Service Risk Insurance Premiums (SRIP) and Flying Pay.

[Al R]

Joint Services Publication 752, Chapter 10, Section 7 refers.

<Purpose of Allowance: The aim of Service Risks Insurance Premium Refunds (SRIPs) is to contribute towards the extra cost incurred by eligible Service personnel when insuring themselves against particular Service risks.

Limitations of Refunds. Assistance is limited to a maximum refund as follows:

For Policies Taken out Prior to 14 March 1984. 75% of the extra premiums paid on a policy, or policies, having a total sum assured not exceeding the amounts shown.

For Policies Taken out on or After 14 March 1984. 90% of the extra premiums paid on a policy, or policies, having a total sum assured not exceeding the amounts shown.>

Is SRIP ever used to reclaim premiums?

Also, can someone steer me towards a simple table of flying pay allowances, and whether or not anyone insures themselves against losing it?

Ta.

[Pontius Navigator]

Originally Posted by Al R

Joint Services Publication 752, Chapter 10, Section 7 refers.

<Purpose of Allowance: The aim of.

Limitations of Refunds. Assistance is limited to a maximum refund as follows:

For Policies Taken out Prior to 14 March 1984. 75% of the extra premiums paid on a policy, or policies, having a total sum assured not exceeding the amounts shown.

For Policies Taken out on or After 14 March 1984. 90% of the extra premiums paid on a policy, or policies, having a total sum assured not exceeding the amounts shown.>

Is SRIP ever used to reclaim premiums?

Also, can someone steer me towards a simple table of flying pay allowances, and whether or not anyone insures themselves against losing it?

Ta.

Al, not quite sure what you are driving at but you appear to be raising two separate issues.

(1) Service Risks Insurance Premium Refunds (SRIPs) is to contribute towards the extra cost incurred . . . insuring themselves against particular Service risks

This is related to standard life insurance policies - whole life, endowment or whatever. The policy is profession loaded and would be a disadvantage for a serviceman as opposed to a civilian living next door. There is no choice, the insurance company gives an occupational loading and a benevolent employer (MOD) refunds 90% of this. The 1984/75% is a red herring as the loading usually only applied for 7 years.

Is SRIP ever used to reclaim premiums?

It is an individual reponsibility. When I took out a policy I also generated the 5 or 7 years worth of forms and submitted one per year.

Also, can someone steer me towards a simple table of flying pay allowances, and whether or not anyone insures themselves against losing it?

Google pay and allowances; there must be a steer there somewhere.

Try RAF Community Support | Pay, Pensions & Allowances | Overview

Does anyone use it? This is a perennial crewroom topic and amongst young aircrew it seems an essential and attractive option. I can name all the aircrew that I knew who lost flying pay as a result of illness. This is over a period of 40 years. He is now a research student studying for a PhD.

OTOH half my navigation course would have been better off (or rather their NOK) had they taken out life insurance.

Bottom line: the RAF hangs on to you as long as they can and does not try to stop your flying pay. OTOH they are less sucessful in keeping you alive. Pay for more life insurance not loss of flying pay.

[Al R]

Hi PN,

Cheers for that.

I'd be particularly interested to get any feedback about insuring flying pay.

[vecvechookattack]

Mate,

try and Google (or Bing) "Flying Pay insurance" ....... 6.5 Million hits

[Al R]

Thanks.

I know about that side of it; I was wondering if it was seen as something useful, and if many people took it up.

[Seldomfitforpurpose]

Why

[vecvechookattack]

A friend of mine was fit as a fiddle.....lots of running, Field gun etc.... went along for his aircrew medical and was asked to provide a sample as per normal.... Shock horror..its discovered that he has Type 1 Diabetes.... that was that.... immediate stop to flying with subsequent loss of pay.... 1 ground tour and then out he went..... Thankfully his flying pay was insured and so he collected the lot.