What is Loss of Licence Insurance and what does it cover?
Commercial Pilots depend completely on their continued good health and on their ability to pass successive medical examinations. A failed medical, a serious injury or deteriorating health can result in the loss of their pilots flying licence.
The FIP, as one of its many services to its members has negotiated an invaluable group insurance scheme for Loss of Licence with Bajaj Allianz General Insurance Company Ltd., which is compared to the best offered worldwide.
Loss of Licence Insurance is a group policy covering the Members of the Federation of Indian Pilots (FIP) on the basis of Loss of Licence on Medical grounds only. This policy covers the member for Temporary medical unfitness (TMU) and Permanent medical unfitness (PMU) declared only by the competent board (DGCA).
What are the benefits?
A pilot covered under the Loss of Licence insurance scheme ensures himself of the financial stability and peace of mind when declared Medically Unfit (TMU or PMU)
Who is eligible for enrollment in the Loss of Licence policy?
A member of the FIP, in good standing (Current member with all his dues paid till date) on the date of enrollment.
A member should not be over 65 years of age at the time of commencement of the policy.
A member whose flying licence issued by DGCA is valid on the commencement of the date of policy and during the period of the policy.
How can I obtain a Loss of Licence Cover?
To Avail of the Loss of Licence policy through the Federation of Indian Pilots, the pilot must become a member with the FIP by paying the Annual subscription fees. Only after being a member he can avail of the Loss of Licence policy. You can download the membership and the Loss of Licence Insurance forms from our website fipindia.com.
How much Loss of Licence insurance policies can I avail of, since I am already covered for loss of licence insurance by my employer?
The member can avail only 1 individual Loss of Licence Insurance policy other than the 1 issued by his employer. The FIP's Loss of Licence Insurance policy is over and above the company Insurance.
Will taking a Loss of Licence Insurance from FIP affect the emoluments received from benevolent funds?
No, the FIP's Loss of Licence policy has no relevance to the benevolent schemes offered within the employees of the company. It does not affect the emoluments received from these benevolent funds.
What are the documents required for processing the Loss of Licence insurance?
A pilot wanting to avail of the Loss of Licence insurance will have to submit the following documents :-
- FIP Membership Form
- Cheque for the Annual Subscription drawn in the Favour of 'Federation of Indian Pilots'
- Loss of Licence Proposal form
- Cheque for the Insurance drawn in the Favour of 'Bajaj Allianz General Insurance Company Ltd'
- Copies of Last two Medicals (CA 35 or DGCA Assessments)
What is the maximum coverage I am entitled for?
There is no criteria for salary this year for Employed Pilots.
Each member is entitled to the maximum Sum Assured as per his / her age group. (Except in cases of any pre-existing / medical history).
What is the coverage for Un- Employed Pilots?
The maximum Sum Insured for an Un- Employed Pilot is Rs 10 Lakhs.
How long should my medical be valid for taking the Loss of Licence policy?
The Medical should be valid for a minimum period of 45 days from the date of commencement of the policy to be eligible for taking the Loss of Licence insurance policy.
How many days is the cooling period under this policy?
The cooling period is 35 days in this policy. The cooling period is only applicable when the insured is declared Temporary Medical unfit. In case of incapacity causing Temporary Medical Disablement due to disease / illness otherwise than that due directly or indirectly to Psychosis, psychoneurosis or epilepsy, Compensation is payable after completion 35 days of cooling period will be 1.5% of Sum Insured per month or One Month's Net Salary whichever is less.
Compensation payable to insured in case of Permanent Total Disablement (otherwise than that due directly or indirectly to Psychosis, psychoneurosis or epilepsy) & PA (Accidental Death claim) - 100% of Sum Insured.
Does this policy cover me for personal accident?
Yes, this policy also has the personal accident cover along with the loss of licence insurance. The premium is inclusive for both the coverage. Any Accident i.e. Aircraft Accident, Road Accident is covered under this policy. Death resulting due to accident is covered under this Loss of Licence Policy.
Is Natural death covered under this policy?
No, Natural death is not covered under this policy. It is only covered under life insurance policy.
Does this policy cover me for any Incident with the employers?
No, This policy is specifically a loss of licence insurance. No such incident coverage is provided under this policy.
When will I receive the Insurance Certificate?
The issuance of the Insurance certificate takes one and half month from the date of the policy. But the coverage starts immediately from the date the premium is paid and on verification of the documents by the insurance company. The certificate is sent directly to the insured's mailing address by the insurance company under intimation to F.I.P.
What is the procedure for making the claim?
Firstly, when there is unfitness, the insured needs to intimate the FIP office immediately. Then the Insured has to fill up a claim form, which is available at the FIP office and submit the documents along with the Claim Form. The claim form and the checklist of documents are available on the FIP website fipindia.com.
Disclaimer: The Frequently Asked Question's (FAQs) are only for ready reference. The Policy wordings however supercede these.