Retired Faculty Wellness Fund

The Retired Faculty Wellness Fund (RFWF) is a supplementary medical insurance program initiated by alumni as gurudakshina for their retired teachers. The initiative began as the legacy project of the class of 1984 and supported by successive batches of 85, 87, 88, 89 and 90. Over the 6 years, this initiative has also witnessed a landmark expansion in terms of the scope of its impact.

The genesis of the program was the fact that faculty who retired prior to 2003 had no medical coverage offered from the Institute. Many of the teachers were well into their 70s and lacked adequate medical coverage at a time when they needed it the most. Thus the corpus for Retired Faculty Wellness Fund was created with over 150 faculty members as beneficiaries. The initiative provides supplementary medical insurance from ICICI Lombard to all retired faculty members (and spouses) who retired prior to 2003.The entire annual premium for this closed group policy is paid out of the Retired Faculty Wellness Fund.

The overall annual cover of the insurance program was doubled from  1.5 lakhs (USD 2100+) to  3.00 lakhs (USD$4300)/per family after 3 years. The initiative has seen excellent usage as evident from high the claims ratio which has always stayed in the range of 70-95%.  The other features of the Insurance program include the provision for annual health check-up is 7500 ( USD$110)/family. Other benefits of this family floater plan includes: 1st year exclusion waiver, pre-existing diseases exclusion waiver and only 20% co-pay on all claims, beneficial excluding ailment sub-limits

Currently 182 lives from 124 retired faculty families are covered under the program. The beneficiaries comprise of 79 retired professors, 58 spouses and 45 spouses of deceased professors.