"The thumb rule to calculate life insurance requirement is that it should be at least 10 times your annual income, while the personal accident cover should be at least 5 times your yearly earnings, "said Arvind A Rao, CFP , CA and founder, Arvind Rao and Associates. So, if you have a CTC of Rs 6 lakh you need a minimum life cover of Rs 60 lakh and a personal accident cover of Rs 30 lakh.

The premium amount will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment for the entire year, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

For the period of inception from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that will be issued soon.

Subscribers who want to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that will be issued soon. Thus secure your financial future in just 5 paise!!