Section 1 in Savings-Cum-Insurance Scheme for the Teachers and Employees of State of Aided High and Higher Secondary Schools in Uttar Pradesh
1.
A claim will arise when the insured member dies while in service, reaches normal retirement age of 60 years or when the services of the member ceases otherwise, say on resignation or termination. In the event of death of a member while in service the sum assured under One Year Renewable Group Term Assurance Plan together with the accumulated amount under the Deposit Administration Plan will become payable. In the event of retirement from service, or cessation of service only the benefit under the Deposit Administration Plan will be payable and no benefit is available under One Year Renewable Group Term Assurance Plan.
