Sentences with phrase «if policy holder»

The life insurer covers the risk if the policy holder dies early.

Insurance21 Replied: 08-09-2017 22:14:44 If policy holder's age is above 8 years, then life cover will be 10 times of basic premium from the day the policy is issued.

If Policy holder survives 15 years, then Maturity (Maturity Sum Assured + Loyalty Additions) will be as under.

If Policy holder completes 20 years and pays all premium successfully, then Maturity will be as under.

Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.

My question is if policy holder death by accident or terrorist attack or un-natural.

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

If the policy holder doesn't change the name of the beneficiary after the beneficiaries death, depending on what state you live in it goes to next of kin.

I will compare the scenarios if the policy holder were to die during the policy term.

If the policy holder survives the policy term, then he gets the Fund Value.

A property insurance settlement would not be properly allocated if the policy holder was able to collect from their insurance company and then through litigation, also collect from...

However, no matter what IRDA (or the insurance Act) says, if the policy holder indulges in material suppression of an illness such as cancer, the insurance company will not stop at Ombudsman or the regulator.

In other words, if a policy holder withdraws money from a cash - value life insurance policy, the withdrawal is assumed to come from contributions first, not earnings.

If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years» premiums have not been paid, will be transferred to the Discontinued Policy Fund.

You want to surrender the policy — If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund.

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist.

For instance, if a policy holder still owes money on his mortgage, and he does not have homeowners insurance, the lender may take out a single interest insurance policy to protect its own interest in the property.

So, if the policy holder dies 20 days after the diagnosis of a critical illness, insurance company will not pay anything.

If the policy holder stops paying the premium after 5 years, then there is no Surrender / Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.

Maturity Benefit — If the policy holder survives the policy term, then he gets the Fund Value.

It is indeed an important aspect to consider, for it is actually a measure of the probability that one's dear and near ones would be able to easily claim the insurance amount if the policy holder was to die all of a sudden; which is the very reason why one buys an insurance policy!

If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses.

Step 3: The form needs to be duly signed by the life insured and the policy holder, if the policy holder is different from the life insured.

If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist.

∙ OPTION 3: If policy holder want to get 10 % of money back in 4 intervals between 20 to 24 year then he / she will get 50 % of basic sum assured + bonus + final additional bonus (if any) on maturity 25th year.

It helps the policyholder to get lump sum amount on the policy maturity in case he / she survives the policy term and policy pay the full sum assured along with accrued bonuses to the nominee if the policy holder dies during the policy term.

∙ OPTION 2: If policy holder want to get 5 % of money back in 4 intervals between 20 to 24 year then he / she will get 75 % of basic sum assure + bonus + final additional bonus (if any) on maturity 25th year.

So if policy holder does not not want to received maturity or death claim amount in one go, costumer has option for equal amount over period of 5, 10 and 15 years.

ON DEATH: During the policy term if policy holder dies LIC will give amount equal to the total amount of premium paid excluding all taxes and extra premium, If any shall be paid.

So, if policy holder wants, he can cover his spouse but he can not cover his children.

It also provides the medical bill coverage for the other party involved in the accident if the policy holder is at fault.

There will be no stated benefits if the policy holder outlives the policy period.

If the policy holder wants to extend the benefits to the entire family, a family floater plan with varying premium rate may have to be taken.

If the policy holder is unable to provide the information about the claim within a time limit and in the prescribed format given in the policy document, the insurer will reject the claim.

Even if the other driver involved in collision does not have liability insurance, if the policy holder has collision insurance, he is covered.

If a policy holder has not made premium payments even after the due date has past and the grace period is over, an insurance policy would usually lapse.

If the policy holder gets involved in an accident where three cars are involved then the coverage will reimburse the damages caused to the insured car and also the car that remains in front of it.

If a policy holder wants to surrender and encash the policy in between the tenure, it is possible, however the maturity amount will be based on the tenure of the policy and the amount has been paid against the policy until encashing.

You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period.

If the policy holder stops paying the premium, then the accumulated policy fund amount shall be paid to the policy holder after the fifth policy year.

This can be a real advantage — especially if the policy holder plans to keep the whole life policy for a lengthy period of time, or if he or she has health issues and will not qualify for coverage again out in the marketplace.

Thanks suresh sir, I have a query regarding term plan I have a term plan of hdfc click2protectPlus rs. 50 lack with extra life option wich mean if policy holder death normally nomine receive 50 lac and due to accident death nomine receive 50 +50 but in case of accident policy holder will not die and he lost any part of body in this situation claim is refund or not.

A life insurance policy is said to be «In Force» or «Active» if the policy holder makes all his / her premium payments on time.

If the policy holder dies before 15 years he will get 10 Times of the Premium Paid i.e He will get around Rs 425,800.

It can be raised to 20 % if the policy holder voluntarily opts for it.

However, Type - II ULIPs perform far better if the policy holder passes away during the policy term.

You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and the policy converts it to a reduced paid up and continues with reduced benefits.

There are certain insurance policies like children's plans, where even if the policy holder (Parent) is no more, the insurance company would waive off the premium payments and continue to provide the benefits to the policy beneficiaries (Children)

This can be transferred if the policy holder is the same.