(1) A combat veteran shall be paid a service bonus in the amount of $600.00.

    (2) A veteran shall be paid a service bonus of $15.00 per month for each month or major portion thereof served as a veteran but not to exceed a maximum of $450.00.

    (3) A person shall not be entitled to a bonus as both a veteran and a combat veteran.

    (4) If the veteran or combat veteran be deceased, payment shall be made to his beneficiary.

    (5) If a veteran dies or is deceased from service-connected causes his beneficiary shall be entitled to receive the difference between the amount which the veteran received under subsection (2) and the sum of $450.00.