Sentences with phrase «event of death of the life insured by»

Protection for your group members — Death benefit is paid in event of death of the life insured by the company to the beneficiary.

Not exact matches

Common Disaster Provision — To further define who receives death benefits in the event of the simultaneous or nearly simultaneous death of both the insured and primary beneficiary, a common disaster provision can be included in a life policy by the policyowner.

The policyholder can nominate a person (the beneficiary) to receive the Death Benefit in the event of the demise of the life insured or make a change in nomination at any time during the tenure of the plan, provided the plan is in force, by submitting a written request to the insurance company.

Generally, the purpose of life insurance is to provide peace of mind by assuring that financial loss or hardship will be alleviated in the event of the insured person's death.

Quite naturally, the period of coverage is predetermined by an individual need for Life Insurance and the death benefit is influenced by potential needs of the family in the event of the insured's death as well as the present day financial obligations, such as mortgage payments or education expenses.

Life stage protection: The option allows you to increase the basic sum assured at specified events of marriage and childbirth, without any medical tests: Marriage: The life insured can increase the death benefit by 50 % of the original death benefit, subject to a maximum additional amount of Rs. 50 lakhs 1st childbirth: The life insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 lakhs 2nd childbirth: The life insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 lLife stage protection: The option allows you to increase the basic sum assured at specified events of marriage and childbirth, without any medical tests: Marriage: The life insured can increase the death benefit by 50 % of the original death benefit, subject to a maximum additional amount of Rs. 50 lakhs 1st childbirth: The life insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 lakhs 2nd childbirth: The life insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 llife insured can increase the death benefit by 50 % of the original death benefit, subject to a maximum additional amount of Rs. 50 lakhs 1st childbirth: The life insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 lakhs 2nd childbirth: The life insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 llife insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 lakhs 2nd childbirth: The life insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 llife insured can increase the death benefit by 25 % of the original death benefit, subject to a maximum additional amount of Rs. 25 lakhs

By definition, term life insurance is: life insurance that pays a benefit in the event of the death of the insured during a specified term.

Usually the option to add death benefit coverage through the GI rider occurs at certain pre-determined ages (which may vary by company) throughout the insureds life, but may also occur during special life events such as marriage or the birth of a child.

The plan provides a death benefit amount in the unfortunate event of death of the life insured anytime during the policy term based on the option chosen by the life insured at the time of buying the plan.

Most life insurance companies include a rider on their term life policies that allows the payment of a portion of the policy death benefit to be paid to the policy beneficiary (s) in the event the primary insured is diagnosed as terminally ill by a practicing, licensed physician.

An endowment plan offers the insurance benefit by providing the life cover or sum assured to the nominee in the event of the death of the life insured during the policy term.

In the event of death of the life insured of a discontinued policy, the discontinued fund value subject to a minimum guaranteed interest as stipulated by IRDAI as on the date of death is payable to the nominee / beneficiary.