Default Annuity Scheme shall provide for Annuity for life of the Subscriber and his or her spouse (if any) with provision for return of purchase price of the Annuity and upon the demise of such Subscriber, the Annuity be re-issued to the family members in the order specified hereunder at a premium rate prevalent at the time of purchase of such Annuity by utilizing the purchase price required to be returned under the Annuity contract (until all the family members in the order specified below are covered):
(a) Living dependent mother of the deceased Subscriber;
(b) Living dependent father of the deceased Subscriber.
After the coverage of all the family members specified above, the purchase price shall be returned to the surviving children of the Subscriber and in the absence of children, the legal heirs of the Subscriber, as may be applicable.
