;rrticular method.
The current presentation element of the CA3 exaln will be retrtoved,
Specialist Principles (5P)
o SPl tHealth and Care) covers the conterlt in the current S-[1 suttlject'
o SP2 (l-ife lnsurance) covers the conterrt in the currerrt ST2 subject'
o SP4 (Pensions) covers the content in the current ST4 sullject.
r SP5 (lnvestnrent & Firr:rrrce) covers the content in the currerrt ST5 subject.
r 5P6 (Financial Derivatives) covers the content in the current 5T6 subject'
o SP7 (General lnsurance: Reserving) covers the content in thp current ST7 subject.
. 5P8 (6eneral lnsurarrce: frricing) covers the content in the cut'retrt STB surbject.
r SP9 {Enterprise Risk Management) covers the corttent in the currenr ST9 subject.
Y
Page 2 of 3
A
lnstituEo of HcEuori@s oF lndio
Specialist Advanced (5A)
a
Specialist Advanced L (Health and Care) covers the content irt the currr*nt 5AI subject.
a
Specialist Adv;rnced 2 (Life lnsurance) covers tl'le content in tire current 5A2 subject
a
Specialist Aclvancecl 3 (Generll lnsurance) covers the content itr the current SA3 strbiect.
a
Specialist Advancecl 4 (Pensions) covers tlre content itr the ctrrretrt 5A4 st"'bjett.
I
Specialist Advancecl 7 (lnvestment & Finance) covers the contetrt iu tlte currellt SA5 and 5A6
subjects.
t.., '
Dinesh Chandra Khansili
Executive Director
Page 3 of 3