Society for Welfare of Indian Pilots
Loss of Licence Insurance
- Frequently Asked Questions (FAQs)
SWIP
Loss of Licence with Personal Accident
Insurance FAQs
INDEX
S. No
Particulars
Page
1.
Why do I need a Loss of Licence Insurance ?..........................................................................
3
2.
What are the existing Insurances provided to me by Jet Airways and SWIP ?...................
3
3.
Why should I pay premium for a LOL insurance through Iffco-Tokio ?.............................
3
4.
What does Iffco-Tokio’s Loss of Licence with Personal Accident policy cover?.................
4
5.
What is the quantum of Compensation under the LOL with PA cover?..............................
4
6.
What is the maximum limit for Capital Sum Insured that can be chosen by pilots?..........
5
7.
How does one arrive at the Capital Sum Insured?..................................................................
5
8.
What is the chargeable premium for availing a cover?...........................................................
6
9.
What documents will be needed at the time of submission of proposal?............................
7
10.
Where do I submit the proposal form and premium cheque?...............................................
7
11.
Who do I get in touch with in case I need any clarifications or have any queries?............
8
12.
After submission of proposal documents where and by when will I receive the
insurance policy?...........................................................................................................................
13.
8
What about premium rates and period of cover for pilots having Loss Of Licence
Insurance Policy with Bajaj Allianz (under Federation of Indian Pilots terms) expiring
On Dec 31, 2008?............................................................................................................................
8
14.
What will be the period of cover?...............................................................................................
9
15.
What is the cooling period for TMU cases under LOL section of the LOL with PA
policy?.............................................................................................................................................
10
16.
Can Associate Members of SWIP avail LOL with PA insurance?.........................................
10
17.
Can a pilot who is currently grounded on account of TMU avail a cover under this
program?........................................................................................................................................
18.
10
What if pilot is unable to undergo fitness test to certify TMU (conducted by Medical
Board of DGCA) on account of injury / illness?......................................................................
10
19.
What steps are to be followed should a claim arise under this policy?................................
11
20.
Can a Pilot take LOL Insurance from FIP (Bajaj Allianz) and SWIP (Iffco Tokio) as
well?................................................................................................................................................
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
1.
Why do I need a Loss of Licence Insurance ?
As you very well know that Flying is a high risk job and Pilots are substantially compensated
for that via their salaries. As a result of the high salaries most Pilots take high home and motor
loans. Understandably the families of Pilots get used to the comfortable upper middle class
lifestyle.
Thus in case of a Medical Grounding the family of an Un-insured Pilot will be devastated. The
associated debt from the loans etc would bring the lifestyle to a complete halt. The Stress on
an already grounded Pilot will be unimaginable as he has to support his family without any
job. A job providing the same Salary and perks will be hard to get.
To ensure your family continues to live a comfortable lifestyle we highly recommend all
members to take the Loss of License Insurance.
2.
What are the existing Insurances provided to me by Jet Airways and SWIP ?
Jet Airways, as the Employer, provides it’s employee pilots an insurance cover on account of
Loss Of License of approximately Rs 60 lacs.
Furthermore, SWIP provides its members the following cover :
TMU :
Captain:
70% (Monthly allowance/22* No. of Days of TMU)
First Officer:
70% (Monthly allowance/22* No. of Days of TMU)
PMU :
3)
Captain:
20 times of Gross Monthly Salary
First Officer:
20 times of Gross Monthly Salary
Why should I pay premium for a LOL insurance through Iffco-Tokio ?
If you total the Insurance that you get from Jet Airways and SWIP, you will realize after
paying off the loans, there will not be enough funds left to rebuild a new life with. As the
number of Pilots of SWIP increase the amount from SWIP will increase, but this is a gradual
and slow process. Meanwhile it is vital to insure one self through insurance companies like
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
Iffco Tokio, to ensure enough funds are left after clearing the debt so that at least basic lifestyle
can be maintained.
4.
What does Iffco-Tokio’s Loss of Licence with Personal Accident policy cover?
The subject policy consists of 2 sections, each of which provides the following coverage:
Loss of Licence (‘LOL’):
