Sentences with phrase «assured under the terms of the policy»
It is the benefit payable to the beneficiary on the event of the death of the life assured under the terms of the policy.
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A nomination can be changed at any time during the term of the contract and the life assured is expected to review the nomination made under various policies from time to time.
Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of the money to the nominated beneficiary in the unfortunate event of the policyholder's demise during the term of the policy.
Under this feature, Religare, the health insurance provider, automatically recharges the sum assured under the policy, in event of sum assured or accumulated no claim bonus getting exhausted while the term of the policy id goinUnder this feature, Religare, the health insurance provider, automatically recharges the sum assured under the policy, in event of sum assured or accumulated no claim bonus getting exhausted while the term of the policy id goinunder the policy, in event of sum assured or accumulated no claim bonus getting exhausted while the term of the policy id going on.
Under the LIC's e-Term policy, the insurer agrees to pay an agreed sum assured in the event of his / her premature death during the policy term.
Where plan option is «Savings Plus», if the Life Assured is diagnosed to be suffering from any of the 35 Critical Illnesses, all future premiums that would otherwise have been payable under the base policy shall be waived for the remainder of the premium payment term
Under the Endowment Policy, the assured is bound to pay an annual premium, which is determined on the basis of the assured's age and the term of the pPolicy, the assured is bound to pay an annual premium, which is determined on the basis of the assured's age and the term of the policypolicy.
This credit (in terms of waiting period) would be limited to the sum assured (including bonus) under the previous policy.
Any sum received other than as death benefit under an insurance policy which has been issued on or after April 1 2003 and if the premium payable in any of the years during the term of the policy does not exceed 20 % of the sum assured.
Unlike term plans which pay out the sum assured, along with profits, only in case of an eventuality over the policy term, endowment planspay out the sum assured under both scenarios — death and survival.
In the event of an employee's or a member's death during the Policy Term, the Sum Assured under the policy is payable to the designated benefiPolicy Term, the Sum Assured under the policy is payable to the designated benefipolicy is payable to the designated beneficiary.
In case of your unfortunate demise any time during the Policy Term, the Death Sum Assured will be payable to your nominee as under:
Maximum: Rs. 71,300 for sum assured of Rs. 50,00,000 for a standard life under single premium payment option for 47 years policy term.
Under such circumstances, the nominee of the policy holder will be paid the sum assured of the term plan.
The sum that is assured under the term insurance policy is also calculated in the eligibility because now a day some policy companies have a fixed sum assured as minimum amount as the insured person should be capable of paying the policy premium.
Minimum: Rs. 8 for sum assured of Rs. 10,000, for a standard life under regular premium payment option, across all policy terms.
Increasing Term Assurance — an option under which the Sum Assured chosen at the time of inception of the SBI term insurance policy increases every year @ 5 % and on death of the insured during the SBI term insurance plan tenure, the Sum Assured as on the date of death is paid to the nomTerm Assurance — an option under which the Sum Assured chosen at the time of inception of the SBI term insurance policy increases every year @ 5 % and on death of the insured during the SBI term insurance plan tenure, the Sum Assured as on the date of death is paid to the nomterm insurance policy increases every year @ 5 % and on death of the insured during the SBI term insurance plan tenure, the Sum Assured as on the date of death is paid to the nomterm insurance plan tenure, the Sum Assured as on the date of death is paid to the nominee
Under this plan, if the life assured is deceased during the term of the policy, the life insurance cover double folds itself.
For a policy term of 15 years, the Guaranteed Maturity Benefits shall be 15 % of the Sum Assured under the Basic Plan.
In case of unfortunate death of the life assured during the policy term, provided all the due premiums have been paid under the policy, the death benefit payable to the nominee shall be as follows
When the person assured dies during the Term of the policy i.e. before the date of maturity, proceeds under the policy as a claim, is payable to the beneficiary which is called a Death claim.
Life Option: This is an online term plan option under Click 2 Protect 3D Plus, wherein if the life assured dies during the policy term or he / she is diagnosed with any of the mentioned Terminal Illness, the nominee receives the death benefit.
