Sentences with phrase «if the life insured»

If the life insured survives till the Maturity of the Policy and all the Premiums are duly paid, then he will receive 100 % of Sum Assured on Maturity.

Maturity Benefit: Sum Assured on Maturity, which is the Sum Assured applicable under the Policy, is paid if the Life Insured survives till the Maturity of the Policy and the policy is in force.

The main difference between an endowment plan and term insurance plan is as follows - In case of term insurance plans, a lump sum is paid to the beneficiary if the Life insured dies within the maturity period.

If the life insured dies during the term of this LIC online term plan chosen by him at the starting of the plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy

If the life insured is not pleased with the coverage, term and conditions of the policy then within 15 days of the policy issued he / she can cancel the policy.

If the Life insured dies within the maturity period the Insurance Company will pay the sum assured to the beneficiary.

If the life insured becomes totally and permanently disabled during the premium payment term, all his / her future basic premiums are waived off and the policy continues unhindered.

If the Life insured survives till the end of that specified period (maturity period), he will be paid the lump sum assured along with bonuses (if any) by the Insurance Company.

If the Life Insured commits suicide within a year of Major Revival, the nominee will receive the higher of 80 % of the premiums paid or Surrender Value.

If the life insured commits suicide within 12 months of buying the LIC online term plan, only 80 % of the premiums paid will be returned to the nominee.

Free Look Period: If the life insured is not pleased with the coverage, term and conditions of the policy then within 15 days of the policy issued he / she can cancel the policy.

The LIC online term plan is a pure term plan which promises the payment of the Sum Assured only if the life insured faces death within the tenure of this LIC plan.

If the Life Insured commits suicide just in before reviving the policy, the nominee gets a higher of 80 % of the Surrender Value or premium paid.

Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.

Thus, if the Life Insured dies within the policy tenure, the death benefit is payable to the nominee and nothing is payable on the maturity of the policy.

The insurer will only consider the claim if the life insured is alive when the diagnosis was performed.

Benefits are not payable under the policy for any covered stage of cancer or if the life insured dies within 6 months of the policy coverage commencement.

If the life insured is the parent and if he dies during the period of the plan, a death benefit is immediately paid to the nominee.

However, 80 % of the premiums paid are returned to the beneficiary if the life insured commits suicide within a year from the commencement of the insurance policy.

If the life insured survives the whole tenure of the policy, then the sum assured on maturity i.e. 40 % of the basic sum assured + simple reversionary bonus + final additional bonus (if any) is payable after the maturity of the policy.

The policy will only pay out if the life insured dies during the term of the policy.

If the life insured dies due to suicide within one year of plan commencement or within one year of revival of a lapsed policy, 80 % of the premiums paid are refunded.

If the life insured opts for an increase in cover, additional premium will be calculated on the increased sum assured and outstanding policy term.

Step 3 — if the life insured dies during the term of the plan, the death benefit is paid to the nominee in lump sum.

Claims may not be admitted if the Life Insured under the Policy, whether medically sane or insane, commits suicide.

Claims may not be taken or admitted if the life insured under the policy, whether medically sane or insane, commits suicide.

Offers the chosen accidental disability benefit, if the life insured meets with an accident resulting into impairments arising within 180 days from the date of the accident.

For example — If the life insured aged 35 gets a plan of monthly income of Rs. 50,000 under increasing income protection and passes away at age 41.

The Policy shall be void if the Life Insured, whether sane or insane, commits suicide resulting in death directly or indirectly as a result of such suicide within one year of the Issue Date; or one year of the date of the latest reinstatement of the Policy.

If the life insured dies due to suicide within one year of reviving a policy which was lapsed, higher of 80 % of the premiums paid or the Surrender Value acquired by the plan is paid.

If the life insured commits suicide within 12 months from the Policy commencement date or the date of revival of the policy, the company would pay an amount equal to 80 % of the premiums paid (excluding any underwriting extra) as death benefit.

The main deviation between an endowment plan and term insurance plan is as follows - In case of term insurance plans, a lump sum is paid to the beneficiary if the Life Insured dies within the maturity period.

If the Life insured survives till the closing of that specified period (maturity period), he will be paid the lump sum assured along with bonuses (if any) by the Insurance Company.

For example — If the life insured gets a fixed monthly income of Rs. 50,000 (which can be his monthly salary).

Maturity Benefit — If the Life Insured survives the maturity of the Policy with all premiums paid, they receive a Guaranteed Payout as a percentage of the Sum promised during the Maturity Payout Period, and 100 % of the Sum which is certain to be paid on maturity, is paid at the end of the 20th year.

The Paid - up sum is paid on the policy maturity date or the death if the Life Insured.

If the Life Insured passes away during the lock - in period of the first five policy years, the nominee receives the Fund Value as on the date of death plus Loyalty Additions.

Even if the life insured (the parent or guardian) dies during the policy period, the policy continues and all the payouts are made on time.

However, if the Life Insured dies within the accumulation period, then the Sum Assured + vested Bonus is paid out and the policy is terminated.

If the Life Insured dies after the accumulation period but before 100 years of age, then the Sum Assured + Loyalty Addition is paid and the policy is terminated.

It also has guaranteed loyalty additions that are payable only if the life insured is alive and all due premiums have been paid.

Under LIC Bima Bachat, if the Life Insured is alive at the end of every 3 years, 15 % of the Basic Sum Assured is paid as Survival Benefit and the policy continues

Maturity Benefit — Upon maturity of the plan (if the life insured survives the policy term), the life insured is paid out:

The coverage of the term insurance is nullified if the life insured ends his / her own life or we can say if he / she commits suicide within 12 months from the date the policy was issued on and comes into action.

Thus, if the Life Insured survives till the age of 100 years, then the entire Sum Assured + Loyalty Bonus is paid out and the policy terminates.

Death Benefit: If the Life Insured dies within the policy tenure, then the Sum Assured on Death + accrued Bonuses would be payable to the nominee

If the life insured dies within the policy tenure, the entire Sum Assured + accrued Bonuses would be paid to the nominee as Death Benefit

And if the Life Insured dies within the policy tenure, the death benefit is paid to the nominee but the policy does not terminate immediately.

Only the Single Premium paid would be paid to the nominee if the Life Insured dies before the commencement of risk

The critical illness benefit is paid as a lump - sum if the Life Insured survives for at least thirty days.