Section 5 in Savings-Cum-Insurance Scheme for the Teachers and Employees of State of Aided High and Higher Secondary Schools in Uttar Pradesh
5.
The benefits payable under the Deposit Administration Plan will be determined having regard to the number of contributions paid under Deposit Administration Plan in respect of the memos, reckoned from the entry date to the date of death normal retirement age or cessation of service, as the case may be. In respect, of members who are admitted to the scheme on the commencement date (i.e., 1st March, 1974) the first contribution would have been paid as on 1st March, 1974 itself. For subsequent entrants, the first contribution would be due on the 1st of the month following the entry date into the Scheme. The due date of such contribution before the claim has occurred would be the first of the month, preceding the date of occurrence of the claim event. If the event has occurred on the 1st of a month, the contribution then due would also be payable. The accumulated value of contributions under the Deposit Administration Plan includes interest up to the end of the month in which the claim has occurred and accordingly, the claim will be due for settlement only on the 1st of the month following the date of death, retirement or cessation of service, as the case may be.
