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I am willing to contribute some money to this OS, What are the benefits that i get if I contribute some money? Benefits like any special access / privileges / life long updates? Is there anything like that?

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elementary OS is open source, that is (and much more than this but from this point of view) you get exactly the same software whether you pay or not. So there is nothing like "special access / privileges / life long updates" only for those who donate.

However, as the development and the maintenance of a system like this need a lot of work and other resources, you are really more than welcome to donate if you can.

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    I'd add that the model is pretty similar to other paid apps (say, Postbox, or any of Panic's products). If you pay for the software, you get... the software. :) The difference with elementary is that you can pay what you want. – Ryan DeBeasi Dec 6 '16 at 17:00
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Updates are for as long as elementary OS exists.

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