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. .
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