ARMY GROUP INSURANCE FUND (Contributions - AGIF) AND ITS BENEFITS

1.Oficers pay monthly @ Rs 5000/ PM & JCOs @ Rs 2500/PM.

2. A comparison of Insurance cover and duration of cover provided to The Generals and The Jawans

                  GENERALS
-No of Generals.                                          350 (Approx.)

-monthly premium                                          Rs.  5,000/-
-Annual premium                                           Rs. 60,000/-
-Lt Generals Insurance  Cover up to age      60 years
-COAS  Insurance Cover up to age .            62 years

-Annual contribution                                      Rs. 60,000/-
Total Contribution by The Generals is :-
-60,000/- Multiplied By 350  =                      Rs. 21,000000/-
i.e. Two Crore and ten Lakhs only
                                                 
                     JAWANS

-No of Jawans 13000000                                (13 Lakh)  (Approx)

-Annual contribution                                       Rs. 30000/-
Total Contribution by Jawans to AGIF
- Rs 30,000/- multiplied by I300000  =          Rs. 3900,0000000/-
Rs Three Thousand nine hundred Crores .
-The Major contributor to AGIF is The Jawans.

-Please note The Jawans are manning The country's Border from the day of joining Service, to the day of leaving service.  These jawans who are more than 95 percent contributors to AGIF their insurance cover is withdrawn  at age 35 -40 years. 
-The COAS and Lt Generals are not even one percent contributors are getting Insurance cover up to the age of 62 and 60 !!!!

-The Jawans At the age 35, 40 are loaded with responsibility.

-How can we withdraw this security cover to these men who have provided security to the nation from the day they joined service to the day they have retired.

Is it Fair?

On Retiring Jawans are not secure for two reasons:-

-He is now unemployed
-The Insurance Security cover which he had, that too against his own contribution is also withdrawn
 Why is Security cover withdrawn ?
-Jawans while in service, he is young and Physically fit, as he grows in age, THE RISK FACTOR  will keep increasing each year.


Each growing year, he is becoming a greater liability,each year. That is the Reason he is shed at this young age.
His money has been used for Twenty years and Security cover is withdrawn when he needs it most. HE IS NOT EVEN INSURED FINSURED WHEN HE IS HEALTHY

THE WAR RISK & BORDER SKIRMISHES DEATH RATE IS EVEN BELOW 1% IN A DECADE[ INC KARGIL WAR]

Please note the day he retires same day another Jawan is enrolled so strength never decreases, meaning the quantum of money will never decrease.

The Corpus will always be a huge amount .ie Rs 3900,0000000/- multiplied by number of years you can see the figures!!!!

Govt does not fund the Army group insurance scheme at all and the soldiers not only risk their life for the country but also pay in cash for taking such risks.

OVER THE YEAR THE CORPOUS MAY BE GROWING BY LEAPS & BOUNDS,

SEE SBI LIFE ADS

**SBI Life ranked as Most Trusted Life Insurance Brand by The Economic Times, Brand Equity and Nielsen Survey 2014 for the fourth consecutive  year. @No medicals required for a cover upto 75 lakhs for the age upto 40 years. *For a healthy non-smoker male 25 years old with a policy term of 20 years, level cover option, paying 6,360 as annual premium without service tax (Premium for one day = Annual Premium / No of days in a year = 6,360 / 365 = 17.42 i.e. 18.00 approximately). Premiums can be paid only in Annual Mode of Premium Payment. Premium mentioned above is indicative and might change subject to underwriting. #The premium amounts mentioned are excluding service tax, for a healthy Non-smoker male with policy term of 20 years and level cover option. ^For the Premium paid on Life Insurance of 1.5 lakh, save tax upto 51,912 (Assuming highest tax bracket applicable for an individual and subject to provision of Income Tax Act, 1961.) Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details. SBI Life - eShield, UIN: 111N089V01, a non-participating pure term insurance plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. Insurance is the subject matter of solicitation. Trade logo displayed above belongs to State Bank ofIndia and is used by SBI Life under license. SBI Life Insurance Company Limited. Registered & Corporate Office: Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069. IRDAI Regn. no. 111. CIN: U99999MH2000PLC129113. 1G Cr3.ver.04-09/15 EM ENG

 NOTE{

1.      AGIF DOES NOT HAVE TO PAY FOR OVEHEADS AS IT IS FROM WITHIN THE ORG, BUT PUBLIC & CIVIL INSURANCE COMPANIES HAVE TO PAY FOR OVERHEADS

