Benefits:-
Under the circumstances mentioned in the objective, purpose & aim:
The members or their dependants will be eligible for the following benefits from the ‘Fund’.
- In case of death of a married member having children, the Fund will provide monetary assistance on a long term monthly The duration and the amount will be determined by the Board of Management on the basis of availability of fund and requirement of the member or his dependant.
- In case of death of a member without having any child, his next of kin shall be given a lump sum amount only once. The amount shall be determined by the Board of Management, depending on the availability of sufficient fund and need of the next of kin. But the amount shall not be, under any circumstances, be less than the subscription/contribution of the member actually made.
- When a member retires he will be given retirement benefit and this will, in no case, be less than his actual contribution to the ‘fund’. The amount of retirement benefit shall be decided by the Board of Management, A member shall be considered to have attained the retiring age if he has reached the age of 57 years. In exceptional circumstances, if a member retired at an early age his case shall be decided by the Board of Management on its merit.
- The ‘Fund’ may at its expense insure life policy to all members i.e. the life of each member may be insured by a life insurance policy. It is essential that the ‘fund’ be the beneficiary of such policy to meet its financial commitments as given in the original constitution.
- Any financial difficulty a member faces which deserves the attention of the Board of Management.