FREQUENTLY ASKED QUESTIONS
The main questions clients ask mostly regarding insurance
What is NEW MMC Group’s chit plan?
MMC Group offers chit fund schemes that act as a combined savings and borrowing solution. Participants contribute fixed amounts monthly, and one member receives the collected amount through an auction or lottery process.
How does the chit plan work?
Participants form a group, and each member contributes a fixed monthly amount. In each cycle, the pooled amount is either:
Auctioned to the highest bidder who offers the maximum discount, or
Allocated through a lucky draw if no bids are made.
The remaining amount, after deducting the bid amount, is distributed as dividends among all members.
Auctioned to the highest bidder who offers the maximum discount, or
Allocated through a lucky draw if no bids are made.
The remaining amount, after deducting the bid amount, is distributed as dividends among all members.
What are the benefits of participating in NEW MMC chit plans?
Savings & Borrowing Flexibility: Save monthly or access funds in emergencies.
Dividends: Earn dividends from the bid discount.
Transparency: All processes are conducted transparently with documentation.
Dividends: Earn dividends from the bid discount.
Transparency: All processes are conducted transparently with documentation.
Is it safe to invest in NEW MMC chit plans?
Yes, MMC Group follows all regulatory guidelines, ensuring transparency and the security of participants’ funds.
What is the tenure of a chit plan?
The tenure depends on the group size and monthly contribution. For instance, a 25-member group with a monthly contribution lasts for 25 months.
Can I withdraw from a chit group midway?
Withdrawing midway may result in penalties or forfeiting benefits. Please refer to the terms and conditions or contact customer service for specific details.
Who can join NEW MMC chit plans?
Any individual or business looking for a flexible savings or borrowing option can join, subject to meeting the eligibility criteria.
