FAMILY SECURITY SCHEME (FSS)

• FSS Started in August-2003, Now run by IMA-TS Branch.
• Managed professionally by Managing Committee and FSS Council.
• Should be a Life member of IMA TS to join IMA TS FSS
• In this Scheme, when a member expires, the remaining members in the scheme contribute a fixed amount to the family of deceased members.
• The amount collected as Fraternity Contribution (FC), is distributed to the nominee od the deceased family as Death Fraternity Contribution (DFC), this is Rs.20lakhs, which is disbursed immediately to the nominees after the required amount is collected.
• So far a FSS member paid a maximum of Rs.1, 57,280/-.
• Even if he pays for another 15years, it may be another 2lakhs.
• Since Division of Scheme, IMA TS sent 7FC Bills of FSS for 76 deaths and an amount of Rs.15 Crores has been disbursed to their nominees.
• Since Division of FSS into TS FSS in 2017, 370 new members joined the FSS Scheme.
• There shall be a window period of one year from the date of joining in the scheme.
• AGE limit for joining the FSS is now 65 completed years, from 55 years earlier.
• Couple members should join separately.
• Period of Payment of FC by a member, joining the scheme has been fixed to 30years.
• All existing members will be given option of retirement on attaining the age of 80years.
• The DFC cheques will be transferred through NEFT to the Nominees.
• Fraternity Contribution: Per Death is reduced from Rs.800/- to Rs. 750/-.
• For every increase of 200members in scheme FC per Death can be reduced by Rs.50/-.
• IMA TS Health Scheme benefit of Rs.2, 00,000/- per member/year, is given as complementary to all FSS Members. (Member should be regular in his payments to FC)

Note: For this New Group (61 to 65yrs age) the DFC Payable to nominees shall be as follows:

• If member expires between 2 to 5 years after Joining –Rs. 5,00,000/- (window Period)
• If member expires between 6 to 10 years after Joining –Rs. 10,00,000/-
• If member expires between 11 to 15 years after Joining –Rs. 15,00,000/-
• If member lives beyond 15years after joining –Rs. 20 ,00,000/-