Sentences with phrase «death benefit paid under»

The death benefit paid under the plan is the sum assured plus the accrued bonus (if it is a with profit endowment policy) or only sum assured (if it is a non profit endowment policy) where as maturity benefits are sum assured plus accumulated bonus or guaranteed additions by the insurer.

Death benefit paid under the LIC pension plan is also exempt from taxation under Section 10 (10D).

Moreover, the death benefits paid under the ULIP plan are also tax - free.

Not exact matches

The death benefit will not increase under option A unless excess premiums are paid.

The Rider Sum Assured in addition to the Death Benefit under the Base Policy will be paid to the nominee and the rider will cease to exist.

The primary difference between life insurance and AD&D insurance is the set of circumstances under which a policy will pay a death benefit.

(o) If there is no person who would be entitled, upon application therefor, to an annuity under section 2 of the Railroad Retirement Act of 1974 [98], or to a lump - sum payment under section 6 (b) of such Act, with respect to the death of an employee (as defined in such Act), then, notwithstanding section 210 (a)(9)[99] of this Act, compensation (as defined in such Railroad Retirement Act, but excluding compensation attributable as having been paid during any month on account of military service creditable under section 3 of such Act if wages are deemed to have been paid to such employee during such month under subsection (a) or (e) of section 217 of this Act) of such employee shall constitute remuneration for employment for purposes of determining (A) entitlement to and the amount of any lump — sum death payment under this title on the basis of such employee's wages and self — employment income and (B) entitlement to and the amount of any monthly benefit under this title, for the month in which such employee died or for any month thereafter, on the basis of such wages and self — employment income.

If you are covered by a life insurance policy but your death falls under one of these exclusions, the insurance company may not have to pay out the benefit.

Continuing under the assumption that you have a defined benefit pension plan that will pay you $ 50,000 per year until you pass away I would say that your pension plan is more similar to a life annuity rather than a GIC since a GIC comes to term whereas an annuity pays until death, but if you are trying to put a value on the holding of your pension plan I would say that yes, it is fair to count it as a million dollar GIC at 5 %.

Alternatively, using dividends to purchase additional paid - up life insurance allows you to grow your cash value and death benefit in a tax favored environment under IRC 7702.

Under this benefit, a sum of money is paid over and above the death benefit in the event of death caused due to an accident.

With last - survivor or second - to - die life insurance, the death benefit is paid after the second person covered under the policy dies.

LTCAccess Rider — A great supplement to long term care policy, the LTCAcess rider allows you to accelerate a portion of your death benefit so you can pay for expenses from long term care covered under the rider, including both home and facility care.

Under this approach, the employer owns the policy and pays the premiums AND endorses to the employee the portion of the death benefit that is in excess of the greater of the premiums paid or cash value of the policy.

If you borrow against an existing policy to pay premiums on a new policy, death benefits payable under your existing policy will be reduced by the amount of any unpaid loan, including unpaid interest.

When the grieving family submitted its claim for death benefits under the kidnap and ransom insurance policy the businessman had purchased and paid premiums on for many years, the large, international insurance company denied the claim without so much as an investigation.

Physical and vocational rehabilitation can be paid for under workers» comp and a death benefit is also provided, if needed.

(1) If a person is entitled to a death benefit, a funeral benefit or a benefit under Part IV, the insurer shall pay the benefit within 30 days after the insurer receives an application for the benefit.

«Term cost» is simply the cost of a one - year term policy on the insured employee with the same death benefit, i.e., what it would cost the employee to buy the same amount of insurance protection for one year under a term policy.2 In some arrangements, the employee actually pays the term costs.

The death benefit does not increase under Option A, unless excess premiums are paid into the policy's cash value.

Under a QLAC, the only benefit permitted to be paid after the employee's death is a life annuity, payable to a designated beneficiary, that meets certain requirements.

(Of course, when a claim is paid under this rider, the death benefit is reduced, and a processing fee is deducted.

In the event that the Insured dies after a written request for an accelerated death benefit is submitted but before payment is made and we receive written notice at our home office of this death, the request for an accelerated death benefit will be considered void and no benefit will be paid under the rider.

Alternatively, the employer may own and pay for the policy but permit the employee to name the beneficiary under the policy for a portion of the death benefit.

That means your death benefit will gradually reduce if you choose not to repay the loan, or if you do not pay the full amount due, which may leave your family under - protected.

Under this scenario, the death benefit would be paid to the owner of the policy, and any gains would be subject to income tax.

Upon the death of the insured, the designated beneficiaries receive the death benefit less the amount paid out under the long - term care rider.

