Dear Member,

Please take  advantages of IEEE Group  Medical Insurance Program , it has various advantages designed to help  IEEE members and family to cater emergency medical needs. The details about policy as below

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Dear Gorakhnath Ghadage,

Thank you for your active participation in IEEE member group medical insurance program.  We had a good start in 2016. , thanks to 334 members who enrolled into the program and benefited.  We are happy that many members enrolled and 1250 lives covered under this program.

Please click on the below link to enroll for this program.

http://www.ieee.org/membership_services/membership/discounts/group_insurance.html

In India, we have around 42,000 members and the best premiums were worked out hoping a minimum of 2,000 enrolments (5% of total memberships).  The premium was thus far much less than the individual premiums and, of course, there were other additional benefits including pre-existing disorder (PED) coverage, coverage of wide age range, parents / parents-in-law coverage, etc.  In addition, as a very special exception, the premiums were collected pro-rated for the number of months till December while the coverage was provided for the FULL amount insured.

We promoted the program through India Council, Sections, Conferences etc and several emails were also sent.  Many members were not enrolled for this program because membership enrolment/renewal cycle was over by the time the program was launched.

As you all understand, the group premiums are based purely on number of enrolments, premium collected and claim ratio.  For 2016 we have collected Rs. 2,027,094.00 as premium and the claims value was Rs. 3,859,636.00.  These are computed every year to decide on the premiums for renewing policies.

We have had series of discussions with National Insurance Company, the insurer, for renewals.  Keeping the interest of members to renew the policy and new enrolments, the following 2 schemes have been worked out.

Though the premium for renewing members looks high compared to previous premium, the premium is actually on par with or less than premium for individual policy, but along with all other benefits mentioned above.

Please note, this time, even new IEEE members can also take the insurance policy with a condition of one year non-coverage for PEDs.

We earnestly request members to consider enrolling into the program, spread the word about the program in your circles and encourage more people to become IEEE members and enroll into the program.  This helps to have lower premiums going forward.

The new premiums worked out for 2 programs are as under:

Premium for renewing members:

1.       The present Policy may be renewed for the existing members and premium required to be paid before 31.12.2016. 
2.       The policy period will be 1.1.2017 to 31.12.2017.
3.       A minimum of 100 members who enrolled into the policy in 2016 have to renew in 2017 for this policy to be reinstated
4.       If required minimum 100 members do not renew their policy, the premium paid by members will be paid back and the policy will be discontinued.
5.       Please find Table-1 for members for renewing the policy
6.       Please note the increase in premium for members who wish to renew their policy
7.       Optionally, a member can opt to subscribe to insurance program for new entrants but the new program will start from 1-Mar-2016 and there will be a gap of 2 months(From 1^st Jan to 28^th Feb 2017)

New Policy for members:

1.       Enrollment for the new policy should be completed before 28.02.2017
2.       Minimum number of families to be enrolled will be 2,000 members
3.       However, the number as in the renewed policy starting from 1.1.2017 to 31.12.2017 shall be considered for the total number.
4.       In any case if the number of families does not cross 2,000 (renewed and new), new policy will not start and the amount collected from IEEE members shall be refunded to the members from the Citrus gate itself by 10^th March 2017.
5.       The premium table for the various combinations is attached
6.       A new IEEE member, who has not completed 1 year IEEE membership, can also enroll for the policy but the PDC coverage will not be provided for first year
7.       The insurance is covered from 1-Mar-2017 to 28-Feb-2018

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