Sentences with phrase «full endowment policy»
In case of a full endowment policy, the basis sum that is assured is similar to the death benefit that is applicable at the beginning of the policy.
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[76] Solicitation of additional endowment to support the free tuition policy was complicated by the school's policy of granting full tuition scholarships to wealthy students.
Full Endowment: Full endowment is the type of policy in which the sum assured is equivalent to the death benefit from the very beginning and the final payout is relatively higher.
For instance, LIC allows surrender of endowment policies only after the premiums for 3 full policy terms have been compensated.
A modified endowment contract is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policy.
A full endowment is a with - profits endowment where the basic sum assured is equal to the death benefit at start of policy and, assuming growth, the final payout would be much higher than the sum assured.