The fund may not be used for any purpose other than investment, as provided in part 4 of this chapter, and the payment of the following:
(1) a service pension to a member who, by reason of service, has become entitled to a service pension;
(2) a pension to a member who has become permanently maimed or disabled;
(3) a benefit or allowance to a member who has suffered a permanent disabling injury;
(4) a benefit or allowance to a member who has contracted a permanent disabling sickness;
(5) a benefit, not exceeding $750, to defray the funeral expenses of a member;
(6) benefits to the surviving spouse, child, or children of a deceased member as provided in this chapter;
(7) premiums on a blanket policy of insurance covering the members of the fire department and providing for payment of compensation in case of the death of or injury to any such member;
(8) the return of employee contributions as provided in this chapter.