Survival Pension to Spouse -Social Security Scheme
I am worried now, How my family can handle financial problems after me ?
“Collective Support – Middle-class women will join the Survival Pension Programme as a collective group, with each member contributing a small amount of just Rs. 100. This pooled fund provides financial assistance to a female member in the unfortunate event of her spouse’s untimely death. The aid ensures the family’s daily survival by offering a monthly pension of Rs. 10,000, helping her overcome financial distress and maintain stability during difficult times.”
In the current era of nuclear families, a typical household usually consists of 3 to 4 members: a husband, wife, and one or two children. In an Indian middle-class family, it is often (maximum percentage) the male member who earns the household income through a job or business.
But if the male member of such a family suddenly passes away, the entire financial burden falls on the female members. In such a situation, women face significant financial challenges. How will they cover household expenses? How will they educate the children or arrange a daughter’s marriage? How will they repay a home loan? These pressing financial concerns arise, and during such times, friends and relatives often keep their distance. As a result, this woman’s dreams of future happiness are shattered in an instant.
It is the responsibility of the male member to engage in financial planning to ensure the financial security of his family. Proper financial planning can help mitigate future financial crises and reduce anxiety about what lies ahead.
While the concept of social security exists, it has not yet taken root in society as much as it should. Although there are some government social security schemes, most are designed for working individuals and come with limitations. The market offers various financial investment options, but none seem to provide a comprehensive solution.
Flashstar Foundation is a NGO that has introduced various social security schemes tailored to the needs of middle-class families in India, and this scheme is one of them.
The primary objective of this scheme is to offer a platform through Flashstar Foundation for members to financially support a female member of the household in the event of a member’s untimely death. This support comes in the form of a life time monthly pension of Rs. 10,000/- to help cover household expenses to women member (spouse). The foundation will provide this pension every month for life time. With a one-year locking period, the benefits of this scheme begin one year after the date of membership.
Documents Required to Become a Member of this Scheme
Following Documents are required to become the member of the “Survival Pension -Social Security Scheme”.
1) PAN and/or Aadhar Card of the women Member.
2) Mobile Number
3) Mail ID of Member.
4) Optional – Bank Account Details of Daughter or Spouse for transfer of Funds.
5) A minimum of one “Donation Credit” of Rs. 100 should be contributed to this program.
To create and sustain the fund for the Survival Pension to Spouse Social Security Scheme, various sources can be tapped into:
Member Contributions: Regular contributions from group members, such as the Rs. 100 donation credit, form the primary source of funding.
Crowdfunding Campaigns: Launching online crowdfunding campaigns can attract donations from a larger audience, including individuals outside the immediate group.
Corporate Social Responsibility (CSR): Partnering with companies to include the program in their CSR initiatives can bring in significant funding.
Government Grants: Applying for government grants or subsidies under social welfare programs designed to support widows and families in financial distress.
Philanthropic Donations: Engaging with philanthropists and charitable organizations that focus on women’s welfare and financial security.
Events and Fundraisers: Organizing charity events, such as auctions, galas, or community fairs, to raise awareness and funds for the program.
Bank Interest and Investment Returns: Investing the pooled contributions in secure financial instruments like fixed deposits, mutual funds, or savings accounts to generate interest or returns that can be added to the fund.
Partnerships with NGOs: Collaborating with other NGOs that have a similar focus can help pool resources and share fundraising efforts.
Legacy Donations: Encouraging legacy or endowment donations where individuals can leave a portion of their estate to the fund.
Membership Fees: Introducing a nominal membership fee that goes directly into the fund.
Each of these sources can help build a robust and sustainable fund to ensure continuous financial support for the beneficiaries of the scheme.
What is the maximum contribution amount allowed for this pension scheme?
A maximum amount of Rs. 100/- is required as an initial contribution to this pension scheme. If a this group women member’s spouse passes away unexpectedly, each women member of this group must contribute Rs. 100 to the pension fund of the affected individual. If no member’s spouse passes away during a particular year, there is no obligation to make additional contributions. Contributions are only necessary in the event of such incidents involving members.
Do you need to make payments every year for this pension scheme?
No,
If a this group women member’s spouse passes away unexpectedly, each women member of this group must contribute Rs. 100 to the pension fund of the affected individual. If no member’s spouse passes away during a particular year, there is no obligation to make additional contributions. Contributions are only necessary in the event of such incidents involving members.
No, the amount paid into this pension scheme will not be refunded. A married woman who is dependent on her spouse is eligible to join the Survival Pension Programme. If her spouse unfortunately passes away prematurely due to an accident or natural causes (excluding suicide), she will be eligible to receive a survival pension of Rs. 10,000 per month for the rest of her life. This pension amount does not require any refund.