2.      AGIF MAY BE EXEMPTED FROM LICECE FEE BUT OTHERS HAVE TO PAY HEAVY TEARLY FEE

3.      AGIF DOES NOT PAY TO AGENTS AS IT IS BY GROUP ITSELF, BUT LIC & SBI   EXTRA HAVE TO PAY TO AGENTS

4.      AGIF DOES NOT PAY REBATE/COMMISSION BUT LIC/SBI EXTRA HAVE TO PAY

5.      AGIF DOES NOT PAY DIVIDENDS TO SHARE HOLDERS ,BUT LIC /SBI HAVE TO PAY YEARLY DIVIDENDS & BONOUS SHARES FROM TIME TO TIME TOWARDS THEIR RETURN OF INVESTMENT[ ROI[

6.      AGIF DOES NOT PAY FOR AUDITS BUT LIC/SBI  HAVE TO PAY FOR AUDIT

7.       AGIF DOES  NOT PAY TOWARDS ADVERTISEMENT BUT LIC/SBI HAVE TO PAY

8.      THUS THERE AS FAR MORE ADVENTAGES TO AGIF IN SAVING IN AMOUNT  FOR RUNNING BUSINESS OF AGIF.

9.      ALL THE ABOVE SAVINGS SHOULD BE SEPERATLY WORKED OUT & KEPT IN SEPERATE HEAD FOR FUTURE ADDS ON POLICIES.

 RECOMMENDATIONS

1.      THE PREMIUM RECOVERD BY AGIF  IS TOO HIGH AS SUCH IT SHOULD BE COMPARED WITH LIC/SBI LIFE /HDFC LIFE EXTRA AS DEEMED FIT

2.       WITH SAME PREMIUM GO FAR FAMILY COVER [SELF +WIFE+2 CHILDREN} ENDOWEMENT POLICY UPTO AGE OF 75 YEARS FOR ALL. SO ON DEATH 1 CRORE IF LUCKY GET TERMINAL BENEFIT WHICH WILL BE AN ADDED MONEY IN LAST LIFE OF LIFE

3.      COVER ALL RETIREES  & THEIR SPOUSE WHO ARE ALIVE ,IF FEASIBLE COVER THEIR CHILDREN TOO. UPTO AGE OF 75 YEARS. RETIREES HAVE CONTRIBUTED BULK OF AMOUNT WHICH IS NOW HUGE STOCK WITH AGIF.

4.      THE HUGE BUFFER STOCK BE USED FIRST FOR INSURANCE OF SERVING & RETIREES

5.      THE BALANCE OF BUFFER STOCK BE USED IN PUBLIC SECTOR TAX FREE BONDS LIKE REC EXTRA & P- NOTES

6.      BABUS IN MoD WILL BE EYEING ON SUCH HUGE CORPOUS & ONE DAY WILL TAKE IT AWAY AS A] CANTEEN PROFIT SHARE ALTHOUGH THEY ARE NOT SHARE HOLDERS/CONTRIBUTORS B] LIKE PENSION FUND TRANSFER OF DEFENCE TO THEIR PENSION.

In USA,every soldier is insured regardless of rank for a monthly premium of 27 dollars for sum assured of 4 lakh dollars. This is made possible by the federal govt law by which the heavy premium is borne by the federal govt.
In India govt is asking the soldiers to risk the lives and also pay for it too. 
And to the old soldiers who have survived somehow to defeat death during service but paid for the risks taken for the country from their meagre salaries.

55% of defence pension goes to defence civilians who comprise only 22% of the defence pensioners. Veterans who comprise 78% of defence pensioners( who have already paid the risk premium for the country from their salary while serving) get just 45% of defence pension.

AGI BENEFITS

S. No	Description	Amount JCOs/OR
		Offrs
1.	AGI Insurance wef 01 Sep,2013,	Rs 50 lacs (incl IMA & OTA cadets	RS 25 LACS	AGIF
2.	Post Retirement/Extended Insurance (EI) scheme (for 26 yrs after retirement or 75 years of age whichever is earlier	6 lacs	3 lacs	AGIF
3.	Disability Benefit [ max 100%disability proportionately reduced to 20%disability[	Rs20 lac to 4 Lacs	Rs10 Lac to 2 lacs	AGIF

NDA CADETS & AFMC CADETS  IS DIFFERENT & OUT OF PREVIEW OF THIS ARTICLE,

AGI MATURITY  AS PER CONTRIBUTION. BY AGI DIRECTORATE

CONTACT FOR Army Group Insurance benefits

Army Group Insurance Fund

Rao Tula Ram Marg, Post Box No 14.New Delhi-110057.Col Coord : 011-26142369 Director Claim - 011-26145709

Exchange 011-26142749, 26151031 Asst Director Claims : 011-26142897 Fax- 011-26148471

(Source- E-MAIL FROM COL RANBIR LAMBA VET, A ONE MAN ARMY)