1. The Institute of Company Secretaries of India (ICSI) notified that Company Secretaries Benevolent Fund (CSBF) is reimbursing the medical expenses, in deserving cases, incurred by the CSBF Life Members towards Covid-19 treatment up to Rs.75,000/- (limited to Rs.50,000/- till completion of 3 years of subscription). Additionally, life members of CSBF are also given various other financial benefits.
a) Firstly, Rs. 10 Lakh to the dependents of deceased members in case of unfortunate death of a member upto the age of 60 years.
b) Secondly, Rs. 3 Lakh to the dependents of deceased members in case of unfortunate death of a member above the age of 60 years.
c) Thirdly, Rs. 50,000/- per child – one time (upto two children) for education of minor children of deceased members upto the age of 60 years.
d) Fourthly, upto Rs. 75,000/- for reimbursement of medical expenses incurred by member for self or dependent family members (in deserving cases*). Expenses borne towards the treatment of Covid are included here.
e) Lastly, reimbursement of medical expenses upon. 50,000 (in deserving cases*) for CS (self only) who are not members of CSBF.
2. It is noteworthy that the deserving case limits annual income to Rs.7,50,000/- in the last financial year. The ICSI appealed to the Members of the Institute, who have not yet become the member of CSBF, to become a life member at the earliest. CSBF can provide financial security to the family in times of need.
3. Financial support to members/their families is given in the minimum time possible. As compared to term insurance policies, the one-time Subscription Fee to CSBF is much cheaper. Moreover, subscription/contribution to CSBF qualifies for deduction under Section 80G of the Income Tax Act, 1961.
“In case you have not yet become a life member of CSBF, we take this opportunity to once again urge the Members to become a life member of CSBF right away by remitting a one-time subscription of Rs.10,000/- through Institute’s portal (http://www.icsi.edu) with ‘Form-A’ duly filled in and signed available at the link: https://www.icsi.edu/csbf/home,” the ICSI notified.