In case of the insured party passing
away during the tenure of the policy, the sum that will be paid to the nominees will be the sum assured and the bonus if any.
Not exact matches
Child plans offer the benefit
of waiver
of premium, doing
away with the premium obligation if the policyholder parent expires
during policy tenure.
And that she, as a nominee will receive the sum assured (death benefit), in case
of him passing
away during the
policy tenure.
If any
of the life partners passes
away during the
policy tenure, this is how a term insurance company will pay the benefit to the nominee / surviving partner:
Term Cover: It refers to the
tenure of a term insurance plan wherein the sum assured is only paid to the nominees if the
policy holder passes
away during the plan
tenure.
In case the applicant passes
away during the
tenure of the child plan, certain insurers offer the benefit
of premium waiver or self - funding
of premium, thereby making it easy to continue the
policy without burdening the family member for premium payment.