What is the age requirement for membership in this pension scheme?
To become a member of this social security scheme, an Indian married woman must be at least 18 years old. Additionally, the age of her spouse must be less than 60 years at the time of become member.
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.
What is the upper age limit for survival pension scheme membership?
The maximum age limit for a married woman to join the Survival Pension Programme is 50 years. Additionally, her spouse must be under 55 years old at the time of membership. If the woman remains a continuous member for 10 years, she can continue as a member for life. Therefore, the upper age limit is either 50 years for the woman or 55 years for her spouse, whichever is higher.
Can a earner married female member of the family become a member of this pension scheme?
Yes, if both the husband and wife are earners in the family, either the male or female member, or both, can join the Death Benefit Programme. The male member can enroll in the death benefit scheme, while the female member can enroll in the survival pension scheme. If both choose to join, they must enroll as separate members, with each paying a membership fund subscription of Rs. 100/- per incident, in accordance with the terms and conditions of the respective social security schemes.
Who can receive the pension in the event of the death of a female member?
If a married female member of this group passes away after receiving the pension for some years, the pension scheme will be discontinued. This pension is exclusively available to the female member during her lifetime, and no other legal heir is eligible to receive further pension payments.
How to apply for a pension from the pension scheme?
If the male spouse passes away unexpectedly, the married female member can apply for the pension by submitting a written (offline) or online application in the prescribed format. The application must include the death certificate of the deceased member. Once approved, the pension will be credited to the female member’s bank account between the 10th and 15th of each month, starting from the second month following the month of the spouse’s death.
If the spouse of a Survival Pension Scheme member commits suicide, will the female member receive the pension benefit?
No. The primary purpose of this pension scheme is to provide financial support to the family in the event of an untimely death. Suicide is considered a deliberate act where the member is aware that their action will cause financial difficulties for their family. Therefore, in such cases, the family will not be eligible to receive the pension benefit.
Meaning of untimely premature death:
Untimely premature death refers to the sudden death of a person who has not yet reached 60 years of age. This includes deaths caused by accidents, natural causes, heart attacks, cancer, or any other disease. Such a death is considered premature as it occurs before the person reaches the age of 60.
If the spouse of a member of a survival pension scheme loses his job due to an accident resulting in permanent disability, will he receive the benefit of the pension scheme?
Yes. If the spouse of a member becomes permanently disabled due to an accident or illness (such as being in a coma, suffering a stroke, etc.), resulting in the loss of employment and income, the member will be entitled to the benefit of the pension scheme, even if the spouse is still alive.
Are there any exceptions to not getting pension scheme benefits?
Yes, your programme has specific exceptions for not providing pension benefits:
Epidemics: If a member dies due to an epidemic affecting the state, country, or world, the pension benefit will not be available.
War: If a member dies as a result of a war, the pension benefit will not be available.
Pre-existing Conditions: Individuals diagnosed with serious diseases such as heart attack or cancer at the time of joining will not be admitted as members. If a member is found to have provided false information regarding their health condition, their membership will be canceled.
These exceptions are crucial for managing risks and ensuring that the programme remains sustainable.
That’s a thoughtful approach! Allowing group members to make voluntary contributions in such situations helps provide additional support to affected families, even if the programme’s standard benefits do not cover those specific cases. This flexibility can foster a sense of community and mutual assistance among members.
If the female member of the survival pension scheme is dies with the spouse same thime then childrens can geting pension benefits?
That’s a great addition to the programme! Providing support to minor children ensures that they have financial assistance during their formative years, helping to alleviate some of the burdens on their guardians or caregivers.
If a female member of the Survival Pension Scheme and her spouse (husband) pass away simultaneously due to an accident or other circumstances, their minor children will receive a monthly pension of Rs. 10,000 (to be shared equally if there is more than one child) until they reach the age of 21.
Is the Survival Pension Scheme considered insurance?
The survival pension scheme is not an insurance product, as it does not provide compensation. Instead, it operates as a social security scheme for company members based on a pre-committed crowdfunding concept. Each member contributes Rs. 100 to support others if they are affected. The survival pension fund is created collectively through donations rather than fixed annual premiums
What is the purpose of social security schemes?
The fundamental purpose of social security schemes is to ensure that individuals and families maintain their standard of living and quality of life, even in the face of social or economic challenges.
To establish a Social Security Scheme for the company’s members and their families, providing financial assistance in the event of untimely death due to accident or illness, permanent disability, or loss of employment. The scheme will offer a lifetime monthly pension of Rs. 10,000 to female members, based on their regular contributions.