Sentences with phrase «insured during the policy year»

If you exhaust the entire sum insured during the policy year, the same will be re-0instated up to a maximum of 100 %.

Not exact matches

Most policies have a 2 - year contestability period, which means during the first two years after buying life insurance, if it is found your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void.

With these policies, if the insured passes away due to natural causes, the policy beneficiary can receive 25 percent of the policy's face amount in year one, and 50 percent of the face amount if the insured passes away during the second year of being covered by the plan.

When purchasing a policy for a 20 or 30 year term to cover a mortgage or refinance loan, if the insured person does not pass away during that term, the lump sum paid back can be used toward any remaining debt on the mortgage.

For example, a 15 - year term life policy with a face amount of $ 250,000 would pay $ 250,000 to the beneficiary if the insured died any time during those 15 years.

If the life insurance premium has been paid for a minimum term of two years, and if the insured dies during the term of the life insurance policy.

This policy provides a graded benefit, which means that if death of the insured that is due to natural causes — in other words, death that is caused by means other than an accident — during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy.

If the insured dies during the first two years of the policy, for a reason OTHER than an accident, the carrier will only return the premiums paid plus some interest.

Life insurance policies have a two - year «contestability period,» during which the life insurance company can refute a life insurance claim, or can drop the policy if the insured is found to have misrepresented anything from health status to a risky lifestyle, certain health habits such as smoking or severe depression.

In the event that the insured parent passes away during the 10 - year period of the policy, a $ 50,000 death benefit is paid to a trust1.

The regain benefit provides automatic availability of basic sum insured upon exhaustion during the policy year.

Term life insurance policies frequently last as long as 30 years, and whole life insurance policies can last the entire lifetime of the insured, so it's very likely that during that time the document has moved or become covered by other records and household items.

Future Generali Life Insurance offers a systematic fund transfer option that allows the insured to switch their policy from aggressive equity - oriented funds to more balanced debt oriented funds during the last 3 years of a policy.

The policy pays death benefits only if the insured dies during the term, which can be one, five, ten or even twenty years.

The restored sum Insured can be utilized only for claims for new illness or disease for the insured person during the same policInsured can be utilized only for claims for new illness or disease for the insured person during the same policinsured person during the same policy year.

An insurer's insolvency protection shall be applicable only to accidents occurring during a policy period in which its insured's uninsured motorist coverage is in effect where the liability insurer of the tort - feasor becomes insolvent within three years after such an accident.

The insured gets a guaranteed 25 % of the sum assured each year in policy anniversaries during the last 4 years, irrespective of insured's survival.

These policies would typically cost more up front, since the insurance company needs to build up sufficient cash value within the policy during the payment years to fund the policy for the remainder of the insured's life.

Term life insurance, as the name suggests, is a life insurance policy that covers a set number of years and would pay the lump sum death benefit to the beneficiary if the insured person died during the term of the policy.

However, after the two year contestability period, the insurance company loses the right to question or deny the policy and death claim even if they find out that the insured person lied during application.

However, if the insured dies from a natural cause during the first two years of the burial policy, the beneficiary will receive all premiums paid plus 10 %.

This is a clause that states that should the insured (meaning you) die from NATURAL CAUSES during a certain period of time immediately after purchasing your life insurance policy (typically 2 to 3 years), the life insurance policy will not pay the death benefit (the insurance coverage amount).

Policy lapse during the life of the insured can cause the owner a single taxable event for the policy cash value growth accessed in or before the year of Policy lapse during the life of the insured can cause the owner a single taxable event for the policy cash value growth accessed in or before the year of policy cash value growth accessed in or before the year of lapse.

Annual policies cover unlimited trips of the insured made during the entire year provided each trip does not exceed a certain number of days (usually 90 days).

If the insured dies from an accident, they will pay the full face amount of the policy even during the first two years.

This feature allows an individual to reinstate the basic sum insured, in case he has already exhausted the basic sum insured and multiplier benefit during the policy year.

The clause in the Insurance Contract that defines that no death benefits will be payable by the Insurer, in case the Insured commits suicide during a specified initial period, usually in the first year of the policy.

Applicants ages 45 to 85 can qualify for the guaranteed issue product automatically, but if the insured dies during the first two years, AAA will not pay out the full policy amount, unless the death is accidental.

This is a graded benefit whole life insurance policy, which means that during the first two years of policy ownership, the benefit for death of the insured by natural causes will be a refund of the premiums paid in, plus interest.

In contrast, to say a 30 - year term life insurance policy, which pays a death benefit only if the insured dies during a specified period of 30 years, a whole life policy provides for the payment of a death benefit regardless of when the death occurs in someone's life.

A term life policy, which could be in force for 10, 20 or even 30 years, will be cheaper, because it does not have a savings or investment component, and it only pays out if the insured person dies during the time the policy is in place.

The maximum claim limit during a policy year is limited to 10 % of Original Sum Insured and maximum claim limit during the policy term is limited to 30 % of Original Sum Insured for both Non-ICU and ICU benefits

A term policy purchased during the working years could be timed to expire when the insured is ready to retire.

Regain benefit provides for an automatic availability of basic sum insured upon its exhaustion (inclusive of any cumulative bonus) during the health insurance policy year

If no claim has been made during the first policy year, the Original Sum Insured opted for at the inception of the policy shall increase by 10 % p.a. starting from the first policy anniversary

If a person died after 6 months of buying the term insurance policy, but claim it after completing of 3 yrs of policy starting date, and had paid all the premiums on time for three years.but he has not informed about the death of person insured to the company during the three year period.it is possible to get claim settled??

Term life insurance is not permanent, and insurance companies calculate that the chances of an insured person dying during the policy's active years is lower if the insurance will only last for a limited amount of years.

Insurers will not be permitted to revise premium rates during the three - year policy term, even if insured makes a claim during the period.

Incontestable clause: In life insurance, a contract clause which provides that for certain reasons, such as misstatements on the application, the company may not contest payment of benefits (assuming premiums have been paid) and the policy has been in force during the lifetime of the insured for a certain period, usually two years after issue.

Term policies that end during an insured person's younger years also tend to be less expensive than those that end later in life.

If the insured dies during the 11th — 20th year of the policy period, 110 % of the sum assured of the policy is given to the nominee.

With the graded death benefits option, there is a limit on the amount of death benefit that would be paid out should the insured pass away during the first two years that the policy is in force.

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.

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.

The new framework projects that the health savings account will create a fund over 5 - 15 years and long - term health policies could carry tenure of 3 - 5 years to finance insured's healthcare expenses during their post-retirement years.

Increasing Term Assurance — an option under which the Sum Assured chosen at the time of inception of the SBI term insurance policy increases every year @ 5 % and on death of the insured during the SBI term insurance plan tenure, the Sum Assured as on the date of death is paid to the nominee

New Money Back Plan — 25 years by LIC is a non-linked, participating policy that offers an appealing combo of savings and protection against the demise of the insured during the term of the policy together with the cyclic payments on the survival of the insured at particular throughout the term.

The insured can make a lump sum investment into his fund any time during the policy tenure except the last 5 years with the plan.

• Income during lifetime: Money back policy ensures that the insured party receives a sum every few years (usually 5 years) after the completion of the policy tenure.

If the policy you have purchased ceases when you step into your 40s, it serves no real purpose, as it means that you remain insured during the low - risk and healthier years of your life, but are not insured when your liabilities and health risks are the highest.