32 years ago, the think tank of IMA, Maharashtra State formulated a scheme “IMA - MS - Social Security Scheme”. Generally, we all have LIC Policies, primarily to cover the risk of premature/untimely death & reduction in tax liabilities. The similarity between LIC & the Social Security Scheme ends there. The scheme covers the risk of premature death of the member. The member has to contribute for 25 years and later only pay the annual subscription of Rs. 200/- only(this may marginally change in future) & he will be a continuous member of the scheme till his / her death, with incremental beneficiary amount with growth of the Scheme. Since the number of members in SSS keep rising, the Doctor, who continues in the Scheme is also monetarily benefitted—even after his retirement from SSS after 25 years’ contributions of FFC--, though he DOES NOT contribute FFC then. The money collected in the SSS is invested in financial institutions and formulas allowed by the Charity Commissioner. - The scheme was launched on 1^st October 1990--Effective membership as on 5th Jan. 2022: 6610 In the year 2021-22 the nominees of each of expired members were paid Rs. 9,25,000/- within few days of getting information of the death and on receiving minimal documents.

HOW DOES THE SCHEME WORK?

Eligibility :

Life member of IMA from Maharashtra State upto the age of 60 years.

Rules for benefit :

Benefit of Fraternity Contribution of the scheme is available after completion of one year of membership of IMA - MS - S.S.S. The nominee of the member is entitled for such benefits if death of member occurs in accident even within one year of joining the Scheme. Currently, a doctor wishing enrollment pays Rs. 12,000/- as Advance Fraternity Contribution(AFC), which is returned (without any interest) upon death. The admission fee is paid according to the age bracket (see the table on back page). The date of registration shall be date of acceptance of the documents and contributions, as per the schedule, and receiving payment, cash or cheque / DDsubject to realization. Incomplete documents will result in delay in enrollment. In addition to FFC every year, annual membership fee of Rs. 200/-(towards admin expenses)is be paid by all the members. Retired members need to pay only Annual fees of Rs 200/(which may change marginally in future) -Each year, demand note is sent to every member. Rs. 200/- per death that had occurred in the last year will be demanded at the end of each year, in April. This money is known as “Fraternity Fund Contribution” (FFC).Out of this, Rs. 140/- is paid to the nominee of the deceased member & Rs. 60/- ploughsto Corpus of SSS. The interest on this corpus takes care of the FFC payment of the doctors who have retired after 25 years in the Scheme, who are not needed to contribute thereafter. All the nominees of deceased members will be paid death claim accordingly to calculations.

REQUIREMENTS FOR SSS MEMBERSHIP

• A prescribed form, duly completed, with endorsement of the Hon. Secretary / President of local branch that you are a Life Member of IMA, Certified copy of Life Membership certificate issued by IMA HQ.
• Age proof - Certified copy of school / College leaving certificate / Passport / LIC policy 1^st page /Aadhar card etc.—any one
• Demand Draft / Cheque-Payable at par in Pune, of the appropriate amount.
• Name of nominee. If more nominees, refer to rules. Dispute of any nature whatsoever would be triable by the Courts of Pune Jurisdiction only.
• Passport size photo to be pasted in photo space—of both, member and nominee.

Admission Payment Structure As Per Age W.E.F. 1^st April 2022

ANNUAL FFC PAYMENT SCHEDULE

The notices of FFC will be dispatched latest by 15th April to all members. If one does not get the notice by 10^th May, he has to inquire with the office. FFC amount must reach the office latest by31^st May. Excuse of not receiving the notice from office will not be entertained.Late fee from 1^st June to 31^st August is Rs. 100 and from 1^st Aug to 30^th Sept, Rs 300. Final notice by regd. AD will be sent in the month of August. Non-payment on 1^st October will lead to automatic deletion and the member will have to go through extra payment and exercise of revival of membership. Every member must inquire with the office if the notice is not received by 20^th April. (Payment dues may be notified by sms, whatsapp, email and similar means).

VOLUNTARY DEPOSIT FOR FFC AND ANNUAL SUBSCRIPTION

We accept ADVANCE DEPOSIT towards FFC and ANNUAL SUBSCRIPTION in multiples of Rs. 5000/- (Member can pay Rs. 5000/-, 10,000/-, 15,000/- etc.) in advance. The office will deduct the outstanding payment every year and send the statement of their balance deposits. This is totally VOLUNTARY. You may opt/may not opt to pay in advance. This amount will not earn any interest. In case of the death of a member, the balance of the deposit will be refunded to the nominee along with the death benefit amount. This will spare members from the annual exercise to pay FFC in time and hanging sword of deletion.

REVIVAL OF DELETED MEMBERSHIP - Maximum upto 3 yrs.

• Such deleted but desirous member will have to fill up a new application form & submit it with xerox copies of age proof & IMA Life membership certificate along with Bank Draft of proper amount.
• They will have to pay :
      - Rs. 12,000/- Advance Fraternity Fund as of now (Revisable)
      - Admission Fee as per age group as on date of re-application
      - All defaulting years’ FFC to be paid with Rs. 300/- late fees of each year
• Please note that as per today’s age, even if the member has exceeded 60 years age, his membership will be revived. Desirous members to revive their membership, please confirm the amounts to be paid, telephonically / postally with office or Chairman/Secretary of SSS.. .
• On revival, the member will be considered to be a continuous member of the scheme from the date he had originally joined. He will be entitled for the death claim benefit without waiting for 365 days. His total contributions, paid from beginning, will be counted & he needs to pay total 25 FFC from the date of originaljoiningi.e. his seniority is maintained. Revival is permitted ONCE ONLY. .
• The Deleted members of more than 3 FFC defaults, can join the scheme as New members, however the age limit of 60 years will be applicable and they will become beneficiary after 365 days. Their previous contributions will not be counted, they will have to pay total new 25 contributions of FFC. .