PUBLIC LAWS-CH. 728-AUG. 1 , 1946 [60 STAT. Permanent ity, etc., in duty. Under Ji. "(1) If the beneficiary to whom payment is first made is under thirty years of age at the time of maturity, in two hun- dred and forty equal monthly installments: Provided, That the Administrator, under regulations to be promulgated by him, may include a provision in the insurance contract authorizing the insured or the beneficiary to elect in lieu of this mode of payment and prior to the commencement of payments, a refund life income in monthly installments payable for such period 782 disabi "( 3 ) Any person in the active service between October 8, 1940, and September 2, 1945, both dates inclusive, who, while in such service, made application in writing for insurance while performing full mili- tary or naval duty, which application was denied solely on account of his condition of health, and the applicant thereafter shall have in- curred a total and permanent disability in line of duty or died in line of duty, shall be deemed to have applied for and to have been granted such insurance as of the date of such application and such insurance shall be deemed to be or to have been continued in force to the date of death of such person. In any case in which insurance deemed to have been granted under this paragraph matures or has matured, there shall be deducted from the proceeds of such insurance the premiums payable thereon from the date of application to the date of incurrence of total and permanent disability in line of duty or to the date of death, if permanent and total disability was not incurred. Any pay- ments on such insurance shall be made directly from the national service life insurance appropriation. The amount of insurance deemed to 3stat. have been granted under this paragraph, when added to any other § 287, insurance in force under the War Risk Insurance Act, as amended 5et'4 .; the World War Veterans' Act, 1924, as amended, or this part, shall post, p . not in the aggregate exceed $10,000." SEC. 3 . Section 602 (f) of the National Service Life Insurance Act 1§02 of 1940 is hereby amended to read as follows: insur- "(f) Such insurance shall be issued upon the five year level premium term plan, with the privilege of conversion as of the date when any premium becomes or has become due, or exchange as of the date of the original policy, upon payment of the difference in reserve, at any time after such policy has been in effect for one year and within the term period, to policies of insurance upon the following plans: Ordinary life, twenty-payment life, thirty-payment life, twenty-year endow- ment, endowment at age sixty, and endowment at age sixty-five: Pro- to en- aided, That conversion to an endowment plan may not be made while the insured is totally disabled. All level premium term policies shall cease and terminate at the expiration of the term period. Provisions for cash, loan, paid-up, and extended values, dividends from gains and savings refund of unearned premiums, and such other provisions as may be found to be reasonable and practicable may be provided for in the policy of insurance or from time to time by regulations promul- gated by the Administrator." 02 (:; SEC. 4. Section 602 (g) of the National Service Life Insurance Act g). of 1940, as amended, is hereby amended by substituting a colon for the period at the end thereof and adding the following: "Provided That the provisions of this subsection as to the restricted permitted class of beneficiaries shall not apply to any national service life-insurance policy maturing on or after the date of enactment of the Insurance Act of 1946." s802 SEC. 5 . (a) So much of subsection (h) of section 602 of the National i 802 Service Life Insurance Act of 1940, as amended, as precedes paragraph (3) thereof is hereby amended to read as follows: '(h) Insurance maturing prior to the date of enactment of the Insurance Act of 1946 shall be payable in the following manner: 38 Stat. 711; 4 607. 38U.S.C. 357, 502 , 57S Supp. V, § 434 Ante, p. 526; 789. 54 Stat. 1009. 38U.S.C. (f). Issuance of ance, etc. Conversion i dowment plan. 54 Stnt. 1010 . 38 .S.C.§8 Supp.V,§802( Beneflciaries. 54 Stat. 1010. 38U.8.C. (h); Supp. V, (h). Payments. Beneficiary I 30. Right of electio
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