Social Security English

Unforeseen situations on account of eventualities may leave the families of Members in great financial distress. At such times, benevolence in the form of substantial financial assistance is required to be made available so as to enable the dependant family member to tide over their genuine financial difficulties. Keeping this in view, the Foundation proposes to set up a Benevolent Fund hereinafter referred to as Scheme. The fund shall be sustained out of financial contribution received from the members of the scheme.
The Scheme shall be known as MAHESH FOUNDATION FAMILY SECURITY SCHEME (MF-FSS).

The Family Security Scheme is an integral part of Mahesh Foundation and all the financial and administrative matters will be looked after solely by the Executive Committee of Mahesh Foundation.

To oversee the operations of the scheme, the executive committee shall appoint administrative staff to run the day to day operations and functioning of the scheme.

The Head Quarters of the Scheme shall be at Hyderabad and with a provision to establish, Regional Offices.

The Aims and Objectives of the Scheme are :

1. To provide immediate financial aid / relief to the family members of the member under the scheme on his or her demise.
2. To promote close camaraderie amongst the members of MF-FSS.
3. To promote the aims and objectives of MF-FSS.

1. The scheme is open for all Maheshwaris.
2. Maheshwaris who are in the age group of 21 years to 55 years are eligible to join the scheme.

The applicants eligible to join the Scheme are required to obtain the application form from the Secretary of MF-FSS.

• The completed application form along with the payment towards contribution to the Corpus Fund via cheque only is to be submitted at the Office of MF- FSS Hyderabad.
• The applicant is required to provide his PAN Card; Address and Identity Proof, proof of age and declaration of good health.
• In case of history of previous illness as mentioned herein these persons will not be eligible to join the scheme
  1. Cancer
  2. AIDS
  3. Serious Heart Disease
  4. Degenerative Brain and other Disease
  5. Liver and Kidney Failure.
  6. Valve Replacement
  7. Bypass
  8. Major Surgery
  9. Heart Attack
  10. Organ Transplantation
  11. Paralysis
  12. Diseases related to Aorta
• The applicant may also be asked to undergo medical examination to assess his present health, before a decision is taken to admit a member into the scheme.
• Application is thereafter processed and successful applicants are enrolled into the scheme.

Members, who desires to join the scheme are required to contribute to the Corpus Fund, sum specified as under:

The Corpus Fund received towards fraternity contribution is to be exclusively used for the security scheme.

1. The Fraternity contribution shall be Rs. 10, 00,000/-(Rupees Ten lakh only) on death of the member.
2. Additional accident insurance cover of Rs.5.00 lacs shall be taken for members’ up to the age of 30 years with any insuring agency and the premium shall be paid by the MF-FSS Scheme.
3. The Corpus Fund shall be invested in deposit with banks / investments in corporate Bonds/Government Securities etc. Or as decided by the governing body.
4. The Fraternity contribution will be collected equally from amongst the members.
5. Rs.100/- will be collected per member per death towards the Administrative Expenses to meet the expenses under the scheme.
6. The billing cycle will be on a half yearly basis and bills shall be raised on 1st April covering the period (October-March) and on 1st October covering the period (April – September).
7. The bill is to be paid within 30days from the date of issue of bill which will be 1st April and 1st October.
8. Advance of Rs.2, 000/- will be collected from member in each half yearly billing cycle in the 1st year only to meet the fraternity contribution liability that may arise on the death of the member
9. In the event of nonpayment by the member penalty of Rs.100/-per month will be charged subject to a maximum of Rs.250/- besides interest at 15% p.a shall be separately levied for the period under default.
10. In case default exceeds 12 months from the bill date membership would stand automatically terminated and as a consequence thereof his/her nominee, will/shall not be eligible to claim / be entitled to the benefit under the Scheme.
11. For eg: April Bill payment will have to be cleared by 30th of April but not later than March 31st in the following year with arrears ; interest and penalty. Failure to clear the bill will result in termination of the member from the scheme and advance paid by the member will be adjusted and account closed.
12. Notices not received by the member due to lapse of postal authorities or on account of any other reasons, the member shall obtain details of the bill amount payable by corresponding with the MF-FSS Office and is to effect the payment.

