1. Version 1.00/8th December, 2012
2. Version 2.00/14th December, 2013
3. Version 3.00/1st December, 2014
4. Version 4.00/1st April, 2016
5. Version 5.00/10th August, 2019 (approved by FAC)
6. Version 6.00/7th August, 2021 (approved by FAC)
Part – I
1.1 The Council makes this Scheme called Student Support Scheme within the powers vested in it under section 19 (l) and 19 (r) of the Actuaries, Act. 2006 and is a result of one of the conclusive action points of the Strategy Initiative Programmes that was carried out during the year 2011.
1.2 This Scheme meets with broad framework of the Vision, Mission and Value statement of the Institute as adopted by the Council in its meeting on 24th August, 2012.
1.3 The Scheme aims to provide financial support to student members of IAI who are Indian Citizen and are ordinarily resident in India with potential to become an actuary, but who might otherwise find it difficult to mobilize financial resources to pursue the examinations.
1.4 This Scheme is a Scheme to support
a. Economically disadvantaged students. It is an expression, among others, of the IAI"s social responsibility and aims to create an enabling infrastructure to reach out to economically disadvantaged students. b. Kin of the martyrs ( Immediate blood relation limited to maximum of 2 children) of the security forces and armed forces* (as defined in Annexure 1)
* introduced wef 21 August 2019 (FAC decision dated 10 August 2019)
c. Student member who lost either of the parent and the only earning member of the family due to coronavirus disease (Covid-19).* introduced wef 27 August 2021 (FAC decision dated 7 August 2021)
Part – II
2.1 The scheme applies to all students who are ordinarily resident in India (as defined under Income Tax Act 1961).
2.2 The applicant for the benefits under the scheme should be citizen of India.
2.3 The candidate must apply for the entitlement under the Scheme as and when such applications are solicited by the IAI.
2.4 The candidate shall not be a beneficiary at any time under any other scheme meant for the same purpose and has the obligation to disclose voluntarily to the IAI if he/she is beneficiary of such other scheme/s.
2.5 Not more than two members from a family can be beneficiaries under the Scheme. Family for this purpose will consist of Parents and unmarried children. However, if two or more married siblings of a family stay under the same roof then it will constitute as many different families.
2.6 The candidate must be a student member of the Institute at the point of application and continually thereafter. The Scheme applies for examinations for the subjects of CS1 & 2, CM1 & 2, CB1 & 2 to be taken from IAI only.
2.7 The Scheme is applicable only to those student members who are pursuing IAI examinations as their core academic study.
2.8 The candidate must not be employed, at the point of application and continually thereafter to avail the benefits under the scheme.
2.9 The current annualised family income at the point of application and continually thereafter should not exceed Rs. 300,000/- (Rs. Three hundred thousand) ^. Income certificate issued by the sub-divisional magistrate/circle officer/block development officer or an equivalent State Government Authority in whose jurisdiction the candidate resides shall be a valid document as a proof of income through all sources. The candidate shall be required to provide such income certificate every financial year latest by 30th April for the benefits to continue.
The eligibility clause 2.9 is waived for the students under the clause 1.4(b) and 1.4(c).
^ increase the total income of family criteria to Rs. 3,00,000/- (Rupees Three Hundred Thousand per annum from 1st April 2016. (FAC decision dated 12 March 2016)
2.10 Timelines for Application Form Submission:
Any pending documents required to be provided by the student to assess his/her eligibility, have to be submitted within 90 (ninety) days from the date of receipt of the first set of documents by the Institute. However, if there are some further additional documents required to be submitted for the same purpose, the student should submit the same within 90 days from the date of despatch of the letter asking for the requirement by way of courier/post/electronic media/or any other feasible modes. All the cases pending for the documents are required to be submitted within next 90 days from the date of approval of this modification.
2.11 Timelines for Claiming Re-imbursement:
a) Candidates claiming re-imbursement for the first time after their application has been approved should do so within 45 days of date of purchase of the study material and other scheme benefits.
b) Existing eligible candidates' re-imbursement forms should reach the Institute within 45 days of the transaction date of purchase of study material and other scheme benefits.
2.12 Continuity of the benefits:
a) At least two subjects should have been passed in the immediately preceding three examination diets for the benefits to continue.
b) Students who claim re-imbursement of exam fees, having registered for the same, but do not appear for the exam, their registration for that subject will be counted as an attempt. For the purpose of point/clause 4.3
c) In case the candidate becomes ineligible for the continuity of the benefits due to any of the reasons, then he/she needs to fulfil all the eligibility criteria including the two subjects to be passed in the past 3 exam diets for the benefits to resume/continue.
2.13 The funding:
The funding shall come out of the surplus generated from ACET admission fee, a percentage of which surplus shall be earmarked for this fund. Such a percentage shall be decided by the Council in respect of each financial year after the Financial Statements have been approved by the Council. Decision of such percentage will have considerations factored in to such as,
a) i) estimate of requirements over current and next at least three years.
ii) burden on the surplus to fund other educational and examination process improvement activities.
iii) fund required to market ACET, besides any other aspects that Council may consider relevant.
b)An initial corpus of Rs. 10 Lakh to be created from General Surplus. Thereafter, program shall be funded through 15 % of surplus generated through ACET Exam. #
# Beginning ACET December 2015 examination, the 15 % of surplus generated through ACET Exam need no longer be transferred to the 3S Fund. ( FAC decision dated 12 March 2016)
Part – III
3.1 Administration Committee chaired by ED with Head-Operations, Manager-Examination and Manager- Accounts as its members will scrutinize the application and decide on eligibility within the framework of this Scheme.
3.2 Appeal by the candidate to reach the IAI within 30 days of the decision having been communicated shall rest with the Education Committee. The Education Committee shall decide on each application within 30 days and the decision with reasons shall be recorded and communicated.
3.3 Conduct and Disciplinary Processes: If any candidate has misrepresented his/her income, produced false documents/evidence or indulged in to activities such as bearing pressure on decision making or any other, the candidate shall be subject to Disciplinary process and penalties as applicable to students generally. Such penalties shall include besides debarring from the applicability of the Scheme, debarring from appearing in examinations for period specified and others.
Part - IV
4.1 Funding of annual membership subscription fees.
4.2 Funding of study material cost supplied by the IAI.
4.3 Funding of examination fee for a maximum of two attempts per subject. (Please refer 2.12(b) of continuity of benefits)
4.4 Funding of Coaching or Counselling charges conducted by the Institute, if any.
Part – V
CHANGES TO THE SCHEME
The Council may at any time make changes to the Scheme including its termination for existing beneficiaries as well as for the future students.
Part – VI
Application Form and Fee Re-imbursement Forms are available under the Sub Tab “Student Support Scheme” of the Student Tab on the IAI website.
In case of any clarification, you may get in touch with: Mr. Sandeep Mahajan : 022-62433337 or you may write : email@example.com