Indian Medical Association - Maharashtra State - Social Security Scheme

Some years ago , the think tank of IMA, Maharashtra State formulated a scheme ” IMA-MS-Social Security Scheme”. Generally, we all have LIC & the scheme ends there. The scheme not only gives the taxes benefits & covers the risk of uncalled for death but also takes care of the mental & / or the physical disability due to which doctor cannot pursue the medical practice permanently, the benefit is payable even if member alive. The member has to contribute for 25 years for the deaths occuring every year. He will not pay for the deaths after that.(He will only pay the annual subsription) & will be a continuous member of the scheme till death or complete permanent physical / mental disability. Since the number of member’s keep rising, the Doctor, who continues in the scheme for more than 25 years is also monetarily benefited. He does NOT contribute anything then, but benefit amounts keep rising, proportionate to the membership. The money collected in the scheme, is invested only in financial instruments allowed by the Charity Commissioner.   How does the scheme work? ELIGIBILITY: Life member of IMA of any local branch of Maharashtra State up to the age of 60 years. RULE OF BENEFIT: Benefit of Fraternity Contribution of the scheme is available after the completion of one year of membership of I.M.A. – M.S. – S.S.S. However, nominee of member is entitled for such benefits if death of member occurs in accident even within one year of joining the scheme. IMA: Life Member wishing enrollment pays-

  • Rs 3,0007/- Advance Fraternity Contribution, which is returned (without any interest) after 25 years upon death, whichever is earlier.
  • The Admission Fees are paid according to the age bracket.
  • Annual Subscription for 2 years.

The date of registration shall be on the acceptance of the documents and payments as per the schedule, subject to realisation of cheque. Incomplete documents will result in delay in enrollment. Every year in month of April Rs 100/- per Death X No of Deaths in year = _______ + Rs 100/- Annual Subscription= Total, a demand note is sent to every member. This money is known as “Fraternity Fund Contribution”(FFC). Rs 70/- of this is paid to the nominee of the deceased member & Rs 30/- goes to form a Corpus. The interest of this Corpus will take care of the FFC payment of the doctors who have survived & Paid Contribution for 25 years in the scheme and who are not needed to contribute thereafter. The nominees of deceased members will recieve Rs. 3,79,610/- + 3000 refund of Advance Fraternity Contribution. For each of us it is a Small Step , But For our Dependents it will be a great help What we Need?

  • A form, duly completed, with endorsement of the Hon. Secretary/ President of local branch that you are a life member of IMA or Certified copy of Life Membership Certificate issued by   IMA HQ, New Delhi
  • Age Proof- Certified copy of school/ College Leaving Certificate/ Passport/ LIC Policy 1st Pg. / Local Self Govt. Birth Certificate / PAN Card. [No Driving Licence / Election Card please]
  • Cheque( From Mumbai Area)/ Demand Draft( From Outside Mumbai Area) of the appropriate amount
  • A name of nominee, if there are more than one nominees, the full benefit amount will be given to the first named nominee. In case 1st nominee expired to the 2nd nominee, unless specified otherwise.
  • Passport Size Photo to be pasted in Photo Space 1 of the applicant and two of the nominee
  • Dispute of any nature whatsover to be Subjected to Mumbai Jurisdiction Only.

I.M.A Maharashtra State Social Security Scheme Eligibility Form

Presentation on Social Security Scheme Download