A bill to provide for the conversion of Servicemen's Group Life Insurance to Veterans' Group Life Insurance, and for other purposes.

[AI summary unavailable — showing source text] Provides, under the Servicemen's Group Life Insurance Plan, that benefits shall accrue on account of death resulting from an active duty occurrence when death occurs within one hundred and twenty days of such active duty occurrence. Provides for the convertability of Servicemen's Group Life Insurance to Veterans' Group Life Insurance upon expiration of the former. Provides for the automatic insuring under Servicemen's Group Life Insurance of any former member of the Armed Services otherwise eligible therefor who becomes eligible for such coverage and declines such coverage solely for the purpose of maintaining his Veterans' Group Life Insurance in effect upon the termination of the Veterans' Group Life Insurance coverage. Provides that Veterans' Group Life Insurance shall be issued in the amounts of $5,000, $10,000, or $15,000. Provides for reconvertibility of Veterans' Insurance to Servicemen's Insurance when any person shall again become eligible for the latter. Provides that any person may be eligible for only one insurance plan at any given time. Provides that Veterans' Group Life Insurance shall: (1) provide protection against death; (2) be issued on a non-renewable five year …