Sentences with phrase «after death of the policyholder»

Also, the life insurance company calculates bonus on the sum assured, which is paid to the nominee after the death of the policyholder.

However, term insurance plans pay amount only after the death of the policyholder.

But in an annuity plan, the payments stop after the death of the policyholder.

Income Benefit Rider This rider is part of some policies and it's mainly for the income generation after death of the policyholder.

As long as the premiums are continuously made, death benefits will be paid to the beneficiary after the death of the policyholder.

After the death of policyholder, lump sum amount is given to the nominee, equal to the total of sum assured of the policy + simple reversionary bonus + additional bonus if any.

Policy continues even after the death of policyholder till the maturity and nominee get the maturity value of the policy at the end of the policy.

This is the most common method of disbursing the sum assured after death of the policyholder.

An endowment plan is similar to an insurance plan which is basically paying out a lump sum after the death of the policyholder.

In this case, the company ceases to make annuity payments after the death of the policyholder.

Education Support Benefit: To support child's education and important milestones, after the death of the policyholder, the fund value will not be paid as a lumpsum amount at the time of maturity.

With the increasing price of goods and services, the same income after 10 years may not be enough to preserve the similar lifestyle for the family, therefore, there is another choice with inflation protection called «Increasing Monthly Income Protection» in which the cover rises at the rate of 10 % per annum, even after the death of the policyholder.

For example, if you have a ULIP with a policy amount of 15 lakhs and policy term of 25 years, you will be provided with 15 lakhs at the end of 25 years or after the death of the policyholder, whichever is earlier.

After the death of the policyholder, the premium is funded by the company till the maturity period and that's why it is called waiver of premium (waiver of the policyholder's obligation to pay the premium).

A waiver of premium rider allows the policy to continue even after the death of the policyholder without paying any premium till the maturity date and the child receive both the death benefit (at the time of death of the policyholder) and the maturity benefit (at the time of maturity of the policy).

After death of the policyholder during the policy term, the policy is terminated after paying the sum assured as a death benefit to the nominee.

The policyholder also receives a lump sum payment at the time of maturity otherwise the nominee receives a lump sum amount after the death of the policyholder.

Not exact matches

The benefit can be paid in installments or a lump sum, with the beneficiary receiving the balance of the insurance payout after the policyholder's death.

Over time, the savings component provided by the policy grows and the death benefit shrinks; if the policyholder dies after the cash value of the policy is fully realized, the entire amount paid comes from the cash value rather than the death benefit.

The maturity proceeds are paid at the end of the term or after the unfortunate event of the policyholder's death.

Over time, the savings component provided by the policy grows and the death benefit shrinks; if the policyholder dies after the cash value of the policy is fully realized, the entire amount paid comes from the cash value rather than the death benefit.

Most child plans have an inbuilt premium waiver feature or self - funding of premium which allows the policy to continue even after the death of the applicant / policyholder (parent), where the insurance company waives future premiums, allowing the child to receive complete maturity benefit.

The policyholder may also avail of the Education Support Benefit under which the death benefit can be availed as money - backs in the last 5 years of the policy after the death of the insured.

So, if a policyholder had purchased a Colony Term universal life 10 policy, and then they decided five years after purchasing it that they wanted to have coverage for the remainder of their lifetime, then the coverage extension feature would have allowed the insured to extend the death benefit protection guarantee to either age 90, age 100, or 105 — and, this could occur without the need for the insured to provide evidence of insurability.

In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee After completing five policy years, if it is surrendered, then there is no Surrender / Discontinuance Charges and the Fund Value is paid to the policyholder and the policy will terminate immediately.

In addition to higher premiums, insurance companies that issue guaranteed life policies protect themselves against risk in two additional ways: (1) by offering relatively low payouts, and (2) by typically not providing a death benefit during the first two years after issuing the policy (if the policyholder dies during this time, the company issues a refund of premiums instead).

Under the Funding of Future Premiums benefit, after the policyholder's death, all future premiums are waived off and paid for by the company.

These plans ascertain that the policyholder's family receives a monthly income for a specific period of time after his / her death, and this is usually in addition to the sum assured.

This is crucial, because when policyholders intend, but never actually got around to requesting a beneficiary change to take a former spouse off of the policy, that creates legal wiggle room for the former spouse to make a claim on the policy and start an unwanted legal dispute after the death of the insured.

The policyholders have to give the name of the beneficiary who would receive the money after death at the time when they are purchasing the plans.

The policyholder would then name the settlement company as the beneficiary of the policy, and the company would collect the death benefit after the policyholder passed away.

[x] An insurance where there is an agreement between the insurer and the insured, where the insurer (insurance company) agrees to pay a certain amount of money in the event of death of the policyholder or to the policy holder after a certain period of time.

If the insured policyholder dies 5 years and 1 day after buying a 5 - year coverage plan, then death benefits will be not paid out because the insured died outside the window of coverage.

Death Benefits: If the policyholder dies during the term of the policy or after the premium paying term (PPT), the nominee shall be paid the higher of

However, some of the insurers may pay back all the premiums paid by the policyholder till the date of death after deducting policy related expenses if any.

The benefit can be paid in installments or a lump sum, with the beneficiary receiving the balance of the insurance payout after the policyholder's death.

The policyholder may also avail of the Education Support Benefit under which the death benefit can be availed as money - backs in the last 5 policy years after the insured's death

Post the payment of maturity benefit, the plan continues and on death of the policyholder after the end of the term and before turning 100, additional Sum Assured is paid without bonuses

After choosing the «with spouse» option, the amount of pension will be given to the spouse of the policyholder, in case of the death of the annuitant.

Or a surviving policyholder may find themselves unable to continue paying the premiums after the death of the other policyholder.

If the death of the policyholder occurs during the grace period then the full sum assured will be paid to the beneficiary after the deduction of the premium due and all the premiums falling due during the policy year.

Firstly, this plan is applicable for safeguarding a family after the untimely death of the policyholder.

For instance, the rider may stipulate that death must occur within a certain time after an accident or that the policyholder must lose both sets of limbs or eyesight in both eyes to qualify for the full benefit.

If after the plan renewal the policyholder dies then higher of eighty percent premiums paid till the date of death of the holder or the acquired surrender value will be paid.

The death benefit amount is given to the nominee of the policyholder on the occurrence of death due to any reasons after the 45 days of the cooling period clause.

Other than those main benefits mentioned above, any policyholder of this premium policy will gain some optional benefits as in, Rider benefits: ● LIC benefit under the claim for accidental death of the premium holder or even the disability after the accident.

Suppose if a policyholder dies after 5 years of policy opening but before the policy maturity date, then the sum assured on death equals to 10 times of the single tabular premium paid along with the Loyalty amount.

If the policyholder dies after the commencement of risk date then the sum assured plus accrued bonus would be paid as death benefit.

The best part of a child insurance policy lies in its waiver - of - premium feature; under which even after the unfortunate death of the policyholder, policy does continue paying all benefits, and all future premiums is borne by the insurer on behalf of the policyholder.

A ULIP not only offers flexibility to switch from equity to debt but also guarantees a pay - out of fund value after the policyholder's death.