In addition to the sum insured on death, the nominee will receive the additional sum assured chosen at the time of inception
in case of death due to accident.
Term plans are simple insurance plans which promise to pay the sum assured
in case of death during the term of the plan.
Term life insurance plans ensure that the beneficiaries or the claimants are eligible to receive a lump sum amount as the death
benefit in case of the death of the policy holder.
The plan comes with an additional death benefit which is Rs. 50 lakh or the base amount, whichever is lower, will be
paid in case of death due to accident.
Term insurance plans are considered most simple and straight forward as they pay a lump sum amount to the
family in case of death of the insured.
It is a type of pure insurance plan where the beneficiary will get the benefit
only in case of death of the policy holder during the policy term.
The petition says that according to the law, life insurance business is only meant to be a business to pay an amount to the
beneficiaries in case of death of the policyholder.
As the name suggests, the insurance company will pay the death benefit amount
in case of a death by accident.
In case of death after attaining the age of 60: Partial withdrawals made under the policy 2 years before attaining age 60 and all the partial withdrawals after attaining the age of 60.
In case of death before retirement, your policy will pay a benefit to the beneficiary — in most cases, the spouse or children.
Term plans, the cheapest form of insurance, are advocated by financial experts
as in case of death they give dependents a lump sum to take care of their future financial needs.
Traditional policies are considered risk - free, as they provide fixed income
returns in case of death or maturity of the policy.
Although they are targeting this plan for children future and their 10 % payment in every
year in case of death clause will surely attract people.
Life insurance purchased for the purpose of paying offs ones
mortgage in case of a death is one of the most important reasons to have life insurance in place.
It will pay their medical bills, compensation for lost wages, legal representation, rehabilitation, or nursing care, pain and suffering, and funeral
expenses in the case of death.
Credit life insurance: Term life insurance issued through a lender or lending agency to cover payment of a loan, an installment purchase, or other
obligation in case of death.
In the 2nd
option in case of the death of the sum assured, 105 % of the premiums are paid to the nominee till the death of the insured.
Another benefit is the premium
waiver in case of death of any of the lives assured for in force policies, and has option for additional rider benefit at affordable price.
These benefits are extremely helpful when in need of medical treatment, wherever it is available and getting the body back
home in case of death abroad.
This rider provides insurance protection to cover time - limited expenses, such as a mortgage, income replacement
in case of death while children are still dependent, or a commercial loan.
Term plan is ideal for an individual to protect dependents from any liability, such as a home loan, child
education in case of death of the policyholder.