1. The MF-FSS is intended to extend financial support to the family members of the deceased member. Family members shall mean the husband, wife, children and grandchildren.
2. It is mandatory for the applicant to fill in the nomination form with his/her application
3. The nomination form can also be revised as per the discretion of the member.
4. In case the beneficiaries named in the application cease to exist and fresh nomination form is not filled only the surviving family members will be eligible to file a claim and claim will be processed as per the inheritance law in force.
5. If a member dies within one year of joining MF-FSS, his /her nominee shall not be eligible to derive benefit provided under the scheme and the contribution paid in to the Corpus Fund would be refunded.
6. If a member dies in the 2nd year of joining the scheme only 50% of the Fraternity amount would be payable.

Eligibility

The beneficiary / beneficiaries of a member of the scheme become eligible to get the benefit of the scheme only when the death occurs after one year from the date of admission of the member and shall be eligible if his contribution has been received under the scheme and when there is no default.

1. In case of death during the period under default beyond 30 days and before termination under clause 7 of the scheme the beneficiary will be entitled to receive only 50% of the FSS Contribution subject to adjustment of all dues payable to MF-FSS.
2. In case of termination of membership on account of default, members contribution received during his tenure would be taken into account and he will be eligible to receive 25% of the members contribution paid as a refund provided he has paid members contribution for a minimum period of five years and will be eligible to receive 50% of the members contribution as refund provided he has paid contribution for a period of atleast 10 years. There shall be no refund in case of account in default and who has not paid members contribution for a period of less than 5 years.
3. The maximum amount payable by the member, will be restricted to maximum contribution of Rs.10,00,000/- to be received from the member an thereafter the member will not be required to make any further payment under the scheme and shall be eligible for all the benefits under the Scheme.

Procedure for settlement of benefit:

1. On the occurrence of death of the member claim is to be lodged within 180 days.
2. The application form should be accompanied with Death Certificate and documentary evidence fulfilling the eligibility criteria to receive the fraternity contribution.
3. If the eligibility criterion is satisfied disbursement is made / payment released.

1. The Financial year of the scheme shall be from 1st April to 31st March.
2. The accounts shall be prepared for the scheme on a yearly basis.

The member indulging in working against the interest of the foundation and its scheme are liable for disciplinary action, as may be decided by the executive committee of Mahesh Foundation.

1. Membership would stand terminated on account of nonpayment/default of the Fraternity Contribution / resignation from the scheme and on disciplinary grounds.
2. In case of termination of membership on account of default; termination on disciplinary grounds; on account of wrong medical declaration submitted at the time of admission by not disclosing the existence of pre-disease and on account of resignation submitted by the member under the scheme the members nominee shall not be entitled to any benefit under the scheme.

1. The event of any disputes, difference or question arising out of or in respect of this scheme or the commission of any breach of any terms thereof in connection with it, the same shall be referred for settlement by arbitration of one arbitrator appointed by Mahesh Foundation. Arbitration proceedings shall be governed by the Indian Arbitration and conciliation Act 1996, or any statue, amendment, or reenactment thereof. The place of arbitration will be Hyderabad and Honorable High Court of Andhra Pradesh alone shall have the jurisdiction.
2. The Head Quarter of the scheme shall be at Hyderabad and Legal Jurisdiction is limited only to the courts in Hyderabad.

The operation /functioning of the Scheme would stand / can be terminated and dissolved on the recommendation of the executive committee who shall recommend for dissolution of the scheme to the General Body. On approval by the general body the funds available in the scheme shall be deposited in a separate account in the Bank till the financial obligation under the scheme are complete/meted out and all efforts will be made to ensure refund only of the principal amount paid into the corpus fund by each member and in case of insufficient funds amount will be disbursed in the ratio of contribution available of the surviving member and will be distributed proportionately thereof to ensure fair and proper distribution. Surplus Fund available if any will be transferred and to be utilized for the general activities of Mahesh Foundation.