Provides compensation to a member pilot of SWIP on account of any bodily injury and / or
illness resulting in INCAPACITY. The same must be certified by the Medical Board of DGCA
as TMU / PMU. Incapacity relates to grounding of a pilot on account of PMU / TMU which
prohibits concerned pilot from flying.
Personal Accident (‘PA’):
Provides compensation in case of death or loss of 2 limbs, 2 eyes, or 1 limb, 1 eye resulting
from an accident (including an aviation accident). This a 24 hour world-wide cover.
5.
What is the quantum of Compensation under the LOL with PA cover?
The maximum compensation payable under the policy is limited to the Capital Sum Insured
chosen by the individual pilot.
The detailed compensation payable under the policy for various claim instances depending
upon whether it is PMU, TMU, Death or Disablement is as follows:
A)
Under Loss of Licence Section:
For PMU – 100.00 % of Capital Sum Insured, if INCAPACITY causing permanent total
disablement is on account of any bodily injury and/or illness or disease caused due to other
than psychosis, psychoneurosis or epilepsy.
For PMU – 18.00 % of Capital Sum Insured, if , if INCAPACITY causing permanent total
disablement is on account of any bodily injury and/or illness or disease caused due to
psychosis, psychoneurosis or epilepsy.
FOR TMU – 2.00% of Capital Sum Insured per month, if INCAPACITY causing temporary
total disablement is on account of any bodily injury and/or illness or disease caused due to
other than psychosis, psychoneurosis or epilepsy
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
FOR TMU – 1.50% of Capital Sum Insured per month, if INCAPACITY causing temporary
total disablement is on account of any bodily injury and/or illness or disease caused due to
psychosis, psychoneurosis or epilepsy
B)
Under Personal Accident Section:
100% of the Capital Sum Insured in case of death or loss of two limbs, two eyes or loss of one
limb and one eye resulting solely and directly from an accident.
6.
What is the maximum limit for Capital Sum Insured that can be chosen by pilots?
Depending upon his / her age, pilots can opt for Capital Sum Insured upto the Limits stated
below:
7.
Age Band
Max. Limit
Upto 50 years
Rs 100 lacs
Between 51 and 55 years
Rs 100 lacs
Between 56 and 58 years
Rs 75 lacs
Between 59 and 60 years
Rs 50 lacs
Between 61 and 62 years
Rs 40 lacs
Between 63 and 65 years
Rs 30 lacs
How does one arrive at the Capital Sum Insured?
The Capital Sum Insured can be arrived at as follows:
STEP 1: Ascertain the gross annual remuneration (inclusive of all allowances) from your
employment as a pilot of Jet Airways -- For illustration purpose lets assume a figure of
Rs 35.00 lacs
STEP 2: Multiply the gross monthly remuneration (as ascertained in STEP 1) by 3.
Continuing the illustration; 3 X 35.00 lacs = Rs 105 lacs
STEP 3: Ascertain your age. Please take into account completed years; any fraction in months
to be ignored. Let us assume the age as 37 years 7 months. For computation purposes Age to
be considered as 37 years.
STEP 4: Capital Sum Insured will be restricted to a maximum of Rs 100 lacs for a pilot in the
age band of upto 50 years. Please refer the premium table mentioned in Point 8 below. As per the
table premium chargeable is Rs 37,000 (inclusive of service tax).
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
8.
What is the chargeable premium for availing a cover?
The premium chargeable depends upon the age of the pilot and the Capital Sum Insured
Opted. For various Age Bands and Capital Sum Insured premium will be chargeable as per
the table mentioned below.
* Please consider the last column for ascertaining premium payable.
Sum Insured
Premium for
LOL & PA excl
ST
ST @ 12.36%
Premium for
LOL & PA incl
of ST *
Premium schedule for Age Group upto 50 Years
1,000,000
3497
432
3929
2,000,000
6993
864
7857
3,000,000
10390
1284
11674
4,000,000
13853
1712
15565
5,000,000
17316
2140
19456
6,000,000
20979
2593
23572
7,500,000
27590
3410
31000
9,000,000
28480
3520
32000
10,000,000
32930
4070
37000
Premium schedule for Age Group from 51 to 55
1,000,000
3497
432
3929
2,000,000
6994
864
7858
3,000,000
10355
1280
11635
4,000,000
15552
1922
17474
5,000,000
22561
2789
25350
6,000,000
22917
2833
25750
7,500,000
28202
3486
31688
9,000,000
34375
4249
38624
10,000,000
45122
5577
50699
Premium schedule for Age Group from 56 to 58
1,000,000
4608
569
5177
2,000,000
8958
1107
10065
3,000,000
13487
1667
15154
4,000,000
19114
2363
21477
5,000,000
26622
3290
29912
6,000,000
28672
3544
32216
7,500,000
35840
4430
40270
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
Sum Insured
Premium for
LOL & PA excl
ST
ST @ 12.36%
Premium for
LOL & PA incl
of ST *
Premium schedule for Age Group from 59 to 60
1,000,000
5595
691
6286
2,000,000
11189
1383
12572
3,000,000
16849
2083
18932
4,000,000
22554
2788
25342
5,000,000
28307
3499
31806
Premium schedule for Age Group from 61 to 62
1,000,000
5595
691
6286
2,000,000
11189
1383
12572
3,000,000
16849
2083
18932
4,000,000
22554
2788
25342
Premium schedule for Age Group from 63 to 65
1,000,000
6294
778
7072
2,000,000
12587
1556
14143
3,000,000
18882
2334
21216
9.
What documents will be needed at the time of submission of proposal?
The following documents will be required at the time of submission of proposal:

