Based on the suggestions received for the environment, a proposal was taken for providing additional insurance cover to PJIs and FFIs who are in receipt of PJI/FFI Allowance. The proposal has been approved by the BoT, AFGIS and the scheme was formally launched by the CAS during the AGM of AFGIS. The scheme will be effective from 01 Oct 26.
Monthly Contribution and Insurance Cover
-
The rate of monthly contribution and amount of insurance cover for different categories is tabulated below:-
| Sl No |
Category
|
Monthly Contribution ( ) |
Amount of Insurance Cover
wef 01 Oct 25 ( )
|
| Saving Element |
Risk Element |
Total |
Death |
Disability |
| (a) |
Officers |
225.00 |
745.00 |
970 |
15,00,000 |
7,50,000 |
(b) |
Airmen |
112.50 |
387.50 |
500 |
7,50,000 |
3,75,000 |
Recovery of Contribution
-
Monthly contribution at the rates mentioned will be recovered through IRLA commencing from the pay for the month of Sep 26.
Death Benefit
-
Death benefit includes the amount of the death cover and the accumulated balance of SB upto the date of death alongwith interest and bonus as applicable.
Disability Benefit
-
Air Warriors who are invalidated out of IAF by an Invalidating Medical Board (IMB) [as distinct from a Release Medical Board (RMB)], whether attributable or non-attributable to service, will be eligible for disability benefit. The amount of disability benefit will be 50% of the amount of death cover for 100% disability and the amount of this benefit will reduce proportionately depending upon the lesser percentage of disability upto a minimum disability of 20%.
Survival Benefit (SB)
-
Survival Benefit (SB) comprises the ‘Saving Element (SE) part of the monthly contribution and the interest that is credited / accrued on it [as per the rates notified by the Society] and bonus, if any, declared by the Society. The saving element of the contribution recovered towards PJI/FFI Insurance Scheme will continue to earn interest at the rates declared by BoT from time to time. The saving element alongwith the accrued interest will be paid back to the air warrior at the time of retirement / discharge/ death/ invalidment from service.