43(7)Where the member or former member is covered by a group life insurance plan sponsored, and paid for wholly or in part, by the employer, and the benefit to the surviving spouse, the designated beneficiary or the estate under that plan is at least equal to the benefit referred to in subsection (1) or (2), a pension plan may provide that the benefit referred to in subsection (1) or (2) does not apply and the administrator shall pay to the surviving spouse, designated beneficiary or the estate, as the case may be, a sum equal to the contributions of the member or former member with interest.