Student Support Scheme
Version history:
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)
7. Version 7.00/24th April, 2026 (approved by Council)
Part – I
INTRODUCTION
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
ELIGIBILITY
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 they will be deemed as 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, CS2, CM1, CM2, CB1, CB2 and CB3 to be taken from Institute of Actuaries of India, only.
2.7 A candidate may initially avail support under the Scheme for a maximum of 3 subjects. Continuation/extension of support under the Scheme shall be permitted only if the candidate passes at least one of the subjects for which support was availed under the Scheme within the next two examination diets.
2.8 The Scheme is applicable only to those student members who are pursuing IAI examinations, exclusively, as their core academic study.
2.9 The candidate must not be employed, at the point of application and thereafter, to avail the benefits under the scheme.
2.10 The current annualised family income at the point of application and thereafter, should not exceed Rs. 8,00,000/- (INR Eight lakhs Only). 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 2.10 is waived for the students under the clause 1.4(b) and 1.4(c).
2.11 Timelines for Application Form Submission:
Any pending documents required to be provided by the student to assess his/her eligibility, must be submitted within 45(forty-five) days from the date of receipt of the first set of documents by the Institute. However, if there are some additional documents required to be submitted for the same purpose, the student should submit the same within, additional 45 (forty-five) days from the date of dispatch 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 30 (thirty) days from the date of approval of this modification.
2.12 Timelines for Claiming Re-imbursement:
a) Candidates applying for reimbursement for the first time shall be eligible to claim reimbursement for study material purchases, examination fees, annual membership subscription fees, and Coaching/Counselling fees only after approval of their application under the Student Support Scheme. Expenses incurred prior to the approval date shall not be eligible for reimbursement. Reimbursement claims must be submitted within 45 days from the date of purchase of the study material or availing of the eligible benefit.
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.
2.13 Continuity of the benefits:
a) At least one subject should have been passed in the immediately preceding two 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 Sub-Clause 4.3, hereinbelow.
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 one subjects to be passed in the past two exam diets for the benefits to resume/continue.
Part – III
SELECTION PROCESS
3.1 Administration Task force chaired by ED with Member Services, Examination and Accounts shall 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 activities such as bearing pressure on decision making or any other such untoward conduct, 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. Furthermore, a student applying under this process must not have been found subjected to any action under the Examination Misconduct and Malpractice, this disclosure is pertinent to qualification for eligibility.
Part – IV
SCHEME BENEFITS
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 from time to time make changes to the Scheme including its termination, with due notice to existing beneficiaries.
Part – VI
APPLICATION PROCEDURE
Application Form and Fee Re-imbursement Forms are available under the Sub Tab “Student Support Scheme” of the Student Tab on the IAI website.
APPLICATION FORM FOR ASSISTANCE UNDER STUDENT SUPPORT SCHEME
In case of any clarification, you may get in touch with: Ms. Prajakta Bhosle 022-62433333/37 or you may write: prajakta@actuariesindia.org or sandeep@actuariesindia.org