Return of Premium Option: If the policyholder survives till the end of the policy term, he will receive the total premiums paid under this plan option.In case of life assured's death or being diagnosed with any of the Terminal Illness during the Policy Term a Lumpsum benefit will be paid to the nopolicy term, he will receive the total premiums paid under this plan option.In case of life assured's death or being diagnosed with any of the Terminal Illness during the Policy Term a Lumpsum benefit will be paid to the nomiterm, he will receive the total premiums paid under this plan option.In case of life assured's death or being diagnosed with any of the Terminal Illness during the Policy Term a Lumpsum benefit will be paid to the noPolicy Term a Lumpsum benefit will be paid to the nomiTerm a Lumpsum benefit will be paid to the nominee.
The highlights of the key features and benefits are as follows: ● There are maturity benefits with a sum assured at the end of the term plan ● There are death benefits ● Annual income payments to the family in case of an untimely death ● Maturity amount is free from tax under section 10D, and Premium payable is applicable for rebate under section 80C ● The Policy garners profits from LIC in the way of bonuses
Under the LIC's e-Term policy, the insurer, who should be at least 18 years of age, agrees to pay an agreed sum assured in the event of his / her premature death during the policy term.
Under this benefit, in case the holder of the policy dies within the term of the policy than the sum assured on death plus simple reversionary bonuses and the Final Additional Bonus is there then it will be given.
Provisions under Exide Life My Term and BSLI Income Assured mainly include policy renewal and different types of riders.
Below is a sample illustration showing the Guaranteed Cash Benefit, Guaranteed Maturity Benefit and Sum Assured under the plan for various combinations of premium amount and policy term.
The sum that is assured under the Term insurance policy is also alculated in the eligibility because now a day some policy companies have a fixed sum assured as minimum amount as the insured person should be capable of paying the policy premium.
o Level Cover: The death payout under this plan option pays the opted sum assured to the nominee in the event of death of life insured during the policy term.
In case of death of the Life Assured during Policy Term, Sum Assured under the plan will be paid to the nominee and the policy willPolicy Term, Sum Assured under the plan will be paid to the nominee and the policy willpolicy will be te
He chooses Kotak Platinum plan with the policy term of 20 years with regular annual premium payment of Rs 5,00,000 and sum assured of Rs 50,00,000 under Age Based Strategy with Aggressive Risk Appetite.
In case of death of the Life Assured during Policy Term, Sum Assured under the plan will be paid to the nominee and the Policy will terminate.
The bonus will be applied on the Sum Assured along with the bonuses already accrued under the policy and are guaranteed during the policy term in the event of death and maturity.
If the Policy is lapsed as on the date of death of the life assured no death benefit is payable if the policy is under lapse status in case of Term polPolicy is lapsed as on the date of death of the life assured no death benefit is payable if the policy is under lapse status in case of Term polpolicy is under lapse status in case of Term policies.
A Term plan with Return of Premium is a contract between the applicant and the Life Insurance Company, under which the applicant agrees to pay a certain amount of money (Premium) per year for a fixed period in order to receive a guaranteed amount of money (Sum assured) in the event of his death during the policy term, payable to his nominee (any family membTerm plan with Return of Premium is a contract between the applicant and the Life Insurance Company, under which the applicant agrees to pay a certain amount of money (Premium) per year for a fixed period in order to receive a guaranteed amount of money (Sum assured) in the event of his death during the policy term, payable to his nominee (any family membterm, payable to his nominee (any family member).
Scenario B - Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured under the Base Plan less partial withdrawals, 105 % of Total premiums paid, or Fund value under the Base Plan.
Under section 10 (10D) of Income Tax Act, 1961 maturity benefits are tax free in the hands of policyholders if, at any point of time during the policy term, premiums paid in any year do not exceed 20 % of the basic Sum Assured.
