Family Security Scheme

IMA-APPA FAMILY SECURITY scheme A.P.

Frequently asked questions about IMA-APPA FAMILY SECURITY scheme: Before we discuss about the APPA-IMA family security scheme, every IMA member should analyze as ---are they in need of life insurance cover?
If so, are they covered already sufficiently by any insurance company?
If not , read the following matter carefully and decide yourself and/or discuss with your financial consultant and take the good decision that will secure your family in need.

Why we need insurance at all?

Note: every body needs insurance cover for the sake of their dependents. We, doctors taking so many loans for establishing our practices and for house and vehicles which may cost us around 30 to 40 lacs on average.

Suppose, Every average doctor may practice 30 years and earn on average net 5lacs per anum . so, the value of doctors earnings in his life time comes to 1.5 crores. When We are taking into account of our safe saving instruments, which may yield us about 3 to 4 crores in the span of 30 years.
So, An average doctor’s value in terms of currency is about 5 crores. BUT when any unfortunate incident happens, what about the position of that doctors family? That’s why we, doctors need heavy insurance coverage.

why it is named after DR.N.APPARAO? is it not belong to state IMA?

This family security scheme is the brain child of our national IMA coordinator DR.N.APPA RAO, whose service to our IMA can’t be ignored and it is his constructive plan to SECURE the demised member’s family .so, don’t misunderstand this scheme and it is as much like our previous family benefit scheme.

HOW CAN ANY BODY PAY THE FRATERNITY LIFELONG? IT MAY NOT POSSIBLE FOR SOME DOCTORS, AS THE PRACTICE MAY NOT BE LIKE TODAY!

We are paying the premiums for our vehicles, household items, etc .every year to protect them from any thefts & accidents. When ever we cease to pay these premiums, from that day onwards these items doesn’t get covered by insurance. If you think, that if you can’t pay the fraternity premiums in this APPA-FSS scheme, drop from this scheme on that day. Its like term insurance policy, where you get covered only up to you pay the premiums annually, Otherwise that cover is terminated. You know, in this type of term insurance policies, otherwise called as pure risk coverage policies, we didn’t get the paid-up cumulative amount. It’s just like vehicle insurance. if our vehicle met with any accident, we will get the compensation. Otherwise no amount will return to us. So, please think this APPA policy in the line of term insurance policy. Whenever you feel, its unnecessary or burdensome to you , you can opt out from this scheme.

IF WE OPT OUT FROM THIS SCHEME WHAT AMOUNT WE GET AT THAT TIME?

NO AMOUNT WILL BE GIVEN , because you all know thia appa –FSS scheme is as like as any term insurance policies of ICICI/HDFC/LIC!

THEN WHY CANT WE PREFER LIC/OR OTHER WELL REPUTED COMPANIES THAN THIS APPA –FSS SCHEME OF IMA?

Definitely you have that option. but, before we take ANY DECISSION, WE HAVE to consider all parameters. For your information we are giving this » table for comparative study.