a) If the member Expires, before completion of 55 years of age & after one year of joining the Scheme, a sum of Rs. 60,000/-(as on 01-04-2009 benefit amount is increased from Rs.50,000/- ) + Deposit Rs. 2,000/-or 1,000/- (Deposit actually paid by the member, is paid to the nominee of the member.
b) In case of Accidental Death, an additional Rs.75,000/- (as on 01-04-2009 benefit amount is increased from Rs.40,000/- ) is paid subject to insurance Company’s Terms & Conditions. I.e. (In case of accidental Death, total benefit Amnt shall be 1.35 Lacs, However of which 75,000/- shall be paid by Insurance Company on submission of required documents as is the general norms for any accidental case.
c) The benefit is applicable only after completion of one year period as member. In case member Expires before completion of one year of membership Rs. 2,000/- deposit amount plus additional nominal amount (as Goodwill amount) from Association is given.
d) Also, have the benefit of “Sadharmik Bhakti” by indirectly helping to the family of needy in case of their grievances.
Other Conditions:
1) The member can nominate two members as ‘Nominee’. However, first nominee will be legally Eligible for getting payment. In case, member wants to change his/her nominee the same can be given by simply giving application letter to the Hubli/Mumbai office. However the nominee’s name can not be changed /altered after the death of a member.
2) Benefit amount is paid after completion of six years of age (for child Babies) and before completion of 55 years of age in case of death of a member.
3) The benefit amount may vary from time to time, depending upon the prevailing Bank interest. However all efforts are being made to increase this amount(The association has been able to pay a Min. of 50,000/- for Last 15 yrs)
4) You can sponsor any needy members of our community and the benefit amount will be paid to the same member’s nominee.
5) The members must inform their change of address in their own interest. Similarly Female bachelor members should inform their change of name/address, VP no, native place etc immediately after their marriage enclosing their Marriage certificate.(This is essential & is similar to any LIC/Private Insurance company’s basic requirements)
The scheme has already proved to be extremely successful and beneficial for our Gnatijans . If you or any one of your family members have not joined as the member, please enroll them immediately. If the number of members increases, benefit amount can also be increased suitably.
