(i) On reaching normal retirement date. - (a) On retirement. - The amount accumulated at the credit of the Member in the Deposit Administration Plan having regard to the Entry Date and date of retirement of the Member shall be payable on the first of the month following the date of retirement of the Member.
(b) On extension of service beyond normal retirement date. - The amount accumulated at the credit of the member in the Deposit Administration Plan having regard to the Entry Date and normal retirement date of the Member, shall be payable on the first of the month following the normal retirement date notwithstanding his continuing in service after the normal retirement date.
(ii) On cessation of service of Member before normal retirement date. - The amount accumulated at the credit of the Member in the Deposit Administration Plan having regard to the Entry Date and date of cessation of service of the Member, shall be payable on the first of the month following the date of cessation of service of the Member.
(iii) On death of Member while in service of the employer. - The amount of sum assured as shown in Rule 9 depending upon the category of the deceased Member together with the amount accumulated at the credit of the Member in the deposit Administration Plan having regard to the Entry Date in the event of death of the Member, shall be payable on the first of the month following the date of the death of the Member :
Provided that in the event of the death of the Member while in service of the employer, the sum assured payable under the assurance as per Rule 9, shall include the amount of death, gratuity payable to the beneficiary referred to in Rule 16 :
Provided further that in event of cessation of service of a Member before normal retirement date or Member reaching normal retirement date the benefit payable out of the Deposit Administration Plan shall not be less than the total amount of contributions made by the Member to the Scheme since the Entry Date, notwithstanding the accumulated value of the actual contributions applied to the deposit Administration Plan, viz. @ Rs. 1.83 per mensem up to January 31, 1975 and thereafter @ Rs. 3.66 per mensem. Such amount as is paid in excess of the actual accumulated value of the contributions out of the Deposit Administration Plan shall be recoverable at the end of each policy-year from the State Government's Share of Profits under the Scheme of profit-sharing as particularly set forth in Rules 14 and 15.