On unfortunate death of an Executive for any reason whatsoever the insured amount of Rs.1,00,000/- will become due for payment.

In addition, the savings amount with interest standing to the credit of the deceased will be paid to the person nominated by the employee.

On cessation of service and on retirement the entire accumulated amount (saving portion) with interest standing to the credit of the employee , will be refunded.

Under this scheme,death claim of Rs. 11,00,000/- has been settled by LIC of India and the amount has been released in favour of the eligible legal heir of one deceased employee.