In the case of the death of a qualified member during the effective period of insurance, the estate, or designated beneficiary(ies), shall receive the benefits provided pursuant to section 512 of the Education Law or section 448, 448-a, 508, 508-a, 606 or 606-a of the Retirement and Social Security Law, whichever is applicable, from the plan, as hereinafter provided. Nevertheless, the amount of insurance payable upon the death of a member, and the eligibility to receive such payment, shall be determined in accordance with the applicable provision of law. However, in no case shall the amount of insurance payable by the plan upon the death of a member exceed $50,000. In the event an amount in excess of $50,000 is payable to the estate, beneficiary(ies) of a deceased member, the sum of $50,000 shall be payable as group term life insurance as specified herein, and the excess over $50,000 shall be paid as otherwise provided in the applicable provision of law.