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PRIC Schemes

POST RETIREMENT INSURANCE COVER (PRIC) (FOR AIR VETERANS)

Post Retirement Insurance Cover (PRIC) Scheme provides insurance cover to the beneficiary of retired air warriors. The Scheme was introduced first time for air warriors retiring on or after 01 Aug 1981. Initially the scheme was optional, the same was made compulsory with effect from 01 Nov 1991.

Further, in Jan 2013, maximum age for insurance cover has been enhanced from 72 yrs to 75 yrs for all air veteran who retire on or after 01 Jan 11.

Salient Features of various PRIC Schemes are given below:

Sr No Pric scheme Insurance cover (in Rs.) Period
Officer Airmen NCs(E)
1. PRIC-81
(effective from 01 Aug 81 upto 29 Sep 90)
80,000 40,000 15,000 100% cover for 15 years from date of retirement and, thereafter, 50% cover upto max of 70 yrs of age.
2. PRIC-90
(effective from 30 Sep 90 upto 29 Apr 99)
2,00,000 1,00,000 30,000
3. PRIC-99
(effective from 30 Apr 99 upto 30 Mar 05)
Minimum Compulsory Cover
Higher Option I
Higher Option II
3,00,000
4,00,000
5,00,000
1,50,000
2,00,000
2,50,000
60,000
80,000
1,00,000
4. PRIC-05
(effective from 31 Mar 05 upto 31 Dec 10)
5,00,000 2,50,000 1,00,000 100% cover for 15 years from date of retirement and, thereafter, 50% cover upto max of 72 yrs of age.
5. PRIC-11
(effective from 01 Jan 11 up to 30 Jun 15)
10,00,000 5,00,000 2,50,000 100% cover for 15 years from date of retirement and, thereafter, 50% cover upto max of 75 yrs of age.
5. PRIC-15
(effective from 01 Jul 15 onwards)
(All air warriors, who superannuate/ retire from IAF on or after 30 Jun 15)
14,00,000 7,00,000 3,50,000 100% cover for 15 years from date of retirement and, thereafter, 50% cover upto max of 75 yrs of age.

Documents Required to be submitted by Nominee

The documents listed below are to be submitted by nominee to AFGIS to claim the PRIC insurance amount

  • Death Certificate in original or attested by any gazetted officer
  • AFGIS 222 (claim form) - to be obtained from AFGIS ...... Available under Downloads section
  • AFGIS 229 (Certificate by Bank) .................................... Available under Downloads section
  • Approved Nomination (in original) ...................................issued at the time of retirement/Superannuation
  • PRIC Memorandum ......................................................issued at the time of retirement/Superannuation