oracle CREATE OR REPLACE Function with cursor, if clause

CREATE OR REPLACE Function IncomeLevel
   ( name_in IN varchar2 )
   RETURN varchar2
IS
   monthly_value number(6);
   ILevel varchar2(20);

   cursor c1 is
     SELECT monthly_income
     FROM employees
     WHERE name = name_in;

BEGIN

   open c1;
   fetch c1 into monthly_value;
   close c1;

   IF monthly_value <= 4000 THEN
      ILevel := 'Low Income';

   ELSIF monthly_value > 4000 and monthly_value <= 7000 THEN
      ILevel := 'Avg Income';

   ELSIF monthly_value > 7000 and monthly_value <= 15000 THEN
      ILevel := 'Moderate Income';

   ELSE
      ILevel := 'High Income';

   END IF;

   RETURN ILevel;

END;