In the year 1962-63, The Institute of Chartered Accountants of India has established a society Registered under the Societies Registration Act, 1860 in the name of ‘The Chartered Accountants’ Benevolent Fund’ having a Registration No. S-2185 of 1962-63. The membership of the Fund shall be open only to those who are members of the Institute of Chartered Accountants of India. The objects for which the Fund is established is to provide financial assistance for maintenance, education or any other similar purpose to necessitous person, being:-
(a) Persons who are or have been members of the Institute, whether subscribers to the fund or not; or
(b) Wives and children of persons who are or have been members of the Institute, whether subscribers to the Fund or not; or
(c) Widows and children of deceased persons who have been members of the Institute, whether subscribers to the Fund or not; or
(d) Relatives or other who were dependent for support on a person who has been a member of the Institute, whether subscriber to the Fund or not; and who has died without leaving a widow or child.
Presently there are four categories under which financial assistance is being provided, Such as:
a) Ex- Gratia Financial Assistance from CABF
b) Financial Assistance from CABF for Medical Treatment
c) Grant of Monthly Financial Assistance from CABF
d) Financial Assistance for Corona Medical Treatment.
In this article, the Financial Assistance from CABF for Medical Treatment related to corona/ Covid 19 is being discussed. Other Assistances are dealt in other articles.
Also Read: ICAI- CABF Financial Assistance
Becoming a member of the CABF
To receive any kind of assistance or support, the only requirement is to have a membership of the Institute of Chartered Accountants of India. There is no requirement of membership of CABF to get the assistance. However the revenues of the fund are from the member’s membership and contribution, so, Chartered Accountants where in practice or in industry should subscribe to CABF. There are two categories of members:-
(a) Life Member: A single payment of Rs. 10000/- shall make a person eligible to be admitted as a life member of the fund w.e.f. 1st January, 2020. Thereafter he shall not be liable to pay any amount on account of subscription and shall be styled as a ‘Life Member’.
(b) Ordinary members: All other members shall be described as ‘Ordinary Members’ and shall have to pay an annual subscription of Rs. 1000/-. Apart from this any member can subscribe for ‘Voluntary Contribution’.
Assistance for Corona Treatment
The financial assistance will be up to Rs 1, 50,000/- (One Lack Fifty Thousand) subject to utilization for treatment of CORONA. However this financial assistance is not available if net taxable income of the member is more than Rs. 10 lac p.a. Further, this benefit is available to Member Himself Spouse, Children & Dependents of the Member. A member is require declaring in the application that the information is true to the best of his knowledge and belief and confirming that the claiming of such assistance is for the first time and did not avail any financial assistance from any other source for treatment of CORONA disease or hospitalization and treatment. Further, this is to undertake to provide the bills (in original) to the amount mentioned above along with the copy of Recommendations of the ICAI Office Bearer within 15 days of discharge from the Hospital failing which the amount given and the amount granted will be returned to CABF in full .The amount given as a loan and would return the same if the amount is not utilized for treatment of Corona or bills or treatment is not submitted with CABF within 15 days from discharge from the Hospital and assure to refund the amount advanced to as loan.
Any active member of the Institute may apply for Medical Assistance for treatment of CORONA Disease from the Chartered Accountants Benevolent Fund (CABF) by filing prescribed Application Form along with the required documents/enclosures. Application Form can be downloading from the following link: https://resource.cdn.icai.org/60383cabf-covid19-appform.pdf
The following documents are to be enclosed in support of request for grant of Medical Assistance for corona disease.
1. Copy of Diagnosis, in original
2. Medical Reports & Bills of Hospital, in original [if available]
(Hospitalisation is must for applying for Medical Assistance)
3. Estimate of the Hospital towards cost of treatment
4. Copy of ITRs for last two years
5. Copy of PAN Number of the Applicant, if any
6. Copy of Aadhar Card of the Applicant, if any
7. Cancelled Cheque
8. In the case of dependent, Aadhar for age proof and PAN, if any, along with declaration that the dependent has no source of income and is totally dependent for his/her livelihood on the Applicant/Member.
9. In the case where any amount has been received from the Insurance Company, claim settlement note, in original, where the expenditures are incurred more than the sum insured/policy amount.
10. Last two years ITRs of the Applicant/Member.
On account of recent surge in COVID cases, the Managing Committee of the Chartered Accountants’ Benevolent Fund (CABF) has decided to relax certain aspects of procedure followed for grant of Medical Financial Assistance to the Members and their dependents i.e. Financial Assistance will be considered for dependent parents with no age bar where gross total income as per Income tax Act of family of the Member is less than Rs. 10 lacks. Further Dependent parent with income shall also be now eligible (as against no income of dependent earlier) provided the total gross income as per Income tax Act of the family of the Member is less than Rs. 10 lacks. This relaxed norm is now applicable for the Hospitalization cases [on and after 26th April, 2021] to the members and their dependents that are in distress and need help.
Earlier, Dependent relatives were included spouse (non-working), children (Son up to 21 years and unmarried daughter up to 25 years), Father (Above 60 having no income), Mother (Above 60 with no income of husband and for widow no age and income restrictions). Apart from above, no other relations will be considered (i.e. brother, sister, grandfather, grandmother, mother-in-law, father-in-law, grandmother-in-law, grandfather-in-law, uncle etc.)
Separate Application Form (in the case of dependent for each) for Medical Assistance for treatment of CORONA Disease from the CABF is required to be submitted in the case of multiple requests of dependent.
In exceptional cases, assistance shall also be given to Member / Dependent of Member where discharge from hospital is pending. Amount shall be paid as an advance on basis of CORONA positive Report and estimate of the Hospital and all the original bills along with other compliance on the part of the member shall be submitted within15 days from discharge from the hospital
The Medical Insurance Policies
Now days, the members are having medical insurance policies for hospitalization etc. Financial Assistance will also be considered for remaining amount in the cases (including dependent) where Member has received partial claim from the insurance company. This relaxed norm is now applicable for the Hospitalization cases [on and after 26th April, 2021] to the members and their dependents that are in distress and need help.
Earlier, Claims where insurance companies have made part payment and rejected the balance, the rejected amount for whatsoever reasons were not considered. However, financial assistance was being granted if the actual expense exceeded the sum insured.
The Application form
The Hard copy of the Application along with all enclosures / documents mentioned above as required to be sent to the address i.e. The Member Secretary, CABF, M&C-MSS Directorate, The ICAI, ICAI Bhawan, Plot No .A-29, Sector-62,NOIDA–201309. An advance copy of the Application Form along with all documents /enclosures (scanned copies) may be mailed at [email protected] for doing the needful at end of Office, however, hard copy of all the documents are required, for processing the same for consideration to the Appropriate Authority.
Application for Medical Financial Assistance for treatment of CORONA Disease requires Recommendation of the Central Council Member/Chairman/Vice-Chairman/Secretary of the Regional Council(s) or Branch of the Regional Council(s) /Ex-President /Chairman /Vice Chairman and Member Secretary/Member of the Managing Committee of the CABF/Member of Managing Committee of the Regional Council(s).
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