In case of death of subscriber before vesting date, the spouse of subscriber shall have an option of continuing the scheme by payment of remaining contributions under the scheme, provided she/he is not already an SMF beneficiary of the Scheme. The rate of contribution and vesting date shall remain the same. Pension accruals will be calculated as if subscriber were to be alive on the vesting date. However, the same pension would be payable to the spouse. Upon death of spouse after vesting date, pension corpus would be transferred back to Pension Fund.
In case of death of subscriber before vesting date, if the spouse does not exercise option of continuing under the scheme, then subscribers’ contributions along with fund interest earned or Savings Bank Interest whichever is higher would be payable to the spouse under the scheme
In case of death of subscriber before vesting date, if there is no spouse, then subscribers’ contributions along with fund interest earned or Savings Bank Interest, whichever is higher, would be payable to the nominee/s under the scheme. The cocontributions made by Government along with fund interest earned after adjusting for difference between Savings Bank Interest payable and fund interest earned, if any will be credited back to Pension fund of Government.
If a subscriber dies after the date of vesting, his/her spouse shall be entitled to receive 50% of the pension received by such eligible subscriber as Family Pension, provided she/he is not already an SMF beneficiary of the Scheme, and such family pension shall be applicable only to the spouse After death of subscriber as well as of his/her spouse, the corpus i.e. total accumulated contributions made by the subscriber and the Government shall be credited back to the fund.