It is a saving scheme (policy) that pays the sum assured, together with the accrued bonus if applicable, on death of a member covered under the scheme or on survival of a member until attaining retirement age.In the event of a member surviving to retirement age, may either get lump sum the sum assured or monthly pension at an agreed rate. Under this plan the rate of premium is fixed, converted into an actuarial equivalent to lump sum, required at the time of retirement .The rate of premium/ contribution is based on the age of the member.