MF- FSS is a Family Security Scheme launched by Mahesh Foundation with the aim of providing immediate financial aid/relief to the family members of the member under the scheme on his or her demise.
Any member of the community who is of age group of 21 years to 55 years is eligible to join the scheme.
Any person who is having history of previous illness as mentioned below, is ineligible to join the scheme:
- Cancer
- Bypass
- AIDS
- Major Surgery
- Serious Heart Disease
- Heart Attack
- Degenerative Brain and other disease
- Organ Transplantation
- Liver and Kidney Failure
- Paralysis
- Valve replacement
- Diseases related to Aorta
Members who desire to join the scheme are required to contribute to the FSS Corpus Fund, a sum specified in the Chart given in the application form which varies according to the age of the applicant, which is a one-time payment.
In case of a death of a member, the surviving members will have to make equal contribution to the family of deceased member. The amount such payable is billed to all members on half yearly basis. A sum of Rs.4000/- is collected in advance towards this bill and would be maintained as such.
For example we have 501 members and one death is reported, the balance 500 members would contribute Rs. 2000/- each.
Upon the death of a member, his/her nominees will receive a sum of Rs.10.00 lakhs (Rupees Ten Lakhs only), provided the member’s contribution has been received under the scheme and there is no default.
- However, if a member dies within one year of joining MF- FSS, his/her nominee shall not be eligible to derive the benefit provided under the scheme, but he shall be paid the refund of contribution paid in to the Corpus Fund.
- Further, If a member dies in the 2nd year of joining the scheme only 50% of the Fraternity amount i.e Rs. 5 Lakhs would be payable.
Note : The death may be in any form the above rule applies.
Special Relief: Mahesh Foundation is taking an accident cover insurance of Rs. 5 Lakhs for FSS member who are below 30 years of age. Meaning in case of death of FSS Member, his nominees will get additional benefit of Rs. 5 Lakhs.
In case a member withdraws or surrenders his membership, his contribution to CORPUS FUND is forfeited. However he is eligible for following amounts:
- A FSS member will be refunded 0% of a-mount billed to him in case he is member for less than five years.
- A FSS member will be refunded 25% of amount billed to him in case he is member for more than 5 years but less than 10 years.
- A FSS member will be refunded 50% of amount billed to him in case he is member for more than 10 years.
The family members of the member, viz. husband, wife, children and grandchildren can be nominated as Nominees to receive the benefit under the scheme.
- In any case the nominee dies before the death of the member; the member can change his nominee. And in case there is no nomination it will be given according to will or as per succession law.
On the occurrence of death of a member, the claim is to be lodged within 180 days, accompanied with Death Certificate and documentary evidence fulfilling the eligibility criteria to receive the Fraternity contribution. If the eligibility criterion is satisfied disbursement will be made/payment released.
A person who wants to become a member of MF- FSS should submit the prescribed application form along with necessary details and enclosures to the Secretary, MF- FSS. After the application is processed and approved by the MF-FSS Committee, membership is granted to MF- FSS.
For more details please refer to either the English Version or the Hindi Version.