Sentences with phrase «death of policy holder as»

Endowment plan — This plan differs from term plan only in one aspect, the endowment plan makes a pay out in case of death of policy holder as well as in case of the maturity of the plan term.

Not exact matches

The cash value accumulation then slows again as the policy holder ages and more of the premium is applied to the death benefits.

Whole life insurance (cash value life insurance) offers a permanent accruing death benefit as well as accruing cash value within the policy over the life of the policy holder based upon mortality tables.

So, the policy holder obtains the benefits of life insurance, such as a death benefit, while also maintaining investments in the financial markets.

Typically, a universal life insurance policy holder may adjust — within certain limits — the death benefit amount, as well as the timing and the amount of their premium.

In many ways, indexed universal life insurance works in a similar fashion as most other types of coverage in that the policy holder pays their premium, and the net premium is then applied to the actual life insurance death benefit.

However, universal life is thought of as being more flexible than whole life because the policy holder has more control over when the premium due date is, as well as how much of the premium goes towards the death benefit, and how much goes towards the policy's cash value (within certain guidelines).

Later, Ohio State Life was the first to advance death benefit payments to sustain the life of the policy holder (which is referred to as living benefits).

The cash value accumulation then slows again as the policy holder ages and more of the premium is applied to the death benefits.

Term insurance has garnered importance in recent times as it is a policy which provides a life cover for a definite period of time and benefits the nominee of the deceased policy holder in case of his / her death.

This convertible term insurance can be made of use when the person insured is still at a young age where the insurance could still cater for small expense and premature death but as time comes everyone gets older, this convertible term insurance might not be enough to cater the long term needs of the insured so it is of best interest that the policy holder should convert their policy to a more permanent type of insurance such as Universal Life.

10 times of single premium paid (excluding Service Tax) + Loyalty Addition is payable as death claim amount, in case of death of the policy holder before completing 15 years or the maturity date of the policy.

Typically, a universal life insurance policy holder is allowed to change — within certain limits — the death benefit, as well as the timing and the amount of their premium.

Also, with universal life insurance coverage, the death benefit can be adjusted down or up (with evidence of insurability) in order meet the policy holder's needs as well.

Life Insurance or assurance is a legal contract between the insurer or the insurance company, and policy owner / holder who is the person availing of the plan and whose family will receive money upon his / her death or any other event such as terminal disease.

This rider is included without additional cost and allows the policy holder to access up to 75 % of the death benefit (up to a maximum of $ 250,000) without a penalty, as long as a doctor diagnoses you as being terminally ill with less than 24 months to live.

It defines life insurance «as a contract between and insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.»

Life insurance living benefits — also referred to as a policy's accelerated death benefits — can allow the policy holder to use some (or in some cases, even all) of the death benefit proceeds during his or her lifetime.

This type of policy offers the policy holder death benefit coverage, as well as a cash value component.

Life insurance plans are essential as they compensate your dependents or the policy beneficiaries in the unfortunate event of the policy holder's death, provided he has been duly paying his premiums.

Money back plan is a life insurance product as well as an investment plan which provides life insurance cover against death of the policy holder along with periodic returns as a percentage of sum assured.

This online term plan is designed to pay out the entire sum assured as lump - sum on death of the policy holder or on diagnosis of Terminal Illness.

These plans provide death benefit protection and a cash value component, but they are considered to be more flexible, as the policy holder (within certain guidelines) may be able to change the frequency and the amount of the premium.

After the time has elapsed, policy holders have the option of keeping the coverage as an annually renewable plan, which provides a level amount of death benefit until the insured turns age 98.

Universal life insurance offers policy holders a great deal of flexibility in that they can choose — within certain parameters — when they make their premium payment, as well as how much of that payment is allocated to the death benefit and how much of it is allocated to the cash value component.

Likewise, the company's index universal life insurance policy also offers a fair amount of flexibility in that it, too, offers a long - term care policy rider, as well as a rider for living / accelerated death benefits if the policy holder so chooses.

