AVIC-90
Introduction.
-
The Board of Trustees of AFGIS accorded their approval for the introduction of Air Veterans Insurance Cover (AVIC 90) wef 30 Sep 90. The scheme has since been superseded vide AVIC-99 and AVIC-05 and is Operative only for Existing members.
Eligibility.
- All officers, Airmen and NCs(E) retiring/proceeding on release, including those discharged on medical grounds wef 30 Sep 90 with pension benefits, were eligible for the membership of Scheme.
Amount of Insurance Cover :-
| Category |
Insurance Cover ( ) |
Officers |
2,00,000 |
Airmen |
1,00,000 |
NCs(E) |
30,000 |
Period of Cover.
- Risk was covered for 15 years from the date of retirement or upto the age of 70 years whichever was earlier. However the amount of cover after 15 years is 50% of the original sum assured.
Subscription.
- Lump sum recovery was made from the survival benefit payable at the time of retirement/release/discharge at the following rates:-
| Category |
Subscription ( )
|
Officers |
6,500 |
Airmen |
3,000 |
NCs(E) |
825 |
- In case the amount of survival benefit was not sufficient to recover the appropriate amount of subscription for AVIC 90, the member required to make good the difference.
Grant from GIS.
- To ensure financial viability of the various AVIC Schemes over a period of 30 years from the date of its closure. AFGIS will appropriate every year, before deciding rate of bonus, from its interest earnings, with the approval of Board of Trustees such amounts as deemed necessary to maintain the viability of the Scheme. The available corpus vis-a-vis the scheme viability must be conducted in consultation with the actuary.
Payments.
- On the death of a member before expiry of the period of insurance cover, the amount of insurance will be paid to the nominee (s) on the production of death certificate and on receipt of claim.
Salient features.
- The basic condition for eligibility to become a member of the AVIC is that the individual should have rendered qualifying service for the grant
of retiring/service pension. Such personnel could become members of AVIC from the day succeeding the day on which they proceed on superannuation/
retirement/ discharge/ release etc.
- The AVIC is not granted to the following :-
- Individuals who have been cashiered, dismissed, removed, compulsorily retired, or called upon to resign their commission, even though they
have put in the qualifying service upon for pension, was not granted membership of AVIC, until after decision of their pension was taken by
the competent authority and the Board of Trustees, after considering the circumstances of the case that led to such individuals exit,
approves the request of the individual grant of membership. Provided that in such cases, the membership was effective only from the date
the contribution towards AVIC had been duly received by AFGIS by a draft and would be available for the balance of the
period.
- Deserters.
- Trainees leaving the service on any ground.
- Invalided out due to unsound mind.
- The contribution was recovered by deduction/adjustment from the survival benefit claim.
- Insurance Memorandum was issued.
- Nomination is required.
- The Scheme is also applicable to members invalided out of service or leaving service with low medical category provided they do not
fall under any of the categories mentioned in sub para (b) above and they have rendered qualifying service for the grant of retiring
/service pension.
- Membership of AVIC could be extended to personnel who got absorbed in PSUs with pensionable service with 100% commutation. It could also be extended to those who are sanctioned pro-rata pension by Govt even though they may not have rendered pensionable service provided they produced a certificate from the PSU that they are not provided AVIC cover on retirement.
- Wef Nov 1991, the AVIC Scheme was made compulsory for all members of GIS-88 Scheme.
With effect from 26 Feb 2007 Air Veterans Insurance Cover (AVIC) Scheme covers all type of death including death due to professional flying accidents.