Daughter Marriage -Social Security Scheme
I am worried now, How my family can handle financial problems after me ?
Do you love your daughter immensely?
It is your moral and social responsibility as a father to marry the same.
If you have a dream to get married with a son from a good family..
If you are with her, she will marry a boy from a good family….
Because you are willing to work hard for it…
But what if God intervenes and you are not there to marry her?
How can your wife spend so much wedding money behind your back?
If you love your family (wife and children) today you will have to make financial provision for their happiness.
Pre-Commitment - Crowdfunding Programme
Parents consider their daughter’s marriage a major social and moral responsibility, and they hope to see her wed a respectable young man who will ensure her future happiness and well-being. However, if a father unexpectedly passes away due to an accident, illness, or natural causes, or if he becomes severely disabled and loses his job, the resulting financial difficulties may affect his daughter’s prospects for marriage.
The loss of the family’s monthly income, combined with insufficient available funds, creates severe financial challenges in maintaining their standard of living. On top of this, the family struggles to cover the costs of their children’s education. For families with a daughter, the financial strain of her marriage expenses further exacerbates the situation, making it extremely difficult to save the necessary funds.
Currently, there is a significant gap in financial awareness within society. Future financial crises can be mitigated by practicing consistent, small savings.
In a typical middle-class family, it’s essential to recognize how organizations can help manage financial challenges and reduce future risks. Participating in a Social Security Scheme, for example, enables families to set aside funds for significant expenses, such as their daughter’s wedding, ensuring they are prepared when the time comes.
Your unmarried daughter can enroll in the “Daughter Marriage-Social Security Scheme” by paying a one-time, non-refundable membership fee of Rs. 1000. There are no mandatory annual account handling fees, but members have the option to contribute Rs. 100 per year if they wish.
If the father is enrolled in the death benefit program and passes away, each daughter registered in the Daughter Marriage Aid program will receive a Rs. 100 contribution from other group members to help with her marriage expenses. Once your daughter’s marriage is completed, her account will be automatically closed. Membership is available to any unmarried girl, with no age limit.
If a family member is enrolled in the Death Benefit Programme of the Social Security Scheme and has one or more daughters, they can register each daughter by paying a one-time, non-refundable membership fee of Rs. 1000 per daughter. Additionally, members have the option to pay Rs. 100 per year for account handling and service charges.
Each group is limited to a maximum of 10,000 members, and contributions are made solely by each member to their own group. If a member’s father or mother in the group passes away unexpectedly, a contribution of Rs. 100 will be collected from each member of this group to support the daughters. In normal circumstances, daughter members are not eligible to receive these funds.
This initiative is not designed as an insurance program but rather as a pre-commitment crowdfunding scheme. Participants in the “Daughter Marriage-Social Security Scheme” agree to contribute a maximum of Rs. 100 in the event of a member’s parent’s unexpected death. The goal is to help alleviate potential financial challenges in the future. In such cases, the total contributions collected from group members will be deposited into the daughter’s bank account within 10 days of receiving the application, as part of the scheme’s support.
If the parent remains alive until the member’s daughters are fully married, no social security benefit will be granted for their marriage.
Financial support contributed by group members will be available to cover marriage expenses for beneficiary daughters (members) up to a maximum of Rs. 10,00,000. This assistance aims to help with marriage expenses according to the parents’ wishes. The total amount of available support will depend on the number of members in the group. Each member commits to contributing Rs. 100, so the maximum fund is determined by multiplying the number of members by Rs. 100. With a maximum group size of 10,000 members, the total fund is capped at Rs. 10,00,000.
Contributions will be collected from other group members if the primary earner (the member’s father or mother) passes away unexpectedly. This amount will be earmarked specifically for the affected member and will be disbursed at the time of the daughter’s marriage. Until disbursement, the collected funds will be deposited into a bank account or mutual fund. Any interest or dividends earned on this amount will be credited to the member’s fund account, up to the capped total of Rs. 10 lakhs. Any surplus beyond this cap will be transferred to the “Daughter’s Marriage Fund Account” and used to cover any shortfall in the Rs. 10 lakhs cap for other members if needed.
Documents Required to Become a Member of this Scheme
Following Documents are required to become the member of the “Daughter Marriage-Social Security Scheme”.
1) PAN and/Or Aadhaar Card of the Daughter Member.
2) Mobile Number of Parents/Daughter Member
3) Mail ID of Parents/Daughter Member
4) Nominee (Daughter Name) member of this Scheme).
5) Optional – Bank Account Details of Daughter or Spouse for transfer of Funds.
Is the amount paid into the Daughter Marriage scheme refunded when used for the daughter’s marriage?
No, the amount paid into the Daughter Marriage scheme is non-refundable. The funds gathered from group members are used to mitigate future financial risks through a pre-commitment crowdfunding concept, and contributions up to Rs. 10 lakhs are not subject to refund.
No, there is no requirement to submit invoices or bills to claim funds from this scheme. The member’s spouse can file a claim online or offline with Flashstar Foundation atlist 10 working days before the marriage. If the spouse is deceased, the beneficiary can file the claim themselves, either online or offline, with Flashstar Foundation before the marriage.
Is the 80G exemption benefit available for contributions to this fund?
No. Contributions to this social security scheme by group members are classified as crowdfunding fund contributions for the specific member, not as donations. Therefore, these contributions do not qualify for the 80G exemption benefit.
Can any person become a member in case adopted Daughter?
Yes, a person can become a member for an adopted daughter. Legal guardians, including the father and mother, are responsible for the marriage of their adopted daughter, and the benefits of this scheme are available to adopted daughters as well.
Other than Natural Father and Mother any other person can become a member in case Daughter?
Yes, if the natural father and mother are deceased and a relative is taking care of the daughter, that relative can become a member of this scheme.
How many times can a beneficiary claim this amount?
Flashstar Foundation approves claims only once, with a maximum amount of Rs. 10,00,000. Even if a beneficiary marries more than once, the claim will be approved only for the first marriage.
Is the subscription or donation amount fixed every year?
No, the scheme operates on a pre-commitment crowdfunding concept. Members agree to contribute Rs. 100 only if another member’s father passes away unexpectedly. Otherwise, there is no fixed annual contribution. The amount is based on specific incidents and contributions are made only when such an event occurs.
What is the age limit for becoming a member under the Daughter’s Marriage Programme?
There is no specific age limit for an unmarried daughter to become a member, as long as the primary earner is enrolled in the death benefit plan. Membership is valid only until the daughter’s marriage is completed; after the marriage, the membership is automatically suspended.
Locking Period of this Daughters Marriage Programme if any?
Yes, Locking period of this scheme is one year form the date of his membership date under this Daughters Marriage Programme.
If both husband and wife earn in a family then who can be a member in this scheme?
If both the husband and wife earn in a family, who can participate in this scheme? If the family has earners, the scheme allows for the male member to enroll. In the event of his sudden death, his wife can still receive the benefits, even if she is also an earner. The primary goal of this scheme is to provide financial support to the woman of the household.
Can a widow become a member of this scheme?
Yes. If there is no male member in the family and the only adult present is a widow, she can join the scheme. In the event of her untimely or sudden death, the benefits can be transferred to her daughters who are enrolled in the scheme.