The beneficiary of a deceased teacher may make an election pursuant to the provisions of this chapter; provided, that the beneficiary may not elect the second option provided under section 15-39.2-02, which option relates to teachers who have at least seventeen years of teaching credit under the teachers’ insurance and retirement fund. The annuity of such beneficiary must be computed in the manner in which the deceased teacher’s annuity would have been computed if the deceased teacher had lived and had made such election. For the purposes of this section, the term “beneficiary” has the same meaning as such term has in section 15-39.1-17 concerning persons entitled to a monthly annuity under the provisions of chapter 15-39.1, and the term “deceased teacher” means a teacher, deceased at the time application for an election is made, who died or retired from teaching under the teachers’ insurance and retirement fund prior to July 1, 1971. Provided, however, that in order to be eligible to make such election, a beneficiary shall pay into the teachers’ fund for retirement such amounts as the deceased teacher would have been required to pay had that teacher made the election prior to death.