The word "demise" refers to the death or end of something, such as the passing away of a person or the termination of an institution or idea. Full definition
In case of unfortunate event of demise of policyholder, 10 % of sum assured will be paid on every policy anniversary till the policy maturity. (policybazaar.com)
In case of unfortunate demise of life assured during the policy term, the sum assured amount is paid to the nominee immediately and the policy ends. (exidelife.in)