Comprehensive Overview of Benefits for Members of the Institute of Company Secretaries of India (ICSI)
The Institute of Company Secretaries of India (ICSI) is dedicated to fostering professional excellence and ensuring the well-being of its members. Below is a detailed outline of the numerous benefits provided to ICSI members as described in the handbook.
1. Company Secretaries Benevolent Fund (CSBF)
The CSBF, established in 1976, is a society registered under the Societies Registration Act, of 1860. It offers a financial safety net to members and their families during distress.
Key Benefits:
- Financial Assistance:
- ₹10 lakh for members (up to age 60) upon demise.
- ₹3 lakh for members (above age 60) upon demise.
- ₹50,000 per child for the education of minor children (up to two children) of deceased members under age 60.
- Up to ₹75,000 for medical expenses for members or their declared dependents.
Eligibility: All members of ICSI can become life members by paying a one-time fee of ₹10,000. Donations to CSBF qualify for tax deductions under Section 80G of the Income Tax Act, of 1961.
2. Insurance Benefits
ICSI collaborates with leading insurers to provide members with term life, group health, and motor vehicle insurance.
Options Include:
- Term insurance via HDFC Life.
- Medical insurance from New India Assurance.
- Motor insurance through Future Generali Insurance Co. Ltd.
3. Healthcare Benefits
ICSI members enjoy access to discounted health services via partnerships with labs and hospitals, such as:
- Oncquest Labs for diagnostics.
- A wide network of empanelled hospitals across India offers discounts for members, students, and employees.
4. Financial Services and Loan Facilities
Members can access tailored financial products through partnerships with banks:
- HDFC Bank: Customized loan offerings.
- Bank of Baroda: Preferential services for loans and investments.
5. Travel, Tourism, and Accommodation Benefits
ICSI collaborates with hospitality and travel partners to offer discounts:
- Mahindra Holidays & Resorts.
- Lemon Tree Hotels.
- Balmer Lawrie for travel services. Source
6. Software and IT Tools
To enhance professional efficiency, members have access to discounted software:
- Accloud platform.
- ComplyRelax.
- Convert2XBRL software.
- Axar Digital Services.
7. Electronic Products
Exclusive offers are available for members on Samsung products.
8. Other Benefits
- ICSI Blood Bank Portal: Facilitating quick access to blood donation services.
- Furniture Discounts: Special arrangements with Featherlite Collections.
Frequently Asked Questions (FAQs)
1. What is the Company Secretaries Benevolent Fund (CSBF)?
The CSBF is a financial safety initiative that provides support to members and their dependents in times of distress, including death and medical emergencies.
2. How can I become a life member of CSBF?
Members can apply online via the ICSI member portal and pay a one-time fee of ₹10,000.
3. Are CSBF contributions tax-deductible?
Yes, contributions qualify for deductions under Section 80G of the Income Tax Act, of 1961.
4. What insurance benefits are available?
ICSI offers term life insurance, group health insurance, and motor vehicle insurance through partnerships with HDFC Life, New India Assurance, and Future Generali.
5. What healthcare partnerships does ICSI have?
ICSI members can avail of discounts at Oncquest Labs and a network of empanelled hospitals across India.
6. Which financial services are offered to members?
Partnerships with HDFC Bank and Bank of Baroda provide tailored loans and investment products.
7. Can I availof discounts on travel and accommodation?
Yes, ICSI has tie-ups with Mahindra Holidays, Lemon Tree Hotels, and Balmer Lawrie for exclusive offers.
8. What software tools are available for members?
Discounted tools include Accloud, ComplyRelax, and Convert2XBRL, among others.
9. Are there any electronic product discounts?
Yes, Samsung offers special discounts to ICSI members.
10. What is the ICSI Blood Bank Portal?
The portal facilitates quick access to blood donation services for members and their families.
11. Does ICSI provide any furniture discounts?
Yes, members can avail of special pricing with Featherlite Collections.
12. How to claim financial assistance from CSBF?
Members or dependents must submit an application with required documents, such as proof of identity, relationship, and expenses.
13. Is there an age limit for CSBF benefits?
While most benefits are available up to the age of 60, some support is extended for members above 60, subject to guidelines.
14. What is the maximum medical expense reimbursement?
Members can claim up to ₹75,000 for themselves or their dependents.
15. What educational support is provided by CSBF?
A one-time allowance of ₹50,000 per child is provided for up to two minor children of deceased members.
16. How can members update dependent details for CSBF?
Members can log in to the ICSI portal and use the “Update Dependent Details” feature.
17. Are there benefits for non-CSBF members?
Limited benefits, such as medical reimbursements up to ₹50,000, are available for non-CSBF members.
18. Are travel benefits limited to domestic travel?
No, ICSI’s travel partners also offer international travel services.
19. Can retired members avail of ICSI benefits?
Yes, retired members can access several benefits, including insurance and healthcare partnerships.
20. Where can I find more information?
Visit the official ICSI website or refer to the detailed handbook for comprehensive information.
Conclusion
The ICSI’s comprehensive benefit structure underscores its commitment to the professional and personal well-being of its members. From financial safety nets and health insurance to professional tools and travel discounts, these initiatives aim to holistically support members at every stage of their careers.
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