In order to achieve the financial goals, he opts to buy Kotak Ace Investment with the policy term of 20 years (regular pay), annual premium of Rs 50,000 and sum assured of Rs 5,00,000 under Self - Managed Strategy with 100 % investment in Classic Opportunities Fund.
Hello I would like to share my master plan of new जीवन anand policy My age is 30 I have purchased 7 policies of 1 lac sum assured and each maturity year term 26 to 32 I purchased in 2017 Along with I have purchased 3 policies of same jivananad of 11lac each Maturity year term 33,34,35 Now what will I have to pay is rs, 130000 premium per year means 370rs per day At age of 55 in year 2047 I will start getting return, of, 3lac maturity per year till 2054 For 7policies of i lac I buyed for safety of paying next 10 years premium of 130000 As year by year my liability goes on decreasing and at the age of 62 to 65 I get my major part of maturity amount around 16000000 one crore sixty lac Along with 4000000 sum assured continued for rest of life So from above example it is true that you can make money to make money for you You can enjoy a large sum by just paying 370 per day and you will feel you have earned 19000000 / 35 years = 1500 per day And assume if I die after 5 years then in this case also my spouse will get 7500000 as death claim against 650000 paid premium Whats bad in this A asset is getting created for you It is a property of 2 crores which you are buying for 35 year installment If you make fd of 2000000 Lacs against this policy u will get 135000 interest per year to pay for 35 years If u buy a flat for 20 lack in 2017 there is no scope of valuation of Flat will be 2 crores But as I described you are creating a class asset for your beloved easily just investing 10500 per year for 35 years And too buy a term of 50 Lacs with it And rest you earn deposit in ppf Keep in mind if you will survive then only ppf will create corpus for you but in lic your family is insured to a higher extent till 1 crore with term including And its sufficient if you are earning 100000per Month no problem for investing of 10 % in New जीवन anand with rest 90 % you go with ppf, mutual funds, equity, gold, lottery, real estate any thing but keep 10 % for new jeewan anand it's a class if you understand it properly and after all if you rely only on term there are more chances of rejecting claims as one thing is sure cheap things just come under warranty but lic brand is guaranteed because in case of demise if your nominee doesn't get claim then your all hardwork is going to be waste so think and invest take long term and bigger sum assured for least premium You can assign your policy for taking flat or property it is a legal asset of you But term never.
However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20 % of the actual capital sum assured will no longer be exempted under this section.
Unlike term plans which pay out the sum assured, along with profits, only in case of an eventuality over the policy term, endowment plans pay out the sum assured under both scenarios — death and survival.
Under money back plans, survival benefits are spread over the term of the policy i.e., certain percentage of sum assured is paid at regular intervals.
An amount equal to the Sum Assured under the Basic plan subject to a limit of Rs. 25,00,000 / - taking all Term Assurance Rider Sum Assured under all policies of a life Assured under the Basic plan subject to a limit of Rs. 25,00,000 / - taking all Term Assurance Rider Sum Assured under all policies of a life Assured under all policies of a life assuredassured
Under this benefit, fixed guaranteed additions declared as percentage of sum assured would get added every year to policy after completion of premium term until maturity of policy.
Return of Premium - Under this policy rule, the premium amount associated with the policy is higher than the regular premium; and the premium paid during the entire duration of the policy is paid back if the assured survives the policy term.
Under IRDA guidelines, for a life insurance product (for a person aged less than 45 years) with a policy term of 10 years or more, sum assured shall be at least 10 times annual premium.
Under money back life policies, a percentage of the sum assured at regular intervals is payable through the entire policy term plus maturity benefit at the end of the policy term.
Scenario B - Death Benefit: In the unfortunate event of his death within the policy term, the Death Benefit payable is higher of Sum Assured under Base Plan and top - up plus, fund value under Base Plan and top - up is payable.
The second option for the insurance policy seeker is to opt for the «Term Assurance» plan, under which the policy holder is eligible for an Endowment Assurance plan and the sum assured is paid in case of survival of the assured within the stipulated period, or in the event of his / her earlier death.