FAMILY BENEFIT SOCIETY OF THE MEMBERS OF AIOS
( FBS AIOS : Frequently Asked Questions)
The scheme is registered under the AP. societies act 35 of 2001 bearing no 608 of 2006.This is the best scheme for the benefit of our members family with a small investment and high return at the time of demise of a member. It is 5 to 10 times advantages to a member when compared with LIC POLICY. The following information will help you to know more about the commonly asked questions by a new member.. A member pays less than 2-3 lakhs in his life time admitted at any age in to the scheme to get an assure of 15 lakh benefit to his family. Now we are 2300 members with an assurance of > 11.5 lakhs. And the growth is so rapid that by Jaipur Conf We will be around 3 thousand with 15 laks of assurance. For a LIC Policy of 11Lakhs a member has to pay as on today Rs.50,000 to 1 lakh or more at the time of taking a Policy and the same amount every year ,and in our scheme only a fraction of it is to be paid at the time of admission and yearly contributions are 10 to 15 times lesser than a similar amount of LIC Policy.
a)What is the admission fee for me?
The following is the admission fee and it increases every year with the increase of membership with lowering of age limit of admission.
Age
in years |
Admission
Fee |
Benefit to
the family |
|
Up to 29 years not completing 29 |
5000.00 |
15,00000.00 |
|
29 to 34 years not completing 34 |
7000.00 |
15,00000.00 |
|
34 to 39 years not completing 39 |
9000.00 |
15,00000.00 |
|
39 to 44 years not completing 44 |
15000.00 |
15,00000.00 |
|
44 to 49 years not completing 49 |
20000.00 |
15,00000.00 |
|
49 to 54 Years not completing 54 |
30000.00 |
15,00000.00 |
|
54 years & above |
No Admission |
|
b) What will be the exact annual premium for me?
Annual premium depends on the number of Deaths of members in an year. The record is 2-4 deaths per thousand members in an year. For the death of each member all the other living members will have to pay at the rate of 500.0 rupees .At 3000 membership a member has to pay around 6 to 7000 an year in two instalments for an assurance of 15 lakhs to his family. In 2007 we lost 5 members and each members Fraternity Contribution was 2750.0 and the familiy of each member got nearly 10 lakhs on payment of a few thousand rupees at the time of admission of those members. minimum of 3000membership
c) For how long I shall have to pay the annual premium?
The time has not yet been fixed and we will give a thought to in future after we get the minimum of 3000 membership
.
d) Shall I get anything during my lifetime?
No. It is a family benefit scheme and not a member Benefit Scheme
e) What will happen to my membership in the scheme if
for any reason I fail to pay annual premium in some
year?
The amount is so small that it will never occur for a member to pay the amount as the 6 or 7 thousands is to be paid in 2 installments. You have to pay LIC 75 thousand-125 thousand in an year for a benefit of 15 lakhs yearly and here you pay only 6 -7 thousand for a benefit of 15 lakhs.
There were no deaths of members during the First 2 years and hence no payments to the scheme even though the family is assured of 7.35 lakhs then. The total amount a member pays in his life time what ever his age and what ever the no of years to pay will not exceed Rs.2-3 lakhs for 15 lakh benefit.
f) The G.B at Bhopal preferred not to apply for 80 G as we cannot save the interest on corpus if we go for 80 g
g) No tax liability to the family as it is a mutually benefit and subscribed by many members
This Scheme is by AIOS FOR AIOS AND TO THE BENEFIT OF AIOS FAMILIES.
WELCOME TO FBS AIOS.
.
|
