Recently I was infected with covid virus  and become very sick.  With days gone, my illness become complicated  and I was  admitted to hospital.  In my alert days in ICU, I was thinking of myself - What happened to my wife and two kids, if something happened to me ? how they will survive in world.  

 

Questions without answers were started  punching my mind -   what all things packed for  me  and family  in future,  Whether  myself and  family survive the storm with limited  or no income from  where the daily bread be coming  in future.

 

Ultimately, I came out of the hospital- thank God- and  joined back my private  firm after prolonged absence in duties.

 

I am working as an Accountant in a private   firm  for  the last 15 years and unfortunately not covered under  any pension plan. After the hospital fiasco, I decided to search for the best financial plan that will secure myself and family.

 

First it was NPS ( New Pension Plan). In NPS, the amount Iam remitted will  be invested in n Govt. Bonds, Equity shares etc  by the fund manager  for a certain period.The main hurdle in NPS is the uncertainty in pay back amount after expiry of its   tenure.  .The Quantum of pay back may  depends up on various factors- the profit/interest/ value appreciations in govt. bonds/ equities and  the choice of fund Manager.  If a cluster of bonds /equities did not give   desired margin, then the payback will not be as  predicted  or if a cluster  of equity failed in market, I may not get even a decent percentage on money invested. If I withdraw money from it  for making  Pension Annuity plan, 60% of the such withdrawal   amounts will also comes under tax bracket. I become doubtful  of NPS as its pay back was unpredictable.

 

One day a  Colleque in office   told me about Long term investment plan – Jeevannirviti of Malankara Multistate co. Op. society. in which he had already invested.  I  Knew about this well established reputed society but little know about their jeevannirvithi Scheme. First of all, Let me narrate some thing about Malankara Multistate  Credit society.

 

Malankara Multistate Co.Op. Society otherwise  MMSCCS is established in 2009 and  registered with Department of Corporation, Govt. Of India.  The Society is functioning in  three south Indian States of Kerala, Tamilnadu and kerala. It is being managed by a professional director board and  well supported by   a group of senior executives.  Department of Corporation   Govt. Of India  had been empowered the society to  accept money and extend loan from/to its members. 

 

To know more about Jeevannirviti  scheme, I visited their Kesavadasspuram- Trivandum Branch .  The manager and staffs were very polite and cooperative and explained everything about the scheme. 

 

Jeevannirviti is a   long term investment plan for 7 years.  You invest any amount not below Rs. 1000.00 in very month ( or yearly 12 instalment in a lump sum ) and receive Rs. 1000.00 from 85th month till your death.  After the  tenure,  You can get out of the scheme but receive 100 time of your monthly instalment.  This is the crust of  Jeevannirviti.

 

I am 45 years and may my  life span  be   ends at 65. I  can spare  Rs. 10.000.00  in very month from my salary as savings. As per the details given by Society’s Branch at Kesavadaspuram may home work  goes as follows.

 

45 years- 52 years -7 years-84 months x10000.00 and from 85th moth onwards I will be getting Rs. 10,000.00 per month till 65 years- that is 13 more years. 

 

a)13 years-156 months x1000.00( Rs. 15.60 lacs in total) and upon my death my nominee will be getting 100 times of the instalment amount= 10000x 100= 10,00,000.00( total 25.60 lacs)as final settlement.

 

b) I can exist from the scheme at any time -  say I exists at the age of 55 years.   In that instance I would be getting monthly pay back of Rs. 10,000.00 for 36 months( 52 -  -55 -3 years- 36 months x10000 Rs.3.60  lacs )and receive  Rs. 10.-00 lacs as final settlement. 

 

c)If I   die in between 52  -65  say 60 years -  I will be getting Rs. 10,000.00 every month for 8 years ( 60-52-8 years -96x10000= 9.60 laksh)  and my nominee    be receiving Rs. 10.00 lacs as final settlement

 

d)If  I die before expiry of the scheme tenure, my nominee will be receiving  the actual amount remitted with 5% interest.  This scheme is also applicable if I could not complete the full tenure of the scheme.