Sentences with phrase «amount of the deceased individual»
The amount they will get is equivalent to the entitled amount of the deceased individual.
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However, if the second holder i.e. spouse has his / her own individual or joint account, the aggregate of his / her account and the deposit amount in the other joint account of the deceased spouse should not be more than the prescribed maximum limit ie Rs 15 lakh.
In case the maximum limit is breached, then the remaining amount shall be refunded, so that the aggregate of the individual account and deceased spouse's joint account is maintained at the maximum limit.
Where can individual entitled to widow's insurance benefits is working and has earnings in an amount precluding payment of such benefits to her under section 203 (b) of the Act, she is not required, during such period, to repay the overpayments made to her deceased husband.
If the individual was the spouse of the deceased member and certain other criteria are met the individual may choose to roll - over the commuted amount to or within a self - managed superannuation fund (SMSF) for immediate cashing.
The lump sum is similar to the one - time benefit usually given by retirement plans because the lump sum will be given one time only, but it is the total amount of the death benefit left by the deceased individual's insurance policy.