Is it permissible to subscribe to the Emergency Aid Fund that the university pays to employees after death, in exchange for a small monthly sum that does not cover the amount paid to the heirs?

There is no objection to establishing an employee fund based on donations for the purpose of mutual support, provided that the university acts merely as an agent in disbursing entitlements or investing the funds in permissible ways. However, if the contract were an exchange-based contract, this would involve gharar (excessive uncertainty/risk) and gambling.