Filled up and signed proposal form of Iffco-Tokio General Insurance Co. Ltd.

Latest ECG report duly signed and certified by examining physician as NORMAL or
otherwise. (Must not be older than 12 months)

A copy of the pilot’s Licence clearly identifying his/her Licence No.

Premium Cheque drawn in favour of “IFFCO-TOKIO GENERAL INSURANCE CO.
LTD.”
10.
Where do I submit the proposal form and premium cheque?
All proposals must be submitted to SWIP’s Mumbai Office at the following address:
Society For Welfare of Indian Pilots,
Jet Airways, Flight Despatch,
Terminal 1 – B, Domestic Airport,
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
Vile Parle (East), Mumbai 400 099
Contact Person: Ms. Madhura 91 22 2626 6624 / 91 98337 59444 (during business hours)
11.
Who do I get in touch with in case I need any clarifications or have any queries?
For all queries / clarifications please get in touch with :
Mr. Deepak Suvarna, Business Development Manager,
Alliance Insurance Brokers Pvt. Ltd.
205, 2nd Floor, Vireshwar Chambers,
M.G. Road, Vile Parle (East),
Mumbai 400 057
Contact Details: 91 22 6739 0910 / 91 98209 57539
Email: dsuvarna@allianceinsurance.org / kartikk@allianceinsurance.org
Alliance Insurance Brokers, duly appointed insurance broker of SWIP, has structured and
negotiated this LOL with PA insurance exclusively on it’s behalf with Iffco-Tokio General
Insurance Co. Ltd.
12.
After submission of proposal documents where and by when will I receive the insurance
policy?
The insurance policy will be couriered to the residential address mentioned in your proposal
form within 15 working days from the date of receipt of proposal at Iffco-Tokio’s Mumbai
Office.
13.
What about premium rates and period of cover for pilots having LOL with PA insurance
policy with Bajaj Allianz (under Federation of Indian Pilots terms) expiring On Dec 31,
2008.
Such pilots can avail a pro rata cover by paying a prorate premium. The period of cover for
such pilots will commence on Jan 1, 2009 and expire on Sept 30, 2009. Applicable pro rata
premium rates can be determined by ascertaining the annual premium rates (in accordance
with the Premium Table as provided in Point 8 earlier) and thereafter dividing the same by
365 and multiplying by 273 (being the number of days from Jan 1, 2009 upto Sept 30, 2009).
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
Illustration:
Capital Sum Insured –
Rs 100 lacs
Age –
43 years
Applicable annual premium (including service tax) –
Rs 37,000
Applicable Pro Rata Premium
= (37000/365)*273
= 27,674
However, it is a pre-condition under this program that such pilots must submit their
completed proposals to Iffco-Tokio by Dec 15, 2008.
14.
What will be the period of cover?
PROPOSALS RECEIVED
Upto Oct 31, 2008
From Nov 1, 2008 to
Dec 31, 2008
Beyond Jan 1, 2009
Period
of Cover
From: Date of Cheque
To: 365 days therafter
From: Date of Cheque
To: Sept 30, 2009
No
Cover
Premium Payable
Annual
Premium
Annual
Premium
Not
Applicable
For all proposals received upto Oct 31, 2008 the period of cover will commence from the date
of the cheque and expire 365 days thereon.
For proposals received after Oct 31, 2008 the period of cover will commence from the date of
the cheque and expire on Sept 30, 2009.
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
It must be noted and highlighted here that it is most beneficial for pilots to avail a cover by
Oct 31, 2008 as the policy period offered will be 365 days or in other words an annual cover.
Thereafter, period of cover will be restricted upto Sept 30, 2009 at the same premium rates.
15.
What is the cooling period for TMU cases under LOL section of the LOL with PA policy?
For TMU cases, no compensation will be payable under the LOL section of the subject policy
for the first 60 (Sixty) days from the date on which the Insured Person is certified to be
suffering from Temporary Total Disablement.
16.
Can Associate Members of SWIP avail LOL with PA insurance?
Yes. SWIP members who were earlier employed with Jet Airways but have now moved out to
other airlines but continue to hold associate membership in SWIP can avail this LOL with PA
insurance at the same terms and conditions as mentioned herein.
17.
Can a pilot who is currently grounded on account of TMU avail a cover under this
program?
No. Until such time that the pilot is granted a FIT certificate by the Medical Board of DGCA
and has resumed flying duty with Jet Airways no cover can be granted under the current LOL
with PA insurance policy of IFFCO-TOKIO.
18.
What if pilot is unable to undergo fitness test to certify TMU (conducted by Medical Board
of DGCA) on account of injury / illness?
In some special cases, if a pilot is unable to undergo a medical test by the Medical Board of
Civil Aviation Department on account of injury / illness a certificate that such pilot is unfit
issued by Company Doctor of Jet Airways will be accepted in lieu of CA – 35. The Pilot, if
required, may be asked to subject himself to examination by medical examiners of Iffco-Tokio
to establish his unfitness. However, CA – 35, certifying that the pilot is fit to resume his duties
will be required.
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
19.
What steps are to be followed should a claim arise under this policy?
Immediate notice must be sent in writing to Alliance Insurance Brokers and Iffco-Tokio
General Insurance at the following address.
ALLIANCE INSURANCE BROKERS PVT. LTD.
Kind Attention: Mr Deepak Suvarna (Email: dsuvarna@allianceinsurance.org)
205, 2nd Floor, Vireshwar Chambers,
M.G. Road, Vile Parle (East),
Mumbai 400 057
IFFCO-TOKIO GENERAL INSURANCE CO. LTD.
Kind Attention: Mr Aniket Mehta (Email: aniket.mehta@itgi.co.in)
4th Floor, Asra, Above Jammu and Kashmir Bank,
182, Waterfield Road, Bandra (West),
Mumbai 400 050
In any case if such notice is not sent within 3 months from the date of Incapacity, then
Insurance Company shall not be liable to make any payment under a claim under this LOL
with PA policy.
Thereafter Insured Person shall as soon as possible after the date of such Incapacity forward
to Alliance Insurance Brokers, for onward submission to Iffco-Tokio, the following documents
as may be appropriation in relation to the respective policy benefits as specified/detailed
hereunder.
Under Loss of Licence:
For PMU

