Once a membership of the society is obtained, ESCO looks after the financial need of the members for a better life in society. ESCO is extensively engaged in creating financial awareness, discipline among its members and their families.
In order to meet the financial requirements of its members, ESCO facilitates loans through various financial institutions at nominal rate of interest. ESCO also protects the members from untimely emergencies like death of the member / spouse. For the purpose, ESCO accepts a nominal amount as subscription fees from the members which is called Member Welfare Fund.
In order to protect the members from untimely emergencies like death of the member or their spouse ESCO gives assistance through a special Scheme known as Member Welfare Scheme. ESCO provides financial assistance to such families through a defined process in Member Welfare department. ESCO pools fund by means of subscription from the members. The fund is utilized to meet the immediate financial requirements of the member or beneficiary.
It is used to close the member’s existing liabilities with ESCO at the time of death and the rest of the amount is given to the beneficiary.
When a spouse of the member expires the family may be left in the lurch, as their stable source of income is affected. Hence in order to overcome the immediate financial crisis which happens due to spouse death, ESCO provides a nominal amount to the member.
The Claim benefits are available only to the members who pay the subscription amount at the time of joining to membership and renews it every time as per the terms of the scheme. MWF acts a shield for them in times of their untimely death. The members are explained the importance of Member Welfare Subscription and signatures of the members are obtained on the enrollment forms.