A policy under which the insurance company promises to pay a death benefit upon the death of the person insured.

Accordingly, a QLAC may provide for a single - sum death benefit paid to a beneficiary in an amount equal to the excess of the premium payments made with respect to the QLAC over the payments made to the employee under the QLAC.

Insurers can pay death benefit in installments over a definite period of time and at a defined rate of interest, as approved under the «file and use» procedure on the declining balance if such an option is provided at the inception of the policy.

«No benefits will be paid due to Injury or death caused by, contributed to by or related to the following and / or their treatments and / or complications thereof: Sickness; Suicide or intentional self - inflicted Injury or poisoning; War, declared or undeclared; Acts of terrorism; While committing or attempting to commit a crime; Taking of illegal or non-prescribed drugs, or addiction or misuse of prescription drugs; Alcohol abuse or addiction, or being under the influence of alcohol, as defined by the vehicle code of the state or province in which the Accident has occurred; Mental or Nervous Disorders; Pre-Existing Conditions; Subjective Pain or other symptoms unless supported by objective medical findings; Pregnancy and pregnancy - related conditions including but not limited to fertility, pre-natal care, childbirth, miscarriage, abortion or postpartum conditions; Nuclear, biological or chemical exposure as a result of war, declared or undeclared or terrorism.»

Income Plus Option — under this HDFC term insurance plan, the entire death benefit which is the chosen Sum Assured is paid out in case of death of the life insured.

Under another benefit called the Funding of Future Premiums, in case of death of the insured during the tenure of the plan, the company waives off the premiums and pays it towards the plan itself.

Life option — under this HDFC term insurance plan, the death benefit is paid in lump sum in case of unfortunate death of the life insured

Under the first Option of Death Benefit called Option A, the Sum Assured net of the Terminal Illness Benefit already paid is paid to the nominee

Aegon Life ADDD Rider can be availed under the plan wherein additional benefit is paid in case of accidental death, dismemberment or disability

Under the added paid - up options the policyholders are allowed to get their paid - up additions using their bonuses which would accumulate in their plan making this plan an additional guaranteed assured - sum which is paid as maturity or death benefits.

In case of suicide committed within 12 months of policy inception or policy revival only 80 % of premiums paid are returned to the nominee and no Death Benefit will be paid under the LIC term plan.

So, in case of accidental death, the death benefit and the Accidental Death Benefit which is equal to the Sum Assured chosen under the policy is paid to the nodeath, the death benefit and the Accidental Death Benefit which is equal to the Sum Assured chosen under the policy is paid to the nodeath benefit and the Accidental Death Benefit which is equal to the Sum Assured chosen under the policy is paid to the benefit and the Accidental Death Benefit which is equal to the Sum Assured chosen under the policy is paid to the noDeath Benefit which is equal to the Sum Assured chosen under the policy is paid to the Benefit which is equal to the Sum Assured chosen under the policy is paid to the nominee

The policyholder may additionally choose the disability benefit option under which, in case of death or disability of the insured during the tenure of the plan, the aggregate of all future premiums is paid which can be availed immediately in lump sum or can be invested in the fund where it will attract market linked returns.

In case of suicide committed within 12 months of policy inception or policy revival only 80 % of premiums paid are returned to the nominee and no Death Benefit will be paid under this LIC term plan.

The insurance policy details who is covered, for how long (if applicable) and under what conditions the death benefit will be paid out.

Under this Max Life term plan, in case of death during the chosen tenure, the death benefit is paid which is equal to the Sum Assured

The benefits payable under the plan will be paid as promised without being affected by the death of the insured.

Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and Maturity benefit, death benefit and Surrender value are eligible for tax benefits under Section 10 (10D) of the Income Tax Act, subject to the provision stated therein.

Under Benefit Option 2, higher of the SA including the top - up SA 105 % of all premiums paid is payable immediately on death.

The death benefit payable will be the amount higher of the Sum Assured or 10 times the annual premium or 105 % of total premiums paid till the date of death for regular premium payment option and higher of Sum Assured or 125 % of the Single Premium paid under the Single Premium payment option.

If the policyholder chooses the Save Benefit under any of the plan option, then on death or critical illness, the Sum Assured is paid to the beneficiary who is the child, all future premiums are waived off and paid for by the company and the plan continues.

On death of the policyholder, under Benefit Option 1, higher of the Sum Assured including the top - up SA net of any partial withdrawals made in the last 2 years or Fund Value including the Top - up Fund Value or 105 % of premiums paid is payable to the nominee

The death benefit under any case shall not be lower than 105 % of all premiums paid till the date of death.