Sentences with phrase «death during the payout period»

In the event of death during the payout period, regular instalments as per the Maturity Benefits will be paid to the nominee.

In case of death during the payout period (16th to 30th year), the maturity benefit for the remaining payout period is then payable to the nominee.

Not exact matches

A term life insurance policy offers coverage for a specified period of time, meaning that if you die during the term of the policy the beneficiary will receive the specified payout (also known as the death benefit or face value of the policy).

A term life insurance policy offers coverage for a specified period of time, meaning that if you die during the term of the policy the beneficiary will receive the specified payout (also known as the death benefit or face value of the policy).

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.

Your beneficiaries are the people or entities that would receive the payout, or death benefit, if you pass away during the period of coverage.

During the waiting period, the insurer will not payout a death benefit if you pass away for any reason besides an accident.

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.

A term life insurance policy offers coverage for a specified period of time, meaning that if you die during the term of the policy the beneficiary will receive the specified payout (also known as the death benefit or face value of the policy).

Just to be clear, a partial waiting period is a plan whereby the insurance company would payout a portion of your death benefit if you passed during the first two years.

In case of the unfortunate event of death of policyholder during the income benefit period, the remaining payouts will be made to the nominee.

Option B - Income Protection Under this option, the Death Benefit shall be payable as Monthly Income (payouts made each month) to your nominee during the payout period as chosen by you at inception of policy.

The exclusionary period is a pre-determined time period, usually two years, after buying your policy, during which your beneficiaries will receive a refund of your premiums instead of a death benefit payout.

Note: In case of death of the life insured during the payout period, the nominee can exercise an option to either continue receiving the Income Benefit and one — time Terminal Benefit or opt for the Commuted Value of the same.

o Monthly Income Benefit: In case of death of the life insured during the policy term, the nominee is entitled to receive the monthly income that starts from the date of death till the end of the policy term, subject to a guaranteed payout for a minimum period of 36 months.

On the death of the Life Insured during the Payout Period, the beneficiary will continue to receive the outstanding survival benefits (Income Benefit and Terminal Benefit).

The Company provides an option to the policyholder on survival during the payout period or beneficiary in case of death of Life Insured (called Commutation option) to receive the present value of the outstanding survival and death benefit respectively as lump sum.

In case of death of the policyholder during the guaranteed payout period, annuity is payable to the nominee.

In case of death of the life insured during the payout period, the guaranteed payouts are paid to the nominee till the end of the 17th year.

In the event of death of the insured during the policy period, the payout is higher of 105 % of all premiums paid or the accumulated Fund Value.

In the unfortunate event of your death during this period, your family will get a lump sum amount regardless of any Guaranteed Annual Payouts or Critical Illness Benefit received earlier.