Hello Liz, You are correct, as a California resident policy holder, in the very remote case of liquidation of Genworth, the California Health & Life Insurance Guarantee Association would pay as follows: Life insurance death benefit protection: 80 % of the policy death benefit up to a maximum of $ 300,000; However, as Chris mentioned in the article, our sincere expectation is that Genworth will not have to be liquidated nor become bankrupt, as we expect any number of other much better resolutions will occur.

For example, this type of policy allows policy holders to adjust the death benefit — as well as the premium payments — to fit changing circumstances over time.

So, the policy holder obtains the benefits of life insurance, such as a death benefit, while also maintaining investments in the financial markets.

Only plus point in this policy is if death of policy holder occurs at any time (after commencement of policy), all the payouts will be given by company (as mentioned earlier) from the date of claim settlement.

Dear sir, Since I was in need of insurance plan which gives my money back with guarantee.That policy states that even death of policy holder occurs (when policy is in force) company will give all payouts as stated with guarantee....

Having permanent coverage is also a plus, as the death benefit will remain in force, regardless of a policy holder's increasing age or health condition.

Other features include the ability to increase or decrease the death benefit as the insured's needs change; the ability to change the amount and / or the timing of the premium payment; and the ability to choose which investment options may be able to help the policy holder to meet best his or her retirement income needs the best.

These can provide policy holders with a way to access a percentage of the policy's death benefits during life in order to pay for expenses such as a medical or long - term care need.

• Income on death: In case of the policy holder's death the beneficiary will receive the sum assured as death benefit.

The riders available of money back policy are as follows: • Critical Illness rider: This rider offers a guaranteed sum if the Insured is diagnosed with some critical illness including major organ failure, coronary diseases, different types of cancer etc. • Accident rider: In case the policy holder's unexpected death due to accident the nominee receives a sum assured • Disability benefit rider: This type is rider helps in case the policy holder is left paralyzed due to some major accident in his life.

In case of policy holder's death while the policy is in force, the next of kin / nominee is liable to receive a lump sum equal to the death sum assured as per the policy agreement.

In this case the insurer may advance 25 - 40 % of the death benefit of the base policy to the insured.It is necessary to note that the insurance company will deduct the amount he receives as the plus the interest from what the beneficiaries will receive on the policy holder's death owing to terminal illness

As it is a pure death risk plan the nominee gets the sum assured only on the death of the policy holder.

As per the above table, it is clear that premium for lesser term is more than that for higher term and total premium to be paid not to be confused with sum assured as it is minimum amount to paid to nominee in case of death of policy holder even single premium has been paiAs per the above table, it is clear that premium for lesser term is more than that for higher term and total premium to be paid not to be confused with sum assured as it is minimum amount to paid to nominee in case of death of policy holder even single premium has been paias it is minimum amount to paid to nominee in case of death of policy holder even single premium has been paid.

Whole life insurance (cash value life insurance) offers a permanent accruing death benefit as well as accruing cash value within the policy over the life of the policy holder based upon mortality tables.

As explained above, first the company pays at the time of death of the policy holder and because of its Waiver of Premium (WOP) feature it continues to invest in the fund on the behalf of the policyholder.

Other than those main benefits mentioned above, any policyholder of this premium policy will gain some optional benefits as in, Rider benefits: ● LIC benefit under the claim for accidental death of the premium holder or even the disability after the accident.

On death of policy holder, his / her family will get highest of any one of them: 10 times of annualized premium or guaranteed sum assured or 105 % of all the premiums paid as on the date of death.

In case of death of policy holder during the policy term, this policy provides 10 % of sum assured every year till maturity and on maturity it again provides 110 % of Sum Assured + Bonuses as maturity.

The aviation exclusion notes that the insurance company will not pay for death benefits if the policy holder dies in a crash of a private plan, or if he / she is on a commercial flight but not as a passenger.

As the policy holder maintains the premium payment schedule, a portion of those payments goes toward increasing the death benefit payment.

A term rider acts in similar manner as a term insurance policy i.e. a monthly income will be provided to the nominee in event of death of the policy holder before end of the policy term.

If the policy has death benefit, in event of death of the policy holder, all the money paid as premium shall be returned to his family.

In case of death of the policy holder, the company waives off the insurance premiums as well.