Social Security Scheme

The Scheme:

The scheme shall provide financial assistance to the nominee of a member of this scheme in the event of his death or to a member of the scheme who is unable to earn livelihood, on his request. as per the criteria mentioned in the constitution.

The Application Form:

The application form is available as a pdf download here.

Elegibility:

Any Life Fellow/ Life Ordinary Member of IPS, up to the age of 60 years & resident in India, is eligible to become a member of this scheme.

Admission Subscription:

Any Life Fellow/ Life Ordinary Member of IPS willing to become a member of this scheme shall be admitted on payment of one time admission subscription as per scale below.

Below the age of 30 years – Rs. 1000/-
Below the age of 35 years but above 30 years – Rs 2000/-
Below the age of 40 years but above 35 years – Rs. 3000/-
Below the age of 45 years but above 40 years – Rs. 4000/-
Below the age of 50 years but above 45 years – Rs. 5000/-
Below the age of 55 years but above 50 years – Rs. 6000/-
Below the age of 60 years but above 55 years – Rs.7000/-

Annual Membership:

Every member of the scheme shall pay Rs. 200/- as annual membership subscription.

ADFC:

Every member shall pay initially Rs. 2.000/- as Advance Death Fraternity Contribution (ADFC) along with lhe admission subscnption & membership subscription, which will be adjusted Rs. 500/- per death of a member durmg the year and/or any member unable to earn livelihood.

Refund:

If any member voluntarily retires as a member, he shall get refund of his admission subscription as under, in addition to remaining amount of Advance DFC in his account.
1. If he retires within 03 yrs – 50%
2. If he retires after 04 yrs – 100%
No interest is payable on any account to the member.

Address for Communication:

The scheme application form and all enclosures are to be submitted to –

Dr. Mukesh P Jagiwala
Social Security Scheme IPS
101, ‘Shriji Nivas’, A to Z Building, Opp. Dhiraj Sons, Mansukhlal Tower Lane, Athwagate, Surat-395 001 (Gujarat)
Mobile: 98795 21795
E-mail : [email protected]

Bank Details:

Cash / Multi City Cheque / Demand Draft / Transfer / NEFT / RTGS (with UTR No.) must be in favour of ‘SOCIAL SECURITY SCHEME IPS’

Account: SOCIAL SECURITY SCHEME IPS
Bank: Bank of Maharashtra, Athwa Lines Branch, Surat, Gujarat
Account Number: 603020911 59
IFS Code: MAHB0000983

Benefits for Disability:

On receipt of the information from the nominee and/or responsible person of the family of a member that a member has become permanently physically disable, thereby rendering him unfit to practice the profession or after attaining the age of 80 years with minimum membership of 5 years of the scheme shall have an option of voluntary retirement from the scheme. In this event he shall get the refund of his entire admission subscription & also contribution equal to last D.F.C. amount paid and his membership shall stand terminated.

Assurance in Case of Death:

On receipt of the information from a nominee about the death of a member, his nominee shall be paid Fraternity Contribution (Rs. 500/- X number of members of the scheme on the date of death). Amount shall be paid within 45 days after receiving the information with following documents. Attested Photocopy of,
A. Death Certificate of Member
B. Original membership certificate of’ Social Security Scheme, IPS’
C. Receipt of last DFC paid (Optional)

Survival Benefit:

If a member of the scheme has completed the continuous membership of 25 years or a member unable to earn livelihood or after attaining the age of 80 years or voluntary retirement after completion of 25 years membership and if he wishes to have the survival benefit, will receive balance amount of advance DFC along with an amount equal to last DFC paid. After receiving the survival benefit (on the date of receiving his application by the office), his membership of the scheme will get terminated.

Scheme Document – 2010