Claim form duly completed and signed by the Insured Person

Certified copy of Licence of the Insured Person.

Disability certificate, in original, from Medical Board of Civil Aviation
Department (CA form 35)
For TMU

Claim form duly completed and signed by the Insured Person
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs

Certificate from Employer that the Insured Person is unfit from attending his
Occupation, specifying the nature of illness.

Certificate, in original, from Medical Board of Civil Aviation department (CA
Form 35) that the Insured Person is unfit.

Fitness certificate, in original, from Medical Board of Civil Aviation department
(CA Form 35) that the Insured Person is fit to resume his duties.
Under Personal Accident:
In case of death or disablement of the insured person likely to result in a claim under the
policy, immediate notice thereof should be sent to the company either by the insured and/ or
the insured person’s nominee or the insured person’s legal representative/s. Claim form and
supporting documents shall be submitted to the Company as quickly as possible as but not
later than 90 days from the date of death or disablement.
For Death
Insured person’s nominee or the insured person’s legal representative /s shall arrange for
rendering submission of the following documents.

claim form duly completed and signed by the Nominee / Legal Representative.

Death certificate issued by the competent Authority.

First information report wherever necessary.

Post mortem report issued by competent authority wherever necessary.

Original insurance certificate
For loss of two limbs, two eyes or one limb and one eye
Insured person shall arrange for rendering submission of the following documents

Claim Form duly completed and signed by the Insured Person.

Certificate of Medical Practitioner confirming the loss of two limbs, two eyes or
one limb and one eye.
In the event of a burglary and/ or theft by force occurring in the residence of the
insured person , which is likely to result in a claim under the policy , immediate notice
there of shall be given to the company by the insured person or his nominee or his legal
representative/s.
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
The insured person shall submit the duly completed claim form to the company within 14
days from the date of loss. The claim form shall be accompanied by the following
document.

First information report

Final police report, wherever required

Claim bill of the item lost or damaged together with supporting invoice
(wherever applicable) to certify the cost of the item /repair.
20.
Can a Pilot take LOL Insurance from FIP (Bajaj Allianz) and SWIP (Iffco Tokio) as well ?
No. SWIP members can either take a cover from FIP or SWIP, but not both. In case, it is
found out that a pilot has 2 or more LOL insurance policies, then, in the event of a claim, all
insurance policies will contribute to the claim in proportion of their individual sum insured
limits.
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
NOTES:
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
NOTES:
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SWIP
Loss of Licence with Personal Accident
Insurance FAQs
NOTES:
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