Every individual applying for membership shall be required to pay an annual joining or membership fee as prescribed by the Trust from time to time.
The membership fee is non refundable under all circumstances.
2 - Scope of Membership Fee
The membership fee shall cover platform administration, technology infrastructure, operational expenses, and support services provided by the Trust.
3 - Waiting Period
A mandatory waiting period of six (6) months from the date of enrollment shall apply before a member becomes eligible to receive any benefits under this program.
4 - Member Contribution Upon Death of a Member
Upon the death of a member, each active member shall contribute a sum of Rs.100 (Rupees One Hundred Only) to the registered nominee of the deceased member.
Such contribution shall be transferred to the nominee’s bank account as per the details provided and verified by the Trust
5 - No Guaranteed Payout Amount
The total amount payable to the nominee shall depend solely on the number of active members at the time of the event.
The Trust does not guarantee any minimum or fixed payout amount.
6 - Exclusions
No contribution shall be payable in cases where the member’s death occurs due to suicide, intoxication (including alcohol or drugs), or murder.
The Trust reserves the right to seek additional documentation to determine the cause of death.
7 - Non Compliance With Contribution Obligations
Any member who fails to contribute to the nominee of a deceased member shall be disqualified from receiving future benefits.
Such disqualification shall continue until the member has contributed to the nominees of three (3) subsequent deceased members.
Membership status shall remain active during this period; however, benefit eligibility shall remain suspended.
8 - Minimum Wallet Balance
Members shall maintain a minimum wallet balance of Rs.100 at all times.
The Trust shall automatically deduct Rs.100 from the member’s wallet for each eligible support event.
9 - Amendments to Terms
The Trust reserves the absolute right to modify, amend, or update these Terms and Conditions at any time.
Members shall be notified of such changes through email, website updates, or official notifications.
10 - Age Eligibility
Only individuals aged up to forty five (45) years at the time of enrollment shall be eligible to join as members.
11 - Notification of Death
The registered nominee must notify the Trust of the member’s death within six (6) months from the date of death.
Failure to notify within the stipulated period shall result in forfeiture of benefits.
12 - Payout to Registered Nominee
All payouts shall be made exclusively to the registered nominee after successful verification by the Trust.
13 - Verification Requirements
Verification may include, but is not limited to, submission of an official death certificate, identity proof, and approval by the trustees.
The Trust reserves the right to request additional documents if required.
14 - Use of Member Information
Member information shall be used solely for contribution collection, verification processes, and communication purposes.
The Trust shall maintain confidentiality of member data in accordance with applicable laws.
15 - Non Insurance Declaration
The MYFFS program is not an insurance product and shall not be construed as an insurance scheme under any applicable law.
16 - Termination of Membership
The Trust reserves the right to terminate the membership of any individual found violating these Terms and Conditions or engaging in fraudulent activities.
17 - Voluntary Withdrawal
A member may voluntarily withdraw from the program by submitting a written request; however, no fees or contributions previously paid shall be refunded.
18 - Change of Nominee
Members may update or change their nominee details by submitting a written request along with required documentation.
Changes shall take effect only after verification and confirmation by the Trust.
19 - False Information
If any member is found to have provided false, misleading, or incomplete information, the Trust may suspend or terminate membership without notice.
20 - Digital Records
All transactions, contributions, and communications maintained in digital form by the Trust shall be deemed valid and legally binding.
21 - Dispute Resolution
Any dispute arising out of or in connection with these Terms shall be resolved through arbitration by a sole arbitrator appointed by the Trust.
The seat and venue of arbitration shall be New Delhi.
22 - Limitation of Liability
The Trust shall not be liable for delays, failures, or non payment arising from technical issues , banking delays, force majeure events, or member non compliance.
23 - Member Responsibilities
Members shall ensure timely updates of their contact details, bank information, and KYC documents.
The Trust shall not be responsible for failed payouts due to outdated or incorrect information.
24 - Audit and Compliance
The Trust may conduct periodic audits of member accounts and contribution records to ensure compliance with program rules.
25 - Governing Law
These Terms and Conditions shall be governed by and construed in accordance with the laws of India.
