Life insurance provides financial security to the family in case of sudden demise of the policy holder. (financegab.com)
In case of sudden demise of the member, nominee is entitled to get death benefit. (policybazaar.com)
Settlement Option 1: On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (nominee) opts to take the entire proceeds from the Policy from which she receives the lump sum amount of Rs. 1 Crore immediately. (comparepolicy.com)