Sentences with phrase «death during any policy year»

In case of death during the policy year, the available Sum Assured is paid towards loan repayment thus taking care of your loan.

Scenario B - Death Benefit: In the event of his death during any policy year, the Death Benefit payable is higher of Sum Assured plus top - up premium, 105 % of the total premiums paid, Balance in your Individual Policy Account (IPA), or Total premiums paid.

Scenario B - Death Benefit: In the event of his death during any policy year, the Death Benefit payable is higher of Sum Assured on Death or Policy Account Value.

Scenario B - Death Benefit: In the event of his death during any policy year, the higher of Sum Assured plus Policy Account Value is payable or 105 % of the total premiums paid, as on the date of death.

Not exact matches

In addition, pursuant to our outside director equity compensation policy, in the event of the termination of a non-employee director's service to the Board as a result of death, disability or retirement, all of the non-employee director's equity compensation awards will become fully vested, provided that the non-employee director served as a member of the Board for at least three years prior to the date of termination and the non-employee director satisfied our equity ownership guidelines during his or her service as a Board member.

No medical exam life insurance policies usually have no waiting period, but the company will investigate the circumstances of your death if it occurs during the first two years of coverage.

If you die during these years, the term policy is there to provide a lump sum death benefit to your survivors.

In a term life insurance policy, you pay an annual premium that covers the risk of death during that year.

No medical exam life insurance policies usually have no waiting period, but the company will investigate the circumstances of your death if it occurs during the first two years of coverage.

You may need an inexpensive term life policy, which lasts 20 - 30 years and provides a death benefit to your family if you pass away during the term.

Additionally, guaranteed acceptance policies usually have a 2 to 3 year period post-purchase during which your beneficiary will receive little to no payout upon your death.

However, if the policy offers a graded or deferred benefit it can mean that death benefits are limited during the first few policy years or simply not covered if death is due to medical reasons.

If the company finds you lied about a health condition or lifestyle, it can raise your premium, cancel your policy or deny a beneficiary's claim to the death benefit, particularly during the two year contestability period.

In exchange, your coverage will be limited to a lesser dollar amount and your death benefits will be extremely limited during the first few years the policy is in force.

They also may feature graded death benefits, meaning you won't receive the full benefit amount if you die during an initial period of time (usually the first year or two of the policy).

The policy is taken out on the income earner of the family to provide for his family in case of death during his prime working years.

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

They may have purchased the policy during their working years in order to protect their children in the event of their untimely death.

If you apply for a policy that has no health questions, it will not pay out a death benefit during the first two years.

Graded death benefit describes how a life insurance policy will not pay out if the applicants death occurs during the first two or three years from when the policy was initially placed in force.

However, the Transamerica Trendsetter LB policy would cost $ 542 / year and would offer, in addition to $ 100,000 in death benefits, full access to her death benefits during her lifetime.

It means your death benefit is reduced during the first 2 years of the policy.

Everyone is accepted, but the policy will not pay out a death benefit during the first two years.

This policy provides a graded benefit, which means that if death of the insured that is due to natural causes — in other words, death that is caused by means other than an accident — during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy.

However, if you die during the first two years and the cause of death is from an accident, they will pay the full death benefit (all no health question policies do this).

In the event that the insured parent passes away during the 10 - year period of the policy, a $ 50,000 death benefit is paid to a trust1.

In case of his death during the policy period of 5 years, his nominee will get Rs. 25,000.

Please remember, we can still get you a policy, but it won't pay out a death benefit if you pass away during the first two years.

For instance, death benefits are often restricted during the first two years after the policy is purchased.

Moreover, the sum assured payable on death will not be reduced at any point of time during the term of the policy except where partial withdrawals have been made during the two - year period immediately preceding the death of the life assured.

There are 2 types of graded policies: return of your premium during the first 2 years + interest OR a percentage of the death benefit.

Every single no questions life insurance policy (this applies to every company offering this kind of plan) will always impose a death benefit restriction during the first 2 - 3 years of the policy (it's 2 years with most companies).

The term of the policy usually lasts between 1 and 30 years and pays only if a death occurs during the policy term.

If you are approved for this plan, Foresters will not pay out the death benefit during the first two years of the policy.

During the first few years, your coverage amount (death benefit) is only the premiums you have paid into the policy + a few percentage points.

There are some articles online that suggest these policies might not pay a death benefit during the first two years if death is non-accidental.

If you were to die during the first few years of the policy, most life insurance companies will generally issue a refund of your premiums to your beneficiaries in lieu of the actual death benefit.

Contestable Clause All insurance companies have a period of two years from the policy issue date during which statements made on the application can be challenged for misstatement should death occur within that period.

In addition to a higher monthly premium, your policy will not pay out a death benefit if you pass during the first two years.

They will pay out 75 % if death occurs during the second year of the policy.

That extra allows you to increase the size of your death benefit at preset times, usually when you reach a certain age or your policy's been in - force for X numbers of years, or during major life events, like marriage or the birth of a baby.

The contestability period is the two - year period when a policy first goes into effect; during this time, a life insurance company can contest the death benefit payout.

The policy pays death benefits only if the insured dies during the term, which can be one, five, ten or even twenty years.

In case of Rahul's unfortunate death during the 5th policy year, his nominee will receive the Sum Assured of Rs. 2,50,000 as Death Bendeath during the 5th policy year, his nominee will receive the Sum Assured of Rs. 2,50,000 as Death BenDeath Benefit.

Term life insurance is straightforward: The policy lasts for a set number of years, and if you die during that time, the death benefit is paid out.

A term life policy that increases the death benefit each year during the term.

If the policy has been in force less than two years during the contestable period of the life insurance policy, then an insurance company may investigate the claim and then deny a claim for life insurance if suicide is the cause of death according to the NAIC.

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).

The suicide clause also applies to the first two years of your policy; a death benefit won't be paid if the cause of death is